Premium Prize Bonds are registered Prize Bonds. They are currently offered at a denomination Rs.40, 000; however, the government has plans of launching a denomination of Rs. 100,000 as well. They work differently and independently from basic bonds as they offer few additional features. This chapter covers the primary definition and features of a Premium Prize bond.
What are Premium Prize Bonds?
As previously mentioned, Premium Prize Bonds are registered bonds. As of now, they are available in just one denomination of Rs. 40,000. They are different from regular bonds as they earn a 3% annual return in addition to the probability of winning a prize. This interest is credited to the holder’s account bi-annually.
The Process of Purchasing Premium Bonds
The premium prize bonds are only available at major cities. You can get premium prize bonds only in Karachi, Lahore, Islamabad, Peshawar and Quetta.
Documents required for obtaining premium prize bond.
IBAN (International Bank Account Number)
NIC (National Identity Card)
FBR Tax File Certificate
Account Maintenance Certificate
Once the process is completed, you will begin receiving an interest rate of 3% on the bond per annum. Lucky draw is held once every 3 months.
Prize on Premium Bond
The prize is directly credited to the bank account; no announcement is made in the newspaper or any other publication.