What is Prize bond Scheme in Pakistan ?
All About Prize bond Scheme in Pakistan
Prize Bonds is gold investment and are bearer type of security available in the denominations of Rs.200, Rs.750, Rs.1,500, Rs.7,500, Rs.15,000,Rs.25000 and Rs.40,000. These bonds are issued in series. Each series consist of one less than 1,000,000 bonds. No fixed return is paid but prize draws are held on quarterly basis. The draws are held under common draw method and the number of prizes are same for each series. It means that if 50 series of Rs.200 Prize Bond are in circulation. Then on each draw we have 50 winners of 1st prize and 150 winners of 2nd Prize and so on. Prize Bond's Scheme is the only lawful source for poor and middle class people investment opportunities to become rich overnight and making their dreams come true Prize bond offers investment options and it is far better then forex investment but this scheme has been ignored awfully, Recently, profit rates on five saving schemes namely Defense Saving Schemes - DSS, Regular Income Certificates - RIC, Behbood Saving Certificates - BSC, Savings Accounts - SA and Special Saving Certificates - SSC have been increased by 8 to 50 basis points but Prize Bond Scheme was not given consideration at all. Tragically, the increase of profit rates on these mentioned schemes will not lessen dues burden of Rs. 150 billion or more on account of Defense Saving Certificates maturing in the near future. Prize Bonds' Scheme is the only rescuer in this regard, provided and they are like baby formula.The following suggestions are duly implemented. Here is some detail of prizes for you The new increased and revised prizes on each prize bond are described below:
Read All important information you need for prize bond
we have tried to cover all questions you may have in your mind about prize bond.
Frequently Asked Questions on Prize Bonds
A. Questions relating to claims of prize money of winning prize bonds:
1. What are the Guidelines for application forms of all denominations of Prize Bonds?
Answer: The claim of prize money declared on 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. The form duly filled may be submitted along with the following:
i) Photocopy ofvalid CNIC
ii) Winning prize bond (original) duly signed by the applicant
iii) Photo copy of the prize winning bond duly signed by the applicant
Answer: The claim of prize money declared on 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. The form duly filled may be submitted along with the following:
i) Photocopy ofvalid CNIC
ii) Winning prize bond (original) duly signed by the applicant
iii) Photo copy of the prize winning bond duly signed by the applicant
2. What are the general objections raised on prize money claim?
Answer: To fill in the form in all respect correctly i.e. Bond numbers, name, date of draw,
date ofissue etc.
Answer: To fill in the form in all respect correctly i.e. Bond numbers, name, date of draw,
date ofissue etc.
3. Why the genuineness of prize bonds cannot be checked at field office?
Answer: Bonds are first checked at field offices by the counter staff who imparted training
from PSPC and in case of doubt, the same sent to PSPC. However prize winning bonds one million and above are essential to be sent to PSPC due to huge prize money involved.
Answer: Bonds are first checked at field offices by the counter staff who imparted training
from PSPC and in case of doubt, the same sent to PSPC. However prize winning bonds one million and above are essential to be sent to PSPC due to huge prize money involved.
4. Why the face value and prize money of the defective prize bonds are paid separately?
Answer: Face value against Defective prize bonds is paid after passing thereof by authorized officer whereas the Payment of prize money is paid as usual.
Answer: Face value against Defective prize bonds is paid after passing thereof by authorized officer whereas the Payment of prize money is paid as usual.
5. Should we claim prize money in our own name or sell it to a broker?
Answer: Yes claim himself/herself
Answer: Yes claim himself/herself
6. Why date of issue is important for any claim of prize money?
Answer: Only those prize bonds qualify for prize money, which have been purchased two
months prior to their respective draw.
Answer: Only those prize bonds qualify for prize money, which have been purchased two
months prior to their respective draw.
7. Whether a prize bond deposited with application for prize money is returned to the claimant?
Answer: Prize bonds winning prize money below Rs. 10,000/- are returned, in case of prize
money Rs. 10,000/- and above are retained and their face value is paid to the claimant.
Answer: Prize bonds winning prize money below Rs. 10,000/- are returned, in case of prize
money Rs. 10,000/- and above are retained and their face value is paid to the claimant.
8. Can prize money be claimed for a prize bond whose receipt/ payment
2 order is lost?
Answer: Yes after fulfillment of prescribed conditions.
2 order is lost?
Answer: Yes after fulfillment of prescribed conditions.
9. How a person can claim prize money?
Answer: Prize money can be claimed/availed by person he/she himself/herself on fulfilling of prescribed claim Form available at Help Desk.
Answer: Prize money can be claimed/availed by person he/she himself/herself on fulfilling of prescribed claim Form available at Help Desk.
10. Why repeated signatures are obtained on claim form in case there is minor difference in signatures with that of CNIC?
Answer: To safe the interest of the Bank as well as claimant, proper identification of claimant is essential.
11. What is the procedure of obtaining prize money claim and from where it can be claimed?Answer: The claim form is submitted at the respective counter of any offices of SBP BSC (Bank). Prize money up to Rs. 18,500/- is paid on counter (subject to clearance of bond) the same day (from 30th Draw and onward) after deduction of10% withholding tax. Prize money over Rs. 18,500/- is given through payment order only by the date given to claimants for collecting the prize money. Prize money upto Rs.1250/- can also be claimed at commercial banks and National Savings Centers.
12. How many days are required for settlement of prize money claim?
Answer:
13. Are there any charges of prize money claim form?
Answer: No.
14. After how many days of draw prize money claim can be lodged?
Answer: The claim can be lodged usually after 3 or 4 working days from the date of draw
and within six years from the date of relevant draw.
and within six years from the date of relevant draw.
15. Whether claimant can obtain payment of prize money through an authorized person?
Answer: It depends on discretion of competent authority of the field offices.
Answer: It depends on discretion of competent authority of the field offices.
