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State Bank of West Pakistan commenced the sale of Prize Bonds underneath the theme of ‘National Prize Bonds’ from. October first, 1960 as the associate agent to the govt of West Pakistan. The prize bonds theme was revived with six denominations underneath the title National Prize Bonds on July 1, 1999, and 2 additional denominations were afterward intercalary in 2012. The work concerning sale, encashment, conducting attracts, payment of prize for National Prize Bonds theme and alternative saving instruments of the national or of a Provincial Government was transferred to SBP Banking Services Corporation (Bank) urban center, consistent to its creation on second January 2002 as a completely in hand subsidiary of the SBP. At present, operations of National Prize Bonds is managed by all sixteen field Offices of SBP BSC (Bank), approved branches of Scheduled Banks and National Savings Centers of Central board of directors of National Savings (CDNS).
In associate announcement, the ministry of finance same the Economic Coordination Committee (ECC) of the cupboard had set that holders of bearer Rs40,000 Prize Bonds might avail the choice to convert their bearer bonds into Premium Prize Bonds registered through sixteen field offices of the banking company of Pakistan (SBP) Banking Services Corporation and authorized branches of six business banks — the commercial bank of West Pakistan, United Bank, MCB Bank, Allied Bank, Habib Bank and Bank Alfalah.
Also, the Rs40, 000 bearer bonds may be born-again to Special Saving Certificates (SSC) or Defence Savings Certificates (DSC) through sixteen field offices of the SBP Banking Services Corporation, authorized business banks, and National Savings Centres. The speed of come back on the DSC and therefore the SSC nowadays is twelve.47per cent and eleven.57pc, severally.
Also, the bondholders will avail money payment against encashment of Rs40, 000 bearer bonds in their bank accounts. Just in case the bondholder needs to encase the bond, the encashment yield is attributable to the required checking account of the holder. During this context, SBP and every one bank can extend their most support to make sure the transfer of payments to the account of the holder.