In this article, we will talk all about prize bond in Pakistan. A prize bond is a secure investment of 100, 200, 750, and 1,500 at this time. Moreover, a prize bond worth 7500 and 15000 is temporarily closed from the finance division of Pakistan’s Government.
There are two more prize bonds available, known as premium prize bonds. There is no fixed amount return on the prize bond, but the Government quarterly performs a prize draw for each prize bond value, e.g., 100, 200, 750, and 1500.
Government always issues prize bonds in series, and every time the series starts, we are talking about prize bonds.
Moreover, every series is less than one in one million bonds. So, first prize winners for prize bond denomination 100 are equal to the Government’s issued series until now and are in circulation.
For example, if 40 series of prize bond worth 100 is available in the market now, then the first prize winners will be 40. You will read all about prize bond in Pakistan.
Denomination 100
Prize bond zone
| Number of first prize winners | 1 |
| Amount of First Prize | 700,000 |
| Number of second prize winners | 3 |
| Amount of Second Prize | 200,000 |
| Number of third prize winners | 1199 |
| Amount of third prize winners | 1,000 |
Denomination 200
Prize bond zone 200
| Number of first prize winners | 1 |
| Amount of First Prize | 750,000 |
| Number of second prize winners | 5 |
| Amount of Second Prize | 250,000 |
| Number of third prize winners | 2394 |
| Amount of third prize winners | 1,250 |
Denomination 750
Prize bond zone 750
| Number of first prize winners | 1 |
| Amount of First Prize | 1,500,000 |
| Number of second prize winners | 3 |
| Amount of Second Prize | 500,000 |
| Number of third prize winners | 1,696 |
| Amount of third prize winners | 9300 |
Denomination 1500
Prize bond zone 1500
| Number of first prize winners | 1 |
| Amount of First Prize | 3,000,000 |
| Number of second prize winners | 3 |
| Amount of Second Prize | 1,000,000 |
| Number of third prize winners | 1,696 |
| Amount of third prize winners | 18,500 |
The tax is applicable on the prize bond and deducted from the prize money according to the following rules.
The tax rate for tax return filler is 15% of the total prize money, while the non-tax return filler is 30%. We are discussing all prize bonds.
Read about saving certificates in Pakistan, click on below link.
https://businessdream.pk/a-complete-guide-on-the-national-saving-certificate-in-pakistan-in-2023/
Prize bond FAQs
In which denominations are prize bonds available?
Prize bonds are available in the following denominations
- 1500
- 750
- 200
- 100
Which prize bond is entitled to winning a prize?
A prize bond issued before 60 days from the draw is entitled to winning Prize
What is the Schedule of the draw?
The draw schedule is available on the national saving website, and the Schedule gives you information about the draw’s time, date, and place.
What is the validity period of a prize bond?
The prize bond remains valid until the Government terminates the scheme
What is the reasonable period for claiming a prize?
The maximum validity period to claim prize money is six years from the draw date
How much tax would be deducted if I win a prize?
The tax rate for tax return filler is 15% of the prize money, while non-tax return filler is 30% of the prize money
How can I claim the amount of Prize money?
You will fill out a claim form, attach the following documents, and submit it to the state bank of Pakistan to claim your prize money.
CNIC copy,
Original winning prize bond
Photocopy of the winning prize bond having two signatures on the backside of the photocopy
What does the term shut period mean?
The shut period is when authorized organizations and state banks stop selling the prize bond. This period is 60 days before the draw of a specific denomination, but prize bonds are available in the open market at any time.
From where can I purchase and sell prize bonds?
You can purchase and sell prize bonds from the state bank of Pakistan, the national saving center, and in the open market.
How would I know the draw date for any denomination?
The State bank of Pakistan publishes a draw schedule with time, date, and location. The Schedule is available on the website of the national saving center.
Are there any charges for the prize money claim form?
No, The prize money claim form has no charges.
After how many days of drawing prize money can a claim be lodged?
You can claim your prize money after four working days and six years from the draw date
Can we claim the prize money for the damaged bond?
Yes, After fulfilling the rules, you can claim the prize money for a damaged prize bond
What is the procedure for the Prize Bonds draw? Is the process of drawing fair and transparent?
The national savings central director constitutes a committee to conduct a draw. The general public is also allowed to attend a prize bond draw. There is a hand-operated machine for a draw. The general public checks the draw machine before the draw starts, and mostly, special children operate the machine in front of the general public and committee.
Whether one can attend the draw ceremony?
Yes, The general public can attend the prize bond draw ceremony
Is there any way to ensure that the prize bond purchased would win a prize?
No. There is no way to ensure that a specific prize bond will win the Prize
How many numbers of Prize Bonds are in a series?
A series contains 999,999 prize bonds
From where can we get Prize Bonds?
You can purchase prize bonds from the state bank of Pakistan, the national saving center, and in the open market.
