Prize Bond Govt of Pakistan

Prize Bond Govt of Pakistan

In Pakistan, National Prize Bond Scheme was started in 1960 to borrow money from people and reward them with cash prizes based on lucky draws. This system helps the Government of Pakistan borrow billions of rupees from the public, but the investors don’t earn much in return. Let’s find out more.

What is a Prize Bond?

It is a kind of lottery bond. The National Savings Pakistan offers them. This is a sort of bearer investment that gives no profit or premium. You can get these bonds in different denominations.

The Denominations

In Pakistan, you can find them in many denominations that range between 100 and 40,000. For more information, you can check a prize bond list.

The Prize Bond Schedule

The lucky draws are held every 15 days, usually on 1st business day of a month. Aside from this, each lucky denomination draw is organized quarterly.

Claiming the Prize

If you want to claim the prize money, you have to fill in the form and submit it with your valid CNIC, the original prize bond signed by you, and the photocopy of the prize bond signed by you.

The Maximum Prize

The highest prize money is 80,000,000 rupees on the 40,000 rupees Premium prize bond. The second-largest prize money is 75,000,000 rupees, which is offered against a regular 40,000 rupees bond. And these draws are organized quarterly.

Who Can Buy these Bonds?

Whether you live inside or outside Pakistan, you can buy these bonds from any registered dealer or scheduled bank.

Buying Online

You can’t buy these bonds online. You can buy them at a local bank, State Bank Offices, or National Savings.

Guess Papers

Although there are a lot of guess papers online, they are of no use. There is no formula to find out which bond will be the winning one. It all depends upon your luck as the system is lottery-based.

Validity Period

Once you have purchased a bond, it will keep valid as long as the scheme is valid. In other words, there is no age limit or expiry date of these bonds.

Claiming the Prize

Once the draw has been held, you have a period of 6 years to claim your prize.

Tax on the Amount won

For non-filers, the tax ratio is 25% of the winning amount, and for filers, the ratio is 15%.

Selling Points

You can visit State Bank offices, National Savings, or a local bank to buy prize bonds in Pakistan.

Refund or Exchange

You can’t avail of any refund or exchange policy once you have bought the bonds. Once you lose your bonds, you will have to suffer the loss. Since these are bearer kind of bonds, the prize money will be given to the one who has the bond. consequently, you may want to keep your bonds in a safe place.

So, this was a fleeting introduction to the bonds offered by the government of Pakistan. If you have bought these bonds, you can check a prize bond list to find out if you have won any prize money.

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