Thursday , February 2 2023

How to claim Prize Bond Money in Pakistan Detail Guidance

How to claim Prize Bond Money in Pakistan Details Guidance

Prize bonds are obtainable in Pakistan in eight special denominations. You can get Detail guidance for collecting prize money of your winning Prize Bonds from National Savings & State Bank of Pakistan. 7 thousand 500 rupees bond, 25 thousand and 40 thousand rupees bonds have been extended.

what is the prize bond of the state bank of Pakistan?

State Bank of Pakistan Issue following bonds in Pakistan Like Student Prize Bond Rs 100 prize bond, Rs 200 prize bond, Rs 750, Rs 1,500, Rs 7,500, Rs 1, 5000, Rs 25,000 and Rs 40,000. Draw for the prize bonds in every one denomination is held every three months and the draw results are issued by National Savings of Pakistan.

State Bank Branches:
Boulton Market, Karachi
Opp: Abdullah Girls College, North Nazimabad, Near Inter Board Office, Karachi
All Branches of National Savings (only sale & purchase of Prize Bonds)

All Branches of Commercial Banks

How to claim Prize Bond Money in Pakistan Detail Guidance

How to claim prize money in Pakistan?

If you are a fortunate winner and desire to claim your prize, you require to fill in the claim form and put forward it along with a copy of your National Identity Card to the State Bank of Pakistan. The claim for the prize money can be filed typically after three or four working days from the date of draw and the maximum time period to reward the prize is six years from the date of draw.

How to Get Prize Bond Money in Pakistan Directly in Your Bank Account

Going forward with digitization, SBP BSC has introduced the direct credit of prize money to the claimant’s account. The direct credit of prize money significantly reduces the time and number of steps involved in getting your prize money from the State Bank of Pakistan BSC offices.

The form used to claim the prize bond money has been redesigned by SBP BSC and can be downloaded easily.

The newly designed form has a specified portion for filling particulars such as name, CNIC Number, CNIC expiry date, address, contact number email and specify his taxpayer status i.e. if the claimant is a filer or non-filer.

The next major change in the prize bond money claim application form is the selection of the mode of payment of prize money.

For prizes up to PKR 18,500/-, you can opt for payment of prize money in cash or direct credit to your bank account (bank credit).

If you opt for bank credit, you are issued a receipt at the time of submission of your prize money claim and the money is credited to your bank account on the same day or next working day. However, if you opt for bank credit, your prize-winning bond is not returned and the face value of your prize bond is credited to your account along with the prize money.

For prizes above PKR 93,000/- and above the claimant can opt for bank credit or payment order.

If you opt for bank credit, you will have to mention your bank name, branch name, account title, and IBAN number. Your IBAN number is printed on your new checkbook. You can also use your bank’s IBAN generation tool on the website to find out your IBAN.

How many days are necessary for the completion of the prize money claim?

  1. Up to Rs.18,500/- same day
  2. Up to Rs.185,000/- 10 working days
  3. Above Rs.500,000/- 20 working days

How much tax is exciting on your prize money?

You have to pay 25% of your prize money in holder you are a non-filer.

In case you are a filer, only 15% will be deducted at the time of payment of your prize money.

Prize bond claim form

For prizes below Rs 20,000/-, you go to the nearest State Bank of Pakistan Banking Services Corporation office, fill the prize bond money claim form, wait for your turn in the line and get the prize money in cash. In most cases, you get the tax certificate on the same day and you are done with the process.there is no charge for the prize money claim form in Pakistan. All prize money claims are compensated at the SBP BSC (State Bank of Pakistan Banking Services Corporation Bank) counters. Compulsory documents for the prize money claim The claim of prize money affirmed on a winning prize bond can be wedged at any field office on the given claim form, which is presented at the help desk free of charge.

However its an entirely different process when you win a prize above Rs. 20,000/-. The cumbersome process consists of almost five steps detailed below.

You visit the nearest SBP BSC office, fill the prize money claim form including a copy of the prize-winning bond, original bond and a copy of your CNIC. You wait in line for your turn and submit your claim at the counter Once you submit the claim at the counter, you are issued a receipt. The receipt acknowledges your prize money claim and specifies a date for collecting your prize money payment order. As of now, for prize money below one million the date of receipt of the payment order is 20 working days from the receipt of the claim and for prize money of one million and above this time is 30 working days.

On the due date, you go to SBP office and wait in line to get your payment order

The payment order you get from SBP BSC is to be deposited in your commercial bank account only

Once the payment has been credited to your account, you go back to SBP to get the tax deduction certificate.

Sounds hectic? Trust me, its much more than this when you actually experience it and have to wait an entire month to get your prize money.

A filled-out prize money claim form can be submitted along with the following:

Photocopy of valid CNIC

Winning prize bond (original) duly signed by the applicant

Photocopy of the prize-winning bond signed by the applicant

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prize bond cash rules in Urdu

آپ نیشنل سیونگ اور اسٹیٹ بینک آف پاکستان سے اپنے جیتنے والے پرائز بانڈز کی انعامی رقم جمع کرنے کے لئے تفصیل سے رہنمائی حاصل کرسکتے ہیں۔

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