Is there any limit on the purchase of Prize Bonds?
No
What is the encashment procedure?
You can encash your prize bond from the state bank of Pakistan, national savings centers, commercial banks, and open market
Why is the date of issuance important for any claim of prize money?
A prize bond issued 60 days from the draw is entitled to winning Prize. So, the issuance date is important
Whether one prize bond winning prize money two times in different draws will be paid prize money two times on the same date or otherwise?
If a prize bond wins prize money twice in different draws, you will submit two claim forms to get the prize money twice.
Why don’t small investors win prizes, and big prizes go to big investors?
Small investors buy prize bonds in less quantity, while big ones buy large ones. Then the probability of winning a prize is higher for the big investors than the small investors, but there are chances to win prize money for small investors.
Is there any way to ensure that the prize bond purchased would win a prize?
A prize bond can win prize money, but there is no way to ensure that the specific prize bond will win a prize money
Why does National savings or the State Bank of Pakistan not stop the payment of prize money against prize bonds reported lost?
The prize bond always belongs to its owner. So, the National savings or the State Bank of Pakistan can not stop the payment of prize money against prize bonds reported lost
You are reading about the complete guide all about prize bonds in Pakistan in 2023.
Premium Prize Bond
A premium prize bond is another gold investment that is available worth 25,000 and 40,000; the significant features of the premium prize bond are listed below.
Significant features of premium prize bond
- The prize draw is held four times a year
- Profit payment will be made two times a year ( Profit payment is separate from prize money which investors will receive after six months.)
- 1.79% profit rate
- Offered in denominations worth 25,000 and 40,000
- The investor will register this prize bond in his name
- These prize bonds are available for Pakistani adult citizens and overseas Pakistanis.
- Profit payment and prize money will be deposited directly to the bank account of investors.
- An application form is not required to claim profit payment and prize money.
- The maximum prize money for the prize bond worth 25,000 is 30,000,000
- The maximum prize money for the prize bond worth 40,000 is 80,000,000
- Tenure and investment are unlimited
- Withholding tax is valid, while Zakat is exempted
- Pledgeable and transferable
- You can purchase premium prize bonds through a cheque, cash, Bank Draft, and Pay-Order.
- Premium prize bonds are available from state bank of Pakistan offices and commercial banks’ authorized branches
Documents required for Premium prize bond registration application
- CNIC copy
- Certificate of Account maintenance (Account title, Account status, IBAN, Bank name, and branch name)
- For tax Filers, Tax certificate.
- CNIC of Nominee
We talked all about prize bond in Pakistan and will now discuss the frequently asked questions and their answers.
You are reading about the complete guide all about prize bond in Pakistan in 2022.
Premium Prize bond FAQs
What is a premium prize bond?
Premium prize bond is another gold investment where you will get profit and prize money
What are the denominations of premium prize bonds?
Premium prize bond is available in the denomination of 25,000 and 40,000
What is the profit rate of the premium prize bond?
The profit rate for the premium prize bond is 1.79 % after six months
What is the meaning of the term registered in the Premium Prize Bond?
Investors will register premium prize bonds on their names so that the term registered is used for premium prize bond
How many draws in a year?
There are four prize money draws in a year
Who can buy a premium prize bond?
The following persons can purchase a premium prize bond
- An adult Pakistani
- Overseas Pakistani
How can I claim my prize money?
You do not need to fill out any form to claim the prize money. The prize money will credit to your bank account
How can I claim my profit for the premium prize bond?
You do not need to fill out any form to claim the profit money. The profit money will credit to your bank account
Can I transfer my premium prize bond to anyone?
Yes, you can transfer your premium prize bond to anyone.
Can I pledge my premium prize bond?
Yes, you can pledge your premium prize bond
Is there any limit in terms of time and investment?
No limit on investment and time
How can I purchase the premium prize bond?
You can purchase premium prize bonds through a cheque, cash, Bank Draft, and Pay-Order.
What documents are required for premium prize bond purchase?
- CNIC copy
- Certificate of Account maintenance (Account title, Account status, IBAN, Bank name, and branch name)
- For tax Filers, Tax certificate.
- CNIC of Nominee
Is there any facility for senior citizens and females?
Yes, senior citizens and females can directly contact the counter official
Are application forms the same for individual or corporate clients?
No, there are separate forms available for corporate and individual clients.
Is tax applicable on premium prize bonds?
The tax rate for tax return filler is 15% of profit and prize money, while the non-tax return filler is 30%.
Is Zakat applicable on a premium prize bond?
Zakat is not applicable on premium prize bond
What is the highest Prize of the premium prize bond?
For the denomination of 25,000, the maximum prize money is 30 million, while the maximum prize money for the denomination of 40,000 is 80 million
We discussed the guide all about prize bond in Pakistan in 2023.
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