Book
Chapter 2
CLAIMING PRIZE MONEY

An important element of Prize Bond is winning a prize. It is important to understand the schedule of draws and also the process of encashment, if you win a prize.

How frequently is a draw conducted?

There are total of 32 draws conducted each year, 4 for each denomination.
There is a draw after every 15 days.

Click here for the schedule of the draw

What are the prizes on the different draws?

There are total of 32 draws conducted each year, 4 for each denomination.
There is a draw after every 15 days.

Which bonds are eligible for the prizes?

1. There should be a minimum difference of two months between stamped issue date and draw date on a prize bond to be qualified for prize money.

This Prize Bond became eligible for prize from 28th February 2007. Exactly 2 months after the stamp date.

2. You can claim the prize upto 6 years of the draw date.

Where to get the list of prize bond won?

After the draw, the government circulates a paper of the winning prize bonds. This has a complete list of the serial number of bonds that have won prizes.

Click here to see the list of prizes won for the last 6 years.

How to easily check YOUR winnings

Go to the virtual vault chapter to find out how you can manage your bonds easily.

Process of Claiming Your Prize Money

The process of claiming prize money requires a series of steps. To ensure safety of encashment of your money, it is important to know all the steps and follow them!

If your prize money is Rs. 1250/- or below, you can claim it anywhere including State Bank of Pakistan, National Saving Center or the branches of scheduled banks. However, if your prize amount exceeds Rs. 1250, you can only claim your prize money at branches of State Bank of Pakistan.


Forms for Claiming Your Prize Bonds

Depending on the amount of prize amount to be paid, you will be required to fill different forms.
The forms for claiming prize money include:

Required Documents

The documents that should be attached with the claim form include:

1
A Photocopy of CNIC

2
Original Prize Bond

3
Photocopy of Prize Bond

Process Completion

Once the required scrutiny is done, you will be given original prize bond along with prize money if it is less than or equal to 18,500. However, if the prize is more than 18,500, then it might take several working days depending on the amount.

< Rs,185, 000 - 10 working days

185,000 to 500,000 - 15 working days

500,000 < 20 working days

Are The Draws Fair?

There is a lot of uncertainty and mistrust with respect to the draw of prize bond. This is due to the fact that previously there was an incident where the same lucky number appeared in two consecutive draws. The SBP team did not comment on this, but it was clearly an issue of fraud as the probability of same number in two consecutive draws is extremely low.

Taxation on Prize Bonds

As per section 156 of Income Tax Ordinance, 2001, a certain amount of withholding tax is charged on the prize money won. The percentage of tax is dynamic and is changed regularly by Federal Board of Revenue.

The current rates are as folows:

NON-FILERS
20%
FILERS
15%