Bad News for Prize Bond Holders

The Mint PK

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Bad News for Prize Bond Holders

The Government has given a deadline of up to 31 March 2020 for investors of Rs40,000 Bearer Prize Bonds (Old) to register their bonds with SBP/National Savings.

As per Government, holders of Old Rs40,000 Prize Bonds can  convert their bearer bonds into New Premium Prize Bonds by registering through State Bank of Pak­istan (SBP) Banking Services Corporation Field Offices and Selected bra­n­ches of six commercial banks — National Bank of Pakistan, Allied Bank, United Bank, Habib Bank, MCB Bank and Bank Alfalah.

Additionally, Old Rs40,000 Prize bonds (Bearer) can also be converted to Special Saving Certificates (SSC) or Defence Savings Certificates (DSC)through National Savings and State Bank of Pakistan Branches. The rate of return on these certificates currently stands at 12.47% and 11.57% respectively.

Moreover, Old Prize Bonds of Rs. 40,000 can also be encashed at bank branches, however, the cash payment will be submitted in the Bank Account and not given in Cash.

Government has also decided that no further Draw of Old Rs. 40,000 Prize Bond (Bearer) will be conducted. All Bond Holders of Old Rs. 40,000 Prize Bond (Bearer) are asked to register the bond and convert it to Premium Registered Bond.

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