FAQ’s

PART A. CLAIMING YOUR PRIZE MONEY (25)

Some of the essentials that need to be provided include:

  • Copy of applicant’s valid CNIC
  • Original prize bond signed by applicant
  • Signed copy of prize winning bond. The photocopy must include signature of applicant.

To fill the forms, applicant will be required to add their name, specific bond numbers, date of draw and date of issue.

After filling the form, the prize bonds are first scrutinized & checked for originality at the field office. The bonds, with one million or higher in value are sent to PSPC for further checking.

The payment of prize money is made separately after payment of face value against defective prize bonds once approved by authorized officer.

The prize money should be claimed on applicant’s name only.

For a prize bond to qualify for prize money, it should be purchased two months before drawing it.

Yes, the prize money below Rs.10, 000 is returned.  For prize money above 10,000, it is retained after payment of face value to claimant.

Once the required conditions are fulfilled, the prize money for lost receipt is claimed.

To claim prize money, claim form available on Help Desk should be collected and filled by the applicant.

Multiple signatures are required on prize bond forms to ensure the safety of bank, applicant and all parties involved.

To claim prize money and obtain it, a series of steps should be followed.

  • The first step is to submit the claim form at SBP BSC office.
  • If the bond is cleared, prize money up to 18,500 will be paid the same day.
  • A tax of 10% will be deducted on the total amount.
  • Any amount over 18,500 will be given on payment date specified to the claimant.
  • If the prize amount is below or equal to 1250, it can be claimed at bank or National Savings Centers.

The ownership of prize bond belongs to the holder as it is a bearer instrument.

For a prize bond to qualify for prize money, it should be purchased two months before drawing it.

To claim prize money and obtain it, a series of steps should be followed.

  • The first step is to submit the claim form at SBP BSC office.
  • If the prize money is 18,500 or less, it will be paid the same day.
  • A tax of 10% will be deducted on the total amount.
  • Any amount over 18,500 will be given on payment date specified to the claimant.

The time required to settle the prize money varies depending on the amount.

  • Amount equal to or less than 18,500 can be drawn on the same day.
  • Equal to or less than 185,000 will require 10 working days.
  • Equal to or less than 500,000 will require 15 working days.
  • More than 500,000 will require 20 working days.

There are no required charges on prize money claim form.

After date of draw, the prize money can be claimed within 3-4 days to maximum 6 years from the date.

Authorizing a person to receive prize money depends on many different factors including reliable authority. It is usually left upon the discretion of field officers.

 

Yes. The prize money of damaged bond can be claimed.

Every type and amount of prize money claims are paid on SBP BSC Counters.

There is no way to certainly ensure winning a prize bond.

The prize money takes at least a few days to process due to record, book-keeping & other official purposes.

The prize money is processed after it receives confirmation status from PSPC and PDO.

The prize money can be claimed up to 6 years following date of draw.

An applicant can lodge separate prize claims using different applications on the same day.

PART B: DRAWS OF PRIZE BONDS (7)

There is no doubt about the fairness and transparency of prize bond draws as they are also open for general public to attend. The process is held by a committee designated by CDNS.

The common misconception is that all the big prizes go to big investors. There is no discrimination between types of investors. However, the big investors invest in a larger number of bonds and thus the probability for winning increases for them.

 

Anyone can attend the prize bond draw ceremony after showing their original CNIC.

Once official draw is held, you can find the draw list on SBP BSC & CDNS website.

In case the prize bond is defective, the following steps will be taken for encashment. Those include:

  • Fill out the application form for recovery of bond value.

The mutilated bonds will be passed by designated officer at SBP BSC on the day of payment. Depending on the conditions, it might take up to three working days.

All the information related to draw schedules is available on field offices, official Kalpoint.com website.

The tax calculation on Prize Bonds consists of following deductions:

  • 10% withholding tax is subtracted from prize money.
  • Following that, a 15% surcharge on withholding tax on National Savings Schemes is applied on the remaining amount.

PART C: TAX MATTERS OF PRIZE BONDS (3)

Paying income tax won’t exempt required tax on claim of prize money.

The submission of tax certificate to Tax authorities is required to ensure the legality of income.

There is a tax price on prize money and not on principal amount; therefore the additional amount is usually not discouraging for the applicants.

PART D: SECURITY FEATURES (1)

The security features of prize bonds in paper include:

  • Micro-printed security thread
  • Invisible colored fiber
  • Enlarge watermark

The security features of prize bonds in print include:

  • Guilloche patter
  • Invisible denomination print
  • Mircro-printed tint in rainbow color
  • Numbering in red fluorescent ink
  • Visible fluorescent rosette

PART E- TRANSACTIONS RELATED TO PRIZE BONDS (19)

The complete applications for prize bonds are available at field offices at SBP BSC, offices of National Saving Centers and designated branches of commercial banks.

