The deadline for the encashment, conversion, and redemption of prize bonds has been revised to 30 September 2021, according to a notification issued by the Ministry of Finance.
The new deadline is applicable on prize bonds of Rs. 40,000, Rs. 25,000, and Rs. 15,000. The previous deadlines for these prize bonds were 31 December, 31 May, and 30 June of the current year, respectively.
The deadline for the Rs. 40,000 denomination bonds has been contracted but has been extended for the other two. Meanwhile, the procedures for the encashment, conversion, and redemption of the prize bonds will remain the same.
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They can be replaced by savings certificates and premium prize bonds, or simply encashed at the face value. There are 16 field offices of the State Bank of Pakistan (SBP) Banking Services Corporation and branches of six authorized commercial banks that are offering the conversion of these bonds to premium prize bonds.
These premium prize bonds are issued only against computerized national identity cards (CNIC) and the bank accounts of bondholders.
During the last year and a half, investors withdrew approximately Rs. 380 billion after the suspension of the unregistered bonds of Rs. 40,000 and Rs. 25,000.
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The Central Directorate of National Savings (CDNS) had paid Rs. 126 billion to bondholders of Rs. 25,000 denomination bonds over the last four months. The remaining Rs. 34 billion (out of the total Rs. 160 billion) will be paid by 30 May, a CDNS official told the media.
Another Rs. 258 billion worth of Rs. 40,000 bonds were encashed during the last fiscal year. Additionally, investors had brought in Rs. 43 billion for premium prize bonds between July 2020 and April 2021.
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