How to encash or convert your Rs.40,000 Prize Bond to saving certificates

Islamabad: The government  has banned the sale of old Rs40,000 Prize Bonds from June 25, urging the bearers to get their bonds  registered  till March 31, 2020.

After the deadline the bonds  will become useless since they would no longer be included in draws.

The government has also introduced a procedure to help bearers  encash or convert their bonds to saving certificates .

Bearer Prize Bonds of Rs. 40,000 denomination can opt for any of the following opportunities to convert their bonds:- 

Conversion of Rs. 40, 0000 Bearer Bond to Premium Prize Bonds (Registered): 

Rs. 40,000 Bearer Prize Bonds can be converted to Premium Prize Bonds (Registered) through 16 field offices of SBP Banking Services Corporation, and authorized branches of six commercial banks i.e. National Bank of Pakistan, United Bank Limited , MCB Bank Limited, Allied Bank Limited, Habib Bank Limited and Bank Alfalah Limited.

Conversion of Rs. 40,000 Bearer Bond to Special Savings Certificates (SSC) /Defence Savings Certificates

Rs. 40,000 Bearer Prize Bonds holder can avail the opportunity to replace the bonds with SSC/DSC through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers.

Cash Payment against encashment of Rs. 40,000 Bearer Bonds in bond holder’s bank account:

In case the bond holder desires to encash the bond, the encashment proceeds would be credited to the specified bank account of the holder.