 

The government increases total number of prize bonds to have higher rate of return & make it compatible with mark-up in the money market. The number of prize also increases in ratio to number of bonds.

There is no limit on purchase of Prize Bonds.

The monetary face value of the bond can be received at the counter of SBP BSC Officers, National Saving Centers and commercial banks.

The only genuine providers of prize bonds other than SBP BSC Offices include National Saving Centers and designated branches of commercial banks.

Yes, the encashment of prize bond any time after the purchase.

Shut period is the duration of 2 months following the date of draw of a particular prize bond.

No. The fresh bonds will not be issued unless all the ongoing prize bonds are completely utilized.

The two authorized institutions to provide bonds other than SBP BSC include National Savings Centers and designed branches of commercial banks.

SBP BSC is working as an agent to CDNS & officially manages every bond scheme.

The prize bond numbers aren’t given as per the choice of applicants. But you can get it through secondary markets.

There is no deduction against refund of face value of defective Prize Bonds.

Not all bank branches deal with exchange bonds, only designated branches do.

The old denomination bonds cannot be exchanged.

The prize bonds are bearer instruments and cannot be stopped in case of theft.

The full value of damaged prize bond is received if the prize bond is more than half.

Since prize bonds are bearer instruments, anyone holding them becomes the owner of it.

Time required for getting a new prize bond depends on the number of people in queue for sale/purchase of the bond.

Unless, a prize bond is not demonetized or cancelled by Federal Govt./State Bank of Pakistan, the face value of the bond is repayable.

PART F: THE BASICS OF PRIZE BONDS (27)

The number of draws held each year includes:

Four draws for each of the following denomination:

  • 200
  • 750
  • 1,500
  • 7,500
  • 15,000
  • 40,000

A total of 24 denominations are held every year.

With the approval of Government of Pakistan, Pakistan Security Printing Corporation or PSPC is responsible for printing all the prize bonds in Pakistan.

 

The basic objective behind issuance of prize bonds in Pakistan is to encourage investment in public. It is also used as a source for borrowing funds for the government.

The forged, mutilated or tampered prize bonds aren’t eligible for payment.

Before November 2000, each denomination series used to have separate draw. However, the practice is not continued anymore & each draw is held separately under Single Common Draw System.

Various Sharia scholars have different opinions regarding prize bonds.

Prize lists available anywhere except regulated websites are not genuine.

No. It is a bearer instrument, apart from the premium bonds which are registered instruments.

Prize bonds are made available illegally on higher prices on premium during shut period. SBP BSC offices do not have anything to do with those sales.

No brokers are authorized to deal in sale or purchase of any bonds.

Pakistan Security Printing Corporation is responsible for printing currency notes and government securities.

Central Directorate of National Savings manages all government savings for the benefit of public.

Public Debt Office issues securities to increase debts by Public Debt Act.

Although there is no difference between Karachi and Lahore circles, the Lahore PDO offers payment against Karachi PDO after confirmation

The authorized banks can only offer encashment for prize bonds of up to Rs. 1,250. If the amount exceeds, the process will be done at SBP BSC.

 

Prize bonds are made available illegally on higher prices on premium during shut period. SBP BSC offices do not have anything to do with those sales.

 

No brokers are authorized to deal in sale or purchase of any bonds.

Pakistan Security Printing Corporation is responsible for printing currency notes and government securities.

Central Directorate of National Savings manages all government savings for the benefit of public.

Public Debt Office issues securities to increase debts by Public Debt Act.

Although there is no difference between Karachi and Lahore circles, the Lahore PDO offers payment against Karachi PDO after confirmation

You can only sell re-issuable bonds at any center of any circle.

Draw no, date and place of draw is present on the schedule of draws.

There are a total of six denominations of National Prize Bonds in circulation.

Series is followed in issuance of Fresh Prize Bonds.

Prize Bonds are also widely used as collateral against loans.

The Prize bonds are backed by Public Debt Act, 1944.

PART G: PREMIUM BONDS (8)

Premium prize bonds offer the highest prize amounts available in the market. The premium prize bond is offered at Rs.40,000. Premium bonds are registered and they have prizes along with fixed profits given on a biannual basis.

 

The three prizes available include:

  • 1st prize is for 80 Million PKR
  • 2nd prize is for 30 Million PKR
  • 3rd prize is for 0.5 Million PKR.

The profit rate is 3%.

All Pakistani citizens are eligible for premium prize bonds.

The premium prize bonds are available in Karachi, Lahore, Islamabad, Peshawar and Quetta.

It is necessary to show account maintenance certificate from a branch located in the same city you are buying the prize bond in.

The lucky draw is held every 3 months.

Profit is directly transferred to the bank account every 6 months.