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

The State Bank of Pakistan has banned the sale of old Rs. 40,000/- Prize Bonds from today, 25th of June 25, 2019.

The expiry date announced for enchantments of these bonds is March 31, 2020, after that the Rs. 40,000/- bonds will become useless since they would no longer be included in draws.

The Unregistered prize bonds will be considered useless after March 2020. The SBP has also directed banks to stop selling old and unregistered Rs. 40,000/- Prize Bonds.

According to the statement issued by the SBP, the bonds would be converted into Rs. 40,000/- Premium Prize Bonds and they can also be converted into saving certificates.

State Bank of Pakistan has issued a notification regarding Prize Bonds of worth Rs 40,000/-

The Chairman Federal Board of Revenue (FBR) Shabbar Zaidi said all the prize bonds worth Rs 40,000/- would be registered till March 2020.

The Bearer of Prize Bond worth Rs 40,000/- can convert to premium prize bonds (Registered) through 16 field offices of State Bank of Pakistan (SBP) Banking Services Corporation and authorized branches of following commercial banks:

1. United Bank Limited
2. National Bank of Pakistan
3. MCB Bank
4. Habib Bank Limited
5. Allied Bank Limited
6. Bank Alfalah Limited

In addition, the statement further added: Rs. 40,000/- Bearer Prize Bonds holder can avail the opportunity to replace the bonds with Defence Saving Certificates (DSC) or Special Saving Certificates (SSC) through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and National Savings Centres.

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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