KARACHI: Ministry of Finance has extended the deadline for the replacement of bearer prize bonds worth Rs40,000 with registered bonds till March 31, 2020.
[the_ad id=”32940″]As per the decision of Economic Coordination Committee (ECC), the Rs40,000 prize bond can be changed with registered instruments from the designated branches of State Bank of Pakistan (SBP), National Bank of Pakistan (NBP), United Bank Limited (UBL), MCB Bank, Allied Bank Limited (ABL), Habib Bank Limited (HBL) and Banl Al-Falah.
The ministry has also allowed conversion of such bearer bonds into Defense Savings Certificates or Special Saving Certificates from the authorized branches of commercial banks, National Saving Centers and SBP. It may be mentioned here Defense Saving Certificates and Special Saving Certificates offer profit at the rate of 12.41 percent and 11.57 percent, respectively.
Rs40,000 bearer prize bonds can also be encashed, and the amount would be deposited in the bearer’s bank account.
The ECC has also decided that there would be no prize ballot of these bonds anymore. It may be mentioned here that government stopped issuance of Rs40,000 bearer bonds since February 14, 2019.
The ministry has clarified that registered bonds offer better prizes and bi-annual profit payments while being protected against theft and embezzlement.