The Finance Division has announced that the date for encashment, conversion and redemption of Rs40,000, Rs25,000 and Rs15,000 denomination prize bonds has been extended up to September 30.
The last date for encashment, conversion and redemption of prize bonds of Rs40,000, Rs25,000 and Rs15,000 denominations “is extended up to 30th September, 2021,” according to three notifications of the Finance Division.
In December last, the government had extended the deadline for Rs40,000 bonds to December 30, while the last date for Rs25,000 and Rs15,000 bonds was May 31 and June 30, respectively.
The procedures for encashment/conversion/redemption of the prize bonds will remain the same. The bonds can be replaced with savings certificates and premium prize bonds or encashed at the face value. The bonds can be converted to premium prize bonds through the 16 field offices of SBP Banking Services Corporation and branches of six authorised commercial banks.
The previous government had launched premium prize bonds in April 2017. These prize bonds are issued only against computerised national identity cards and bank accounts of bondholders. Initially, the deadline for encashment or redemption was March 2020.
Investors withdrew approximately Rs380 billion during the last one-and-a-half-year after the suspension of the unregistered bonds of Rs40,000 and Rs25,000. On encashment of Rs25,000 denomination bonds, the Central Directorate of National Savings (CDNS) paid Rs126 billion to bondholders in the last four months and remaining Rs34 billion out of total Rs160 billion would be paid by May 30.