It is bearer type prize winning scheme which is purely run by the Government through State Bank of Pakistan (SBP) and Central Directorate of National Savings (CDNS). This prize winning system is only legal by Government but also according to the Islamic Rules. Prize bonds are serving millions of its investors Nation Wide with “Unshakeable Trust”. These are available in followings denominations :
- Prize Bond of Rs. 100/-
- Prize Bond of Rs. 200/-
- Prize Bond of Rs.750/-
- Prize Bond of Rs.1,500/-
- Prize Bond of Rs.7,500/-
- Prize Bond of Rs.15,000/-
- Prize Bond of Rs.25,000/-
- Prize Bond of Rs.40,000/-
Prize Bond Advantages to Government :
Basically it is a type of certificates on which Government gets money for at least three months. These certificates are gold investment and security investments done by Government to earn profit which is then divided by doing a common draw after at least 90 days of period (three months). This prize winning scheme is a great source to fetch investment for Government by paying a meager amount of interest in shape of prize winning money. It is the only scheme on which Government has to pay only the minimum profit @ 2.5%.
Prize Bond Benefits to Bearer :
National Savings Prize bond is the only legal source for poor and middle class people to become rich overnight and making their dreams come true by investment opportunities. It offers investment options which are far better then Forex investment. These bonds of all denominations are liquid cash and can be exchanged at any time in currency note (Rupee). The composition of cash that is from prize bonds to currency note and vice verse total cash balance shall remain unchanged.
Prize Bond Schedule :
The draws of each denomination is held quarterly i.e each denomination avails four draws in every year. The minimum holding period of these bonds shall be two months. Each prize bond issued or sold before two months preceding the date of draw shall qualify for a prize in a forth coming draw and subsequent draws. Draw schedule is followed by these rules:
- Prize Bond of Rs. 100/- 15th day of February, May, August and November every year.
- Prize Bond of Rs. 200/- 15th day of March, June, September and December every year.
- Prize Bond of Rs.750/- 15th day of January, April, July, October every year.
- Prize Bond of Rs.1,500/- 15th day of February, May, August and November every year.
- Prize Bond of Rs.7,500/- 1st day of February, May, August and November every year.
- Prize Bond of Rs.15,000/- 1st day of January, April, July, October every year.
- Prize Bond of Rs.25,000/- 1st day of February, May, August and November every year.
- Prize Bond of Rs.40,000/- 1st day of March, June, September and December every year.
National Savings Prize Bond Draws are the jointly organized by State Bank and National Savings Organization. Prize bond draws are held at State Banks of nine cities which are as under:
- State Bank of Peshawar
- State Bank of Islamabad
- State Bank of Lahore
- State Bank of Multan
- State Bank of Sukkar
- State Bank of Karachi
- State Bank of Faislabad
- State Bank of Hyderabad
- State Bank of Quetta.
Claim and Tax on Prize Amount :
The holder of prize winning prize bond shall present the claim on an application form along with the prize bond, its photocopy duly signed by the claimant on face there of along with the photocopy of National Identity Card (NIC). After verification of the genuineness of winning prize bond the net amount after deducting the amount of Withholding Tax shall be paid to the claimant. The Tax on prize bond in Pakistan is @20% Withholding Tax. For example, if a person wins prize of rupees Rs.1000/- the amount paid to the presenter is Rs.800/-. Amount of prize winning money of a prize bond can be claimed within the period of six years with respect to date of relative draw. The 3rd prize on Rs. 100/- and Rs. 200/- can be claimed through any National Savings Branch and State Bank of Pakistan. Prize bonds of denomination Rs.100/-, Rs.200/- and Rs.750/- will be returned with the prize money amount other denomination prize bonds will not be returned with the prize money amount, face value of Prize bond will refunded along with the prize money.