How to Get Your Prize Money Directly in Your Bank Account

Prize money

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 form of prize 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 money claim form, wait for your turn in the line, get the prize money in cash and 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 twenty working days from the receipt of claim and for prize money of one million and above this time is thirty 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.

Get The 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 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 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 prize 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 or you can use your bank’s website IBAN generation tool 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 prize money as per below timeline

S.No Amount of Prize Money Maximum Timeline
Direct Credit (Bank Credit) Payment Order
1. Prize Money 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. Prize Money 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 you the 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. Within the specified timeline the prize money will be credited to your bank account and you will save the time that you would spend otherwise on waiting and going to get you payment order and then get it credited in your bank account.

Additionally if you opt for bank credit, you will be notified via SMS and E-mail regarding your CPR (computerized payment receipt) / tax deduction certificate and 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 SMS and E-mail alert, you can collect your tax deduction certificate when you go for your next prize money claim.

Important Points To Keep In Mind

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


  1. I launched my claim at SBP BSC(BANK) Multan on 8 Apr 2019 but till today prize money not credited in my account. What to do now??


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