SBP extends deadline for encashment of prize bonds

SBP directs all bank branches to accept requests for encashment, conversion, or redemption of Rs40,000, Rs25,000, Rs15,000, and Rs7,500 bonds
An undated image of Pakistani currency notes. — Freepik
An undated image of Pakistani currency notes. — Freepik

The State Bank of Pakistan (SBP) announced on Thursday that the Finance Division has extended the last date for the encashment, conversion, or redemption of prize bonds to December 2024.

According to a report by Business Recorder, the original deadline for encashment, conversion, or redemption of the Rs40,000, Rs25,000, Rs15,000, and Rs7,500 denominations of national prize bonds was set for June 30, 2024.

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However, through Notification Nos. F.16 (3)GS-I/2014-584, 585, 586, & 587 dated September 30, 2024, the Finance Division has announced an extension of the deadline to December 31, 2024.

The central bank has instructed all bank branches to accept requests for the encashment, conversion, or redemption of these specified denominations from the general public until December 31, 2024.