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.