Categories: Guides

How to Get Your Prize Money Directly in Your Bank Account

National Prize Bonds are issued by government of Pakistan in eight different denominations. On one hand these are a source of domestic borrowing for the government. While on the other hand these provide lucrative returns to the investors in the form of prize bond money. The details of various prize bonds can be seen here.

If you invest in the national prize bonds issued by the government of Pakistan then you are aware of the excitement and reward that you get after your prize bond is declared as prize winning in a draw. However this excitement is subdued when you go through the process of claiming this prize money.

Conventional Method of Claiming Money from your Prize Bond

For prizes below Rs 20,000/-, you go the nearest State Bank of Pakistan Banking Services Corporation office, fill the prize bond money claim form, wait for your turn in the line and get the prize money in cash. In most cases you get the tax certificate on the same day and you are done with the process.

However its an entirely different process when you win a prize above Rs. 20,000/-. The cumbersome process consists of almost five steps detailed below.

  1. You visit the nearest SBP BSC office, fill the prize money claim form including a copy of the prize winning bond, original bond and a copy of your CNIC. You wait in line for your turn and submit you claim at the counter
  2. Once you submit the claim at the counter, you are issued a receipt. The receipt acknowledges your prize money claim and specifies a date for collecting your prize money payment order. As of now, for prize money below one million the date of receipt of payment order is 20 working days from the receipt of claim and for prize money of one million and above this time is 30 working days.
  3. On the due date, you go to SBP office and wait in line to get your payment order
  4. The payment order you get from SBP BSC is to be deposited in your commercial bank account only
  5. Once the payment has been credited to your account, you go back to SBP to get the tax deduction certificate.

Sounds hectic? Trust me, its much more than this when you actually experience it and have to wait an entire month to get your prize money.

How to Get Prize Money in Directly in Your Bank Account

Going forward with digitization, SBP BSC has introduced the direct credit of prize money to the claimant’s account. The direct credit of prize money significantly reduces the time and number of steps involved in getting your prize money from SBP BSC offices.

The form used to claim the prize bond money has been redesigned by SBP BSC and can be downloaded easily.

The newly designed form has a specified portion for filling particulars such as name, CNIC Number, CNIC expiry date, address, contact number email and specify his tax payer status i.e. if the claimant is a filer or non-filer.

The next major change in the prize bond money claim application form is the selection of mode of payment of prize money.

For prizes up to PKR 18,500/-, you can opt for payment of prize money in cash or direct credit to your bank account (bank credit).

If you opt for bank credit, you are issued a receipt at the time of submission of your prize money claim and the money is credited to your bank account on the same day or next working day. However, if you opt for bank credit, your prize winning bond is not returned and the face value of your prize bond is credited to your account along with the prize money.

For prizes above PKR 93,000/- and above the claimant can opt for bank credit or payment order.

If you opt for bank credit, you will have to mention your bank name, branch name, account title and IBAN number. Your IBAN number is printed on your new cheque book. You can also use your bank’s IBAN generation tool on the website to find out your IBAN.

Once you have submitted your prize money claim, SBP BSC will process your prize bond and depending on the mode of payment of prize money you opted for, you will get your winnings as per below timeline:

S.No Amount of Prize Money Maximum Timeline
Direct Credit (Bank Credit) Payment Order
1. Below Rs. 1,000,000/- 5 working days from the date of submission of claim 20 working days from the date of submission of claim
2. Above Rs. 1,000,000/- 15 working days from the date of submission of claim 30 working days from the date of submission of claim

It is evident from the above table that SBP BSC has significantly reduced the time for paying prize money if you opt for bank credit.

Additionally, If you opt for bank credit, you will only have to go to submit the prize money claim. The prize money is credited to your bank account within the specified time. You will save the time hassle of waiting lines and manual processing.

The other benefit its that you will be notified via SMS and E-mail regarding your CPR (computerized payment receipt). You can get it from FBR website at your own convenience without going to SBP BSC. If due to some reason, you don’t get the alert, you can collect your CPR/tax deduction certificate from SBP BSC.

