Between 2019 and 2021 the Government of Pakistan withdrew the large bearer prize bond denominations from circulation as part of a documentation drive. The Rs. 40,000, Rs. 25,000, Rs. 15,000 and Rs. 7,500 bearer bonds stopped being sold, stopped taking part in new draws, and holders were asked to bring them in.
Why it happened
Bearer instruments are anonymous by design — the holder owns them and no CNIC is recorded. For small denominations that is a convenience. For very large denominations it became a documentation concern, so the policy shifted: the small bearer bonds (Rs. 100 to Rs. 1,500) continue as before, while the high-value bonds moved to a registered premium format tied to a CNIC and a bank account.
What this means if you still hold one
Three things are true regardless of which of the four denominations you have:
- The bond no longer participates in new draws. Holding it longer does not give you another chance to win.
- It is not worthless — the face value is a government liability.
- What you can do with it depends on the current instructions for that denomination, which have been extended and revised more than once.
The options that have historically been offered
When each denomination was withdrawn, holders were generally given a choice between:
- Conversion into premium (registered) prize bonds — you stay in the prize bond system, but with a registered bond tied to your CNIC and bank account.
- Conversion into other National Savings instruments — for example savings certificates, which unlike prize bonds actually pay a profit.
- Credit to a bank account — the face value paid out to you.
- Encashment at the counter, subject to the rules in force.
Which of these is open to you today, and what documentation is required, is set by the State Bank and CDNS and has changed with successive notifications. That is why this page deliberately does not print a deadline: go to a National Savings Centre or an SBP-BSC field office and ask what is currently available for your specific denomination. Take the bond, your CNIC and, if you have it, the purchase receipt.
Old draws you may still be able to claim
Withdrawal from circulation does not erase the past. If your discontinued bond won a prize in a draw held while it was still in circulation, that prize is claimable for six years from the draw date. Many people never checked. Before you hand the bond in, search its number against the historical draws for that denomination on this site — the archive covers past draws for the discontinued denominations too.
What not to do
- Do not sell a discontinued bond to a private dealer at a discount because "it is finished". The face value is intact.
- Do not throw it away or leave it in a drawer indefinitely.
- Do not rely on WhatsApp forwards for deadlines — they are frequently out of date. Ask at the counter.
If you want to stay in the prize bond system
The direct successor to the large bearer bonds is the premium (registered) prize bond in Rs. 25,000 and Rs. 40,000. Draws continue quarterly, prize tables are published for every draw, and the prize is transferred to your bank account instead of being handed over a counter. See our separate guide to premium bond registration for what that involves.