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.
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.
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.
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.
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