A notification issued by the Federal Government of Pakistan, which declared that the prize bond Rs 15,000 and Rs 7,500 to be discontinued. The federal government issued this notification on Thursday.
Pakistan Prize bond 7500 and 15000 to Be Discontinued
This notification declared that “the government will no longer continued to hold draw results of these two prize bonds”. The federal government of Pakistan issued the notification that Prize Bond of Rs 15,000 will not be charge after June 30, 2021, while Rs 7,500 prize bonds can charge till December 31, 2021.
The notification that issued by the federal government also stated that if the bond holders do not want to cash those bonds, they can pay an additional amount and change Rs 15,000 bond into Rs 40,000 and Rs 7,500 bond into Rs 25,000. It is also stated that the users of both prize bonds can convert those bonds into certificate of defense savings and special savings.
Rs 15,000 and Rs 7,500 Prize Bonds Redeem Options:
The federal government of Pakistan issued a notification that Rs 15,000 and Rs7, 500 prize bonds will no longer to be continued. At that time, they also stated that those prize bond holders can redeem or convert their bonds after May 31, 2021in the following terms:
- The prize bond holders can be redeemed their bonds into Premium Prize Bonds. This conversion would be hold by the Banking Services Corporation of 16 field offices of the State Bank of Pakistan or by the 6 commercial bank branches such as National Bank of Pakistan, HBL, UBL, MCB, ABL, and Bank Alfalah Limited.
- The prize bond holders can also be redeemed their bonds into Special Savings or Defense Savings Certificates. This conversion would be hold by the field offices of State Bank of Pakistan, commercial banks, or National Savings Centers.
- The third option is to en cash those bonds by transferring the proceeds to the bank holders through field offices of SBP, commercial banks, or National Savings Centers.
This notification also declared that bond holders can also get their money back by submitting the bond and give a copy of their CNIC to SBP.
New Registered Prize Bond at Discontinued Time of Bonds:
At the discontinued time of Rs 15,000 and Rs 7,500 bonds, the Finance Division has issued a separate notification of the issuance of Rs 25,000 prize bond with “immediate effect”.
For this new prize bond, the worth of first prize is Rs 30 million that will be awarded to 2 winners. The worth of second prize is Rs 10 million that will be given to 5 winners. The thirds prize will be awarded to 700 winners, which worth Rs 0.3 million each. The essential note is that this new registered prize bond will provide 1.79% biannual profit to each bond holder. Another important thing is, the bond holders who have unregistered Prize Bond Rs 25,000, must buy the registered one to avail the profit opportunity.