- Investors allowed to register Prize Bonds of Rs. 40,000 denomination upto March 31, 2020
Investors Allowed To Register Prize Bonds Of Rs. 40,000 Denomination Upto March 31, 2020
Faizan Hashmi 6 months ago Thu 20th June 2019 | 05:16 PM
Inance Division, Government of Pakistan* has allowed the investors of Rs.40,000 Prize Bonds (Bearer) to register their bonds *Up to 31st March, 2020
Islamabad (UrduPoint / Pakistan Point News / Online - 20th June, 2019) inance Division, Government of Pakistan* has allowed the investors of Rs.40,000 Prize Bonds (Bearer) to register their bonds *Up to 31st March, 2020**.*Economic Coordination Committee (ECC) has decided that holders of bearerPrize Bonds of Rs.
40,000 denomination can opt for any of the followingopportunities to convert their bonds:-*Conversion of Rs. 40, 0000 Bearer Bond to Premium Prize Bonds(Registered):**Rs. 40,000 Bearer Prize Bonds* can be converted to Premium Prize Bonds(Registered) through 16 field offices of SBP Banking Services Corporation,and authorized branches of six commercial banks i.e.
National Bank ofPakistan, United Bank Limited , MCB Bank Limited, Allied Bank Limited,Habib Bank Limited and Bank Alfalah Limited.*Conversion of Rs. 40,000 Bearer Bond to Special Savings Certificates (SSC)/ Defence Savings Certificates **Rs.
40,000 Bearer Prize Bonds *holder can avail the opportunity to replacethe bonds with SSC / DSC through the 16 field offices of SBP BankingServices Corporation, authorized commercial banks and National SavingsCenters.
Rate of return on DSC and SSC are very attractive. Currently,annual rate of return on DSC is 12.47% whereas annual (average) rate ofreturn on SSC is 11.57%.*Cash Payment against encashment of Rs.
40,000 Bearer Bonds in bondholder's bank account:*In case the bond holder desires to encash the bond, the encashment proceedswould be credited to the specified bank account of the holder. In thiscontext, SBP as well as all the banks would extend their maximum support tomake sure the transfer of payments to respective account of the holder.
Furthermore, it is reiterated the Rs.
40,000 Prize Bonds (Bearer) need tobe registered *Up to 31st March, 2020* and any of the aforementionedopportunities can be availed for the purpose. It is clarified that theinvestment of the bond holder is safe in any case.ECC has further decided that no further prize bond draw of Rs.
40,000 shallbe held. However, all the prize money claims on the already held drawsshall be claimable within the period of *six years* from the date ofrespective draw, as per National Prize Bonds Rules, 1999.*Finance Division *further informs that* Rs.
40,000 Premium Prize Bond(Registered) has already been launched w.e.f. March 10, 2017.*Registered PrizeBonds offer not only attractive prizes through quarterly draws but also payreasonable profit through biannual coupon payments.
All the payments aremade to investor's bank account through an automated system. Further,Prizes on Rs. 40,000 *Premium Prize Bonds (Registered)* are more attractivecompared to bearer bonds. The registered bonds are secure and not prone toforgery and theft.
*Finance Division* has already discontinued the freshissuance of Rs. 40,000 bearer bonds w.e.f. February 14, 2019.It is further clarified that issuance, encashment and Prize Bond draws etc.in respect of all other denominations of bearer prize bonds shall continueas per exiting procedure, according to National Prize Bonds Rules, 1999.