Deadline for Conversion of Prize Bonds Extended Again

According to a notification released by the Ministry of Finance, the date for encashment, conversion and redemption of prize bonds has been amended to 30 September 2021.

The revised deadline for prize bonds of Rs. 40,000, Rs. 25,000 and Rs. 15,000 applies. These prize bonds were previously scheduled for 31 December, 31 May and 30 June of this year.

It has been contracted but extended for the two additional bonds for Rs. 40.000 denomination. Meanwhile, the procedures used to enclose, exchange and convert prize bonds will stay the same.

It can be replaced or incorporated at face value by savings certificates and prize bonds. The State Bank of Pakistan (SBP) Banking Services Corporation has 16 field offices and six authorized commercial banks offering a premium bond conversion.

These premium bonds are issued exclusively on the CNIC's and bank accounts of bondholders.

Last year and a half, after the suspension of the unregistered bonds of Rs. 40,000 and Rs. 25,000, investors withdrew almost Rs. 380 billion.

In the last four months, the Central Directorate for National Savings (CDNS) paid Rs. 126 billion to Rs. 25,000 bondholders. By 30 may, a CDNS official notified the media of the remaining Rs. 34 billion (out of a total Rs. 160 billion).

In the past fiscal year, an additional Rs. 258 billion worth Rs. 40,000 bonds had been encashed. Furthermore, between July 2020 and April 2021, investors raised Rs. 43 billion for premium bonds.