The Last Date to Exchange, Convert and Encash Bearer Prize Bonds is Approaching

Bearer Prize Bonds that have been discontinued by the Govt need to be exchanged, convert or encash just before the last date of 31st December 2021.

The bearer Bonds which were discontinued are four in number and are included Rs.40,000, Rs.25000, Rs15000 and Rs7500 which were discontinued in phases.

Govt gave a sufficient amount of time to exchange, convert and encash the bearer bonds to the investors.

The investors of old bearer Bonds are still holding prize bonds of worth Rs.28 Billion.

The investors have surrendered Rs.437 Billion Prize bonds of bearer nature in last year of 2020.

Rs.40,000 bearer Bond was discontinued on 24 June 2019 and Premium prize bond of same denomination but different features were introduced.

The Last date to exchange, convert or encash Rs.40,000 has been extended time by time and now the final date is 31st December 2021.

Rs.25000 Prize Bond was discontinued on 10 December 2020 and Premium prize bond of the same denomination was issued but with unique and different attributes as compared to the bearer bond.

The last date to exchange, convert and encash these bonds is 31st December 2021.

This will be probably the last and final date to exchange, convert and encash the old bearer bonds of worth Rs.7500, Rs.15000, Rs25000 and Rs.40,000 because Govt has not extended the last date until now.

Rs.15000 and Rs.7500 were discontinued on the same date on 27 April 2021 but no premium prize bond of the same denomination was issued against these prize bonds.

The last date to exchange, convert and encash these bonds is 31st December 2021.

The difference Between bearer and premium prize bond is that bearer are issued without any registration on CNIC whereas Premium prize Bonds are issued against investors’ CNIC and the bank account of the investors is also linked with the Premium Prize Bond where the Profit and the Prize money is credited automatically. Premium prize Bonds need not to claim their Prizes as same is done in case of bearer bonds.

There are three different ways to surrender the old bearer Bonds.

Deposit into Bank Accounts

Old bearer Bonds can not be encashed they can be deposited into bank accounts of the investors in any commercial bank.

The face value of the bearer prize bonds will immediately be credited into the investor’s accounts.

Exchange with National Saving Schemes

The old bearer bonds which were discontinued can be exchanged with National saving schemes i.e Defense Saving Certificates and Special saving certificates and the investors can earn a handsome Profit against their investment.

Exchange with Premium prize Bonds

The old discontinued bearer bonds can be exchanged with new Premium Prize Bonds of Rs.25000 and Rs.40,000 denomination.

 

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