Important Points To Keep In Mind

  1. At the time of submitting the claim form, you must mention your conventional bank account number held in your name. This account cannot be joint. Accounts maintained in Islamic banks, operated jointly, corporate accounts, business accounts and trust accounts are not accepted.
  2. Your tax payer status i.e. filer or non-filer is considered by SBP BSC as on the date of payment.
  3. The Withholding Tax on prize money amount is deducted at prevailing rates.
  4. If genuineness of your prize bond is doubtful, it may take a longer time than the one already specified.

You May Also Like

Bilal Ahmad

Bilal is a banker, YouTuber and a tech enthusiast. He holds an MBA degree and has over five years of diversified experience in Telecom, auditing and financial services. He has a keen interest in tech coupled with sound knowledge of financial services in Pakistan. His contribution to TechVise Pakistan will be based on his personal experiences as well as detailed knowledge about technology, financial services and online shopping in Pakistan.

View Comments

  • maximum time for claim your prize money? i have prize bond which is selected for second prize in January 2008 but unfortunately i can't check at that time, should i claim for prize money or not?

    Cancel reply

    Leave a Reply

    Your email address will not be published. Required fields are marked*

    • Six years from the date of draw. You should have claimed it before Jan 2014. Unfortunately You can not claim it now.

      Cancel reply

      Leave a Reply

      Your email address will not be published. Required fields are marked*

      • Any written policy

        Cancel reply

        Leave a Reply

        Your email address will not be published. Required fields are marked*

          • I have won the prize 93000 from Bond of 7500 how we can get prize money

            Cancel reply

            Leave a Reply

            Your email address will not be published. Required fields are marked*

          • The entire article is all about the question you have asked. Please read the article again. This is not a Question/Answer forum.

            Cancel reply

            Leave a Reply

            Your email address will not be published. Required fields are marked*

  • sir still awaiting ur replay.

    Cancel reply

    Leave a Reply

    Your email address will not be published. Required fields are marked*

  • Sir mera 1st price nikla RS7500✓ Draw 69 2017 ka. Claim deposit kiya mainay 17 August 2019 ko direct state bank rwp mai. kab tk expected hay amount?

    Cancel reply

    Leave a Reply

    Your email address will not be published. Required fields are marked*

    • Agar prize money amount 10 lac se zyada ho tu almost one month lage ga.

      Cancel reply

      Leave a Reply

      Your email address will not be published. Required fields are marked*

  • I have obtained CPR no on SMS .What is the procedure to down load CPR.

    Cancel reply

    Leave a Reply

    Your email address will not be published. Required fields are marked*

  • Salam . Do i need to be a filer for third prize of 200 bond ? Else i have to pay 30 tax .

    Cancel reply

    Leave a Reply

    Your email address will not be published. Required fields are marked*

    • yes. For non-filers tax is 30% of the prize amount.

      Cancel reply

      Leave a Reply

      Your email address will not be published. Required fields are marked*

  • Salam,
    mere uncle ka inaam nikla hai 7500 wale prize bond ka, woh current Tax filer hain magar woh state bank nah ja sakte na line mein lag sakte hain due to age factor. kya mein un ki information or id card pe jaker form submit or claim ker sakta hon amount.
    aur doosra winning prize Rs. 93,000/= hai before tax deduction to kya cash claim ker sakte hain ya bank credit kerwana parega uncle ke account mein ya apne account mein ker wasakta hon.

    Cancel reply

    Leave a Reply

    Your email address will not be published. Required fields are marked*

    • 1. Cash nhe milay ga. Credit he hoga.
      2. Ap apnay uncle ko le jain. Old age citizens k lye facilitation counter hota hy usually.

      Cancel reply

      Leave a Reply

      Your email address will not be published. Required fields are marked*

      • THANKS BILAL. FOR YOUR KIND SUPPORT.
        EK AUR CHEEZ KE STATE BANK MEIN FORM AUR BOND SUBMIT KERNE KE KITNE DIN BAAD PAYMENT TRANSFER HOJATI HAI.

