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Wednesday Sep 25 2019
By
Web Desk

How to claim your prize bond money? Here is what you need to know

By
Web Desk

Prize bonds are available in Pakistan in eight different denominations: 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 all denominations is held every three months and the draw results are issued by National Savings.

How to claim prize money?

If you are a lucky winner and want to claim your prize, you need to fill in the claim form and submit it along with a copy of your NIC to the State Bank of Pakistan.

The claim for the prize money can be filed usually after three or four working days from the date of draw and the maximum time period to avail the prize is six years from the date of draw.

How many days are required for settlement of prize money claim?

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

How much tax is charged on your prize money?

You have pay 25 percent of your prize money in case you are a non-filer.

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

Also, there is no charge for the prize money claim form.

All prize money claims are paid at the SBP BSC (State Bank of Pakistan Banking Services Corporation Bank) counters.

Required documents for the prize money claim

The claim of prize money declared on a winning prize bond can be lodged at any field office on the prescribed claim form, which is available at the help desk free of charge.

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
  • Photo copy of the prize winning bond signed by the applicant