Ban on sale of 25,000 new prize bonds | Latest News

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A new guideline has been issued for 25,000 prize bonds. The Finance Division said in a statement that from May 31, 2021, 25,000 prize bonds will be unusable.

Can be exchanged from 16 branches of 5 banks including SBP, National Bank. Prize Bond along with a copy of ID card has to be deposited in SBP to get the prize money.

To obtain the prize money, the prize bond must be submitted to the State Bank along with a copy of the identity card.

The person cashing the bonds will be able to transfer money to his account in person, the bonds can be converted from national savings to special savings or defence savings certificates.

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It may be recalled that the State Bank of Pakistan had cancelled 40,000 bonds in March this year. The financial status of 40,000 prize bonds has expired from April 1.

The move was aimed at cracking down on black money bond buyers and documenting the economy.

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