Prize bonds are a popular investment tool in numerous countries, including Pakistan. They offer the occasion to win cash prizes through a yearly lucky draw. However, you need to know how to claim it, if you’re a prize bond holder and have won a prize. Prize bonds, a popular government scheme, play a significant part in encouraging public investment and serve as a source of government borrowing. They are the ways to claim prize bonds in Pakistan
Draw of Prize bonds held in a year
Prize bonds come in various appellations, each with its associated prize plutocrat. Presently, there are eight appellations in rotation, and the details are as follows Denomination Prize quantum (Rs 100/-, Rs 200/-, Rs 750/-, Rs 1500/-, Rs 7500/-, Rs 15000/-, Rs/- 25000, Rs 40000/-). One of the charming aspects of the prize bond scheme is the occasion for frequent draws. An aggregate of 32 draws are held annually, covering all eight appellations. The schedule for these draws is blazoned by the Central Directorate of National Savings (CDNS) and conducted at State Bank field services.
Ease of Purchase and Encashment:
Prize bonds are remarkably accessible to the public. They can be bought and encashed from colorful locales, including State Bank field services, National Savings centers, and designated branches of marketable banks. The inflexibility of encashment allows bondholders to redeem their prize bonds at any time of their picking.
Life Span of Prize Bonds:
Prize bonds have an open-concluded lifetime, ensuring that bondholders can redeem their bonds at their convenience. They remain valid until a particular denotation is canceled by the civil government or the State Bank of Pakistan. In similar cases, ample time is handed to bondholders to change their canceled bonds.
Conditions for Refund or Face Value:
It’s essential to note that not all prize bonds are eligible for a refund or face value. Bonds that are set up to be forged, designedly cut, crippled, or tampered with aren’t eligible for redemption or payment.
Encashing Imperfect, Mutilated, or Decipherable Prize Bonds:
For those holding imperfect, crippled, or decipherable prize bonds, the process of encashment is straightforward. To gain a refund, you need to present further than half of the bond on with a claim form, which should be approved by a sanctioned officer. In utmost cases, if approved, the face value is reimbursed within three working days, without any deductions.
Encashing Prize Bonds from the State Bank of Pakistan:
Still, then is a step-by-step companion If you are curious about how to encash prize bonds from the State Bank of Pakistan.
- Visit the nearest State Bank of Pakistan Banking Services Corporation (SBP- BSC) field office.
- Submit your original prize bond at the SBP- BSC field office counter.
- After vindicating its authenticity, you’ll admit the face value of the prize bond without any deductions.
Claiming Prize Money:
For the fortunate individualities who win the prize plutocrat, claiming it’s a straightforward process
- Visit any SBP- BSC field office.
- Gain a claim form from the help office; it’s handed out free of cost.
- Precisely complete the claim form, furnishing all the required information.
- Submit the properly inked claim form along with a photocopy of your valid CNIC, the original winning prize bond, and a photocopy of the prize-winning bond inked by you to the counter.
- The time needed for the claim agreement depends on the prize quantum
- Up to Rs. 18,500/- is reused on the same day.
- Up to Rs. 500,000/- takes 20 working days.
- Above Rs. 500,000/- is settled within 30 working days.
Additional Note: For those with prize money over to Rs. 1,250, claiming can also be done at National Savings centers. In conclusion, the prize bond scheme is a fascinating way for individuals to invest and potentially win seductive prizes. With its colorful appellations, frequent draws, and easy encashment procedures, it’s a fiscal tool that is accessible to numerous. So, whether you are looking to invest or have formerly won a prize bond, this scheme offers a unique fiscal occasion.