Are you looking for a way to encash your national prize bond? If yes, then you have landed on the right page. In this guide, we shall tell you guys about how to encash prize bonds from the State Bank of Pakistan. So, just stick with us to the end.
Also Read: How to check Prize Bonds online
But first here’s a set of questions that can help you understand the complete encashment procedure.
What is the purpose of Prize Bonds scheme?
The prize bond is a government scheme which encourages public investment. It is a source of borrowing for the government.
What are the various denominations of Prize Bonds and their respective prize money?
Currently, there are eight denominations of prize bonds in circulation, details of which are given in the image below.
How many draws of Prize Bonds are held in a year?
Four draws of each denomination (Rs 100/-, Rs 200/-, Rs 750/-, Rs 1500/-, Rs 7500/-, Rs 15000/-, Rs/- 25000, Rs 40000/-) i.e. total 32 draws are held in a year at State Bank field offices according to the schedule announced by Central Directorate of National Savings (CDNS).
From where you can encash Prize Bonds?
Prize Bonds can be bought and encashed in any quantity from State Bank field offices, National Savings centres and designated branches of commercial banks.
Can Prize Bonds be encashed any time after purchase?
Yes, you can encash the prize bond anytime you like.
What is the life of a Prize Bond?
The face value of prize bond issued by the authorized dealers is repayable at any time till a particular denomination of prize bond is cancelled by the federal government/State Bank of Pakistan. In such a case, the state will give ample time to the bondholders to exchange the cancelled bonds.
What types of prize bonds are not eligible for refund or face value?
Prize bonds are not eligible for refund or payment if it is forged or deliberately cut, mutilated or tampered.
What is the procedure for encashment of defective/ mutilated/ decipherable prize bonds?
For the defective/ mutilated prize bonds, you have to present more than half portion of such bond along with claim form passed by an authorized officer, to get a refund on the same day. However, it can take three working days in order to get face value (if approved) of such bonds.
Is there any deduction against refund of defective Prize Bond?
No, there isn’t any type of deduction against the face value of defective prize bond.
How to Encash Prize Bonds from the State Bank of Pakistan | Procedure
Now coming back to the point, how to encash prize bond from the State Bank of Pakistan. To know how it can be done, you need to follow the instructions given below.
- Visit any nearest State Bank of Pakistan Banking Services Corporation (SBP-BSC) field office.
- Give the original prize bond at the counter of SBP-BSC field office.
- After verification of its authenticity, you will get the face value of the prize bond without any deduction.
How to Claim Prize Money
If you’re one of the lucky winners of the prize money and want to claim it then you need to follow the guidelines given below.
- Go to any SBP-BSC field office.
- Get the claim form from the help desk. The claim form is free of cost.
- Fill the claim form carefully and provide all the required information.
- Give the duly signed claim form along with photocopy of valid CNIC, winning prize bond (original) duly signed by the applicant, and a photocopy of the prize-winning bond signed by the applicant to the person at the counter.
The number of days required for the claim settlement of prize money is appended below.
- Up to Rs.18,500/- same day
- Up to Rs.500,000/- 20 working days
- Above Rs.500,000/- 30 working days
If the prize money is more than Rs. 18,500 then the applicant will get a receipt from the bank which specifies a date for collecting payment order. On the due date, you have to go the SBP field office again and provide the claim receipt at the counter. After that, the payment will be deposited into your commercial bank account.
Note: Prize money upto Rs. 1,250/- can also be claimed from National Savings centres.
And that’s how you can encash prize bond from State Bank of Pakistan. If you have any questions regarding the topic then feel free to ask it in the comments section.