Prize Bond holders get good news from State Bank of Pakistan
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The State Bank, as reported by 24NewsHD TV channel on Wednesday, has decided to grant an additional year for the redemption or conversion of prize bonds, extending the deadline until June 30, 2024. This development comes as part of an effort to accommodate bondholders and provide them with more time to take the necessary actions regarding their old or unregistered prize bonds. In line with this decision, the State Bank has communicated clear directives to all commercial banks to ensure the effective implementation of this extended deadline.
Previously, individuals were required to encash or exchange their old or unregistered prize bonds by June 30, 2023.
However, recognizing the potential challenges faced by bondholders, the State Bank has opted to offer this one-year extension, thereby allowing people a more reasonable timeframe to address their prize bond holdings. This move is likely to alleviate concerns and provide greater flexibility for those holding such financial instruments.
The State Bank's decision to extend the deadline for prize bond encashment or conversion until June 30, 2024, reflects a responsive approach to the needs of bondholders. By issuing directives to commercial banks, the central bank aims to ensure a smooth and efficient process for individuals looking to redeem or update their old or unregistered prize bonds.
This extension is a positive step towards accommodating the public and fostering financial security for all involved parties
