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Govt. bans the new sale of Rs25,000 prize bonds with immediate effect

The government of Pakistan has imposed a ban on the new sale of Rs25,000 prize bonds with immediate effect.

As per the notification, National Prize Bonds of Rs. 25,000 denomination shall not be sold with immediate effect and will not be encashed/redeemed after 31st May 2021.

People who Rs25,000 bonds can either cash it or convert them to premium prize bonds of the same denomination by the given deadline.

Alternatively, the bonds can be replaced with Special Savings Certificates or Defense Savings Certificates.

Cash payment for encashments of cited bonds is NOT allowed.

Here are the details of options available for the bondholder(s) to replace or encash bonds:

Conversion to Premium Prize Bonds (Registered)

i. The Bonds can be converted to Rs. 25,000/- denomination Premium Prize Bonds (Registered) through the 16 field offices of SBP Banking Services Corporation, and branches of six authorized commercial banks. i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited

Read More: State Bank of Pakistan bans sale of Rs. 40,000/- Prize Bond

ii. The authorized commercial banks shall also issue Rs. 25,000/- denomination Premium Prize Bonds (Registered) as per the prescribed procedure, with immediate effect. The stock of the same has already been delivered to authorized commercial banks.

iii. The bondholder shall be required to submit a written request for conversion of bearer bonds to Rs. 25,000/- Premium Prize Bonds (Registered) on the prescribed application form attached at Annexure A.

iv. The bondholder shall also be required to submit prescribed application forms for registration/purchase of Premium Prize Bonds as per the procedure in vogue.

Replacement with Special Savings Certificate (SSC) / Defence Savings Certificate (DSC)

i. The Bonds can be replaced with SSC / DSC through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and National Savings Centers.

ii. All authorized commercial banks shall, therefore, accept requests for replacement of bearer bonds with SSC or DSC on the prescribed application form attached at Annexure A.

iii. The bondholder shall also be required to submit an application form for the purchase of SSC / DSC (SC-1) as per the prescribed procedure.

Encashment at Face Value

i. The Bonds will only be encashed by transferring the proceeds to the bond holder`s bank account through the 16 field offices of SBP Banking Services Corporation, at authorized commercial bank branches, and to the Savings Accounts at National Savings Centres.

ii. All commercial banks shall receive requests for encashment of bearer bonds on the prescribed application form attached at Annexure A.

A copy of the application form (Annexure A), duly signed and stamped, shall be provided to the bondholder as an acknowledgment receipt.

Saman Siddiqui

Saman Siddiqui, A freelance journalist with a Master’s Degree in Mass Communication and MS in Peace and Conflict Studies. Associated with the media industry since 2006. Experience in various capacities including Program Host, Researcher, News Producer, Documentary Making, Voice Over, Content Writing Copy Editing, and Blogging, and currently associated with OyeYeah since 2018, working as an Editor.

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