How to Claim Prize Bond? Complete Guide 2022

How to claim Prize Bond Money in Pakistan Details Guidance

Prize Bonds can be bought in Pakistan in eight different denominations. You can get detailed help from the National Savings and State Bank of Pakistan on how to get your prize money.

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

Following bonds are available in Pakistan from the State Bank of Pakistan, as the Student Prize Bond. These bonds have a value of 100 Rs 200 prize bond, Rs 750, Rs 1,500, Rs 7,500, Rs 1, 5000, Rs 25,000 and 40,000. Each prize bond denomination has a draw every three months. The draw results are sent out by Pakistan’s National Savings, which is part of the government.

Branches:

Branches of State Bank:
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)

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Commercial Banks all Branches.

How to claim prize money in Pakistan?

The State Bank of Pakistan wants you to fill out a claim form and send it in with your National Identity Card. If you’re a winner and want to get your money, you’ll need to do that. Typically, three or four working days after the draw, people can file a claim for the money. The maximum time for the prize money to be paid out is six years from the draw date.

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

Prize money can now be directly deposited into the winner’s account by SBP BSC, which is moving forward using technology. Many steps are cut down when you get your prize money from the State Bank of Pakistan BSC offices because you can get it right away.

The SBP BSC has changed the form to get the prize bond money. It can be easily downloaded and filled out.

Fill in your name, CNIC number, expiration date, address, contact number, and email address on the new form. You can also tell if you’re a filer or a non-filer.

Choosing how to get your prize cash is another big change in the prize bond money claim form.

Prizes up to PKR 18,500/- can be paid in cash or by direct deposit to your bank account (bank credit).

As soon as your prize money claim is submitted, a receipt is given to you. The cash comes into your bank account on the same day or the next working morning. Nonetheless, your prize-winning bond is not returned if you choose bank credit. Instead, the face value of your prize bond is deposited into your account along with the prize money you won.

For prizes worth more than PKR 93,000/-, the winner can get a bank credit or write a check.

You will need to give your bank name, branch name, account title, and IBAN to get bank credit. On the back of your new checkbook, you’ll find your IBAN. You can also use your bank’s IBAN generation tool on its website to find your IBAN, but this is not the only way.

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/- in 10 working days
  3. Above Rs.500,000/- in 20 working days

How much tax is exciting on your prize money?

  • If you aren’t a citizen, you have to put 25% of your prize money in a holder.
  • You will only have to pay 15% of your prize money back if you file a claim.

Prize bond claim form

State Bank of Pakistan Banking Services Corporation offices can be found near you, where you can fill out the prize bond money claim form and wait in line to get your prize money. You can also pay for it in cash. Most of the time, you get your tax certificate on the same day, and you’re done with the process. There is no charge for the form that you need to claim your prize money in Pakistan. SBP BSC (State Bank of Pakistan Banking Services Corporation Bank) counters are where you can get your money back if you win a prize. Prize money claim documents that must be submitted to get the money. There is a form for people to fill out when they win a prize bond. They can bring it to the help desk at any field office, and they don’t have to pay to do so.

However, this all changes when you win something worth more than Rs. 20,000/-. The long process is broken down into almost five steps below.

You fill out a form at the SBP BSC office where you live to get your prize money. It includes a copy of the prize-winning bonds that you won, as well as the original bonds and a copy of your CNIC. You wait in line for your turn and present your claim to the counter. After you claim at the counter, you get a receipt. Accepting your prize money claim, the ticket says when you can pick up your prize money payment order, and it also communicates how much money you’ll get. Now, the payment order is sent out 20 working days after the claim is filed for prize money below one million. For money over $1,000,000, this time is 30 working days.

You go to the SBP office on the due date and wait in line to get your payment order.

The payment order you get from SBP BSC is only for you to deposit into your commercial bank account.

After the money is in your account, a tax-deduction certificate is given to you. You go back to SBP to get the certification.

Sounds hectic? People say it’s more than this when they do it and wait a month to get their money.

Prize money claim forms can be sent with the following:

A copy of a valid CNIC

The applicant signed the original prize bond.

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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