How to cash prize bond?
A Comprehensive Guide on Cashing National and Premium Prize Bonds in Pakistan
National Prize Bonds are a popular investment avenue in Pakistan, offering the chance to win substantial prizes through regular draws. Encashing these bonds involves a straightforward process facilitated by authorized banks and financial institutions. Similarly, Premium Prize Bonds offer lucrative prizes with a slightly different redemption procedure. In this guide, we’ll delve into the detailed steps involved in cashing both National and Premium Prize Bonds, ensuring a hassle-free experience for investors.
Cashing National Prize Bonds: How to cash prize bond?
- Visit Authorized Banks: To encash National Prize Bonds, head to any scheduled bank authorized for the sale of these bonds. These include State Bank, Banking Services Corporations.
- Required Documentation:
- Original National Identity Card (NIC).
- Photocopy of your NIC.
- Bank account details, including the International Bank Account Number (IBAN). The IBAN should consist of 24 digits starting with ‘PK.’
- Bank Account Requirement: Ensure you have an active bank account linked to your NIC with a valid IBAN for seamless transaction processing.
- Submitting Documents: Present your original NIC, copy, and bank account details at the bank’s designated counter for Prize Bond transactions.
- Claim Process:
- Fill out a specified form provided by the bank (available for download).
- Submit the completed form along with the required documents to the concerned department.
- Prize Money Disbursement: Upon successful submission, your prize money will be transferred to your bank account on the same day, in most cases. However, if you win the first or second prize, expect the disbursement within 10 to 15 working days.
Cashing Premium Prize Bonds: How to cash prize bond?
- Bank Visit: Similar to National Prize Bonds, encash Premium Prize Bonds by visiting authorized banks, including State Bank and designated Banking Services Corporations.
- Documentation Required:
- Original NIC.
- Photocopy of your NIC.
- Bank account details with a valid IBAN (24 digits starting with ‘PK’).
- Additional Charges: Note that certain charges may apply for processing the prize money claim and dealing with premium prize bonds. Inquire about these charges beforehand.
- Follow the Same Procedure: Follow the same steps outlined for National Prize Bonds regarding document submission, form filling, and bank account verification. Download form
- Claiming Prize Money: Upon submission of the required documents and the completed form, your prize money will be credited to your bank account on the same day.
Cashing National and Premium Prize Bonds in Pakistan involves a straightforward process facilitated by authorized banks and financial institutions. By ensuring you have the necessary documentation and following the prescribed steps, you can seamlessly encash your bonds and claim your prize money. Stay informed about any applicable charges and expect timely disbursement of your winnings directly into your bank account, making your investment journey rewarding and convenient.