The State Bank of Pakistan (SBP) has issued a reminder to the public that the final deadline for redeeming, encashing, or converting National Prize Bonds of Rs. 7,500, Rs. 15,000, Rs. 25,000, and Rs. 40,000 denominations is rapidly approaching. December 31, 2024, marks the end of the redemption period, and the SBP has emphasized that no applications will be entertained after this date. This deadline is the fourth extension granted by the government after the bonds were withdrawn from circulation in 2021.
In a message sent via the SBP’s official WhatsApp channel, the central bank reiterated that all bondholders must act before the cutoff to avoid invalidation of their bonds. The initial withdrawal of these bonds was part of the government’s effort to improve compliance with financial regulations and enhance transparency in the financial system. The decision to offer multiple extensions was made to give bondholders ample time to redeem or convert their holdings.
The bonds can be redeemed in several ways: bondholders can choose to encash the bonds, replace them with Premium Prize Bonds, or transfer the funds into their bank accounts. To facilitate these processes, transactions can be carried out at SBP Banking Services Corporation offices or any branch of commercial banks across the country.
This final extension follows the previous deadline adjustments, with the most recent extension being announced in October 2024 through CMD Circular No. 1. The SBP has urged bondholders to act quickly to ensure they don’t miss the deadline and risk losing the value of their bonds.
For further information or assistance, bondholders are encouraged to visit the nearest SBP office or commercial bank branch, or consult the SBP’s official website for guidance on the redemption process. As the deadline looms, the SBP stresses the importance of timely action to avoid the expiration of these bonds.