        Cancel reply

        Leave a Reply

        Your email address will not be published. Required fields are marked*

        • Usually 5-7 working days.

          Cancel reply

          Leave a Reply

          Your email address will not be published. Required fields are marked*

          • Thanks Bilal

            Cancel reply

            Leave a Reply

            Your email address will not be published. Required fields are marked*

          • DEAR BILAL,
            KINDLY GUIDE ME, I DEPOSITED MY BOND PRIZE MONEY CLAIM ON 22-THU-2019 IN STATE BANK BUT STILL I DIDN'T RECEIVED MY CLAIM AMOUNT IN MY ACCOUNT. WHEN IT WILL BE DEPOSITED?

            Cancel reply

            Leave a Reply

            Your email address will not be published. Required fields are marked*

          • Please contact the state bank office where you have deposited your claim.

            Cancel reply

            Leave a Reply

            Your email address will not be published. Required fields are marked*

          • Thanks Bilal.
            For Non Filers Tax increase from 25% to 30 %. Am I correct?

            Cancel reply

            Leave a Reply

            Your email address will not be published. Required fields are marked*

          • Yes. From 1st July 2019 it is 30% for non-filers.

            Cancel reply

            Leave a Reply

            Your email address will not be published. Required fields are marked*

  • Sir mera prize 18500 ka nikla ha...tw mja kitni amount mily gi after tax deduction...

    Cancel reply

    Leave a Reply

    Your email address will not be published. Required fields are marked*

    • Agar ap ka naam active tax payer list main mojod hy tu apko bond amount k sath Rs. 17225 aur agar nhe hy tu Rs. 14450 mile gain,

      Cancel reply

      Leave a Reply

      Your email address will not be published. Required fields are marked*

  • Sir mara prize bond of 25000.3rd priz wining ho gaya hia.is pe mje mje kitne milen ga.kia prize bond ki amount b mile gi

    Cancel reply

    Leave a Reply

    Your email address will not be published. Required fields are marked*

    • Agar ap tax filer hain tu apko bond amount k sath total 290,200 Rupees mile gain. Agar ap tax filer nhe tu apko 243,300 rupees mile gain. (tax rate for filer is 15% and for non filer 30%)

      Cancel reply

      Leave a Reply

      Your email address will not be published. Required fields are marked*

  • wese filers k lye tax rate 15% aur non filer k lye 30% hy. ap se 20% tax kata hy.

    Cancel reply

    Leave a Reply

    Your email address will not be published. Required fields are marked*

  • Sir mera bond 1500 wala tha Uss pe bonds wali shop se 16300 mila hai jab k prize 18500 tha aur unho ne bond bhi rakh liya.. Kya yeh Sab theek hai? Mujhe itni info Nai.. Plz ap guide kr dain..

    Cancel reply

    Leave a Reply

    Your email address will not be published. Required fields are marked*

Leave a Reply

Your email address will not be published. Required fields are marked*

Recent Posts

Best Budget Smartphones of 2019

Price tag counts a lot when you are considering buying a smartphone. If you are on a budget, consider looking… Read More

2 months ago

3 Steps to Fix your Bank Problems with Banking Mohtasib

Everyone faces bank issues in Pakistan, but if you are serious about doing something about it then you need to… Read More

1 month ago

8 Reliable Adware Removal Tools for your PC

Adware, Malware and Ransomware; they are all scripts which work as spyware and track your search history as well attack… Read More

1 month ago

Buy Groceries Online From these 10 Services in Pakistan

Buying groceries is a must. If you are a man, you're buying and if you're a woman, you're making the… Read More

4 weeks ago

Mobile Banking Apps in Pakistan

How frequently do you call your bank or visit ATM just to check your account balance, or transfer funds? How… Read More

1 month ago

7 Great VPN Services To Browse, Stream and Download Content

In the age of internet restrictions, web filtering, hacking and loss of privacy; having a VPN service has become a… Read More

3 months ago