The prize bond scheme is a scheme owned by the government of Pakistan. The scheme was first introduced on January 15th, 1944 by the undivided government of India. After the partition of the sub-continent, the scheme was reintroduced under the action of the government of Pakistan. A lot of users are getting benefitted from this scheme. However, the new users are not so much familiar with the scheme and they ask several questions to know the basics of the scheme. Here in this article, we come with the answers to the basic queries asked by the users before going to take part in this scheme. You are recommended to check the answers to all of your queries and take part in this scheme to get exceptional financial benefits.
1. What are the denominations of the national prize bonds?
Currently, the following denominations are running under the National Prize Bond Scheme:
Rs. 100 Prize Bond
Rs. 200 Prize Bond
Rs. 750 Prize Bond
Rs. 1500 Prize Bond
Rs. 7500 Prize Bond
Rs. 15000 Prize Bond
Rs. 25000 (Premium Prize Bond)
Rs. 40000 (Premium Prize Bond)
2. From where we can buy/sell the national prize bonds?
Users can buy the prize bonds from any SBP-BSC office, the branches of designated commercial banks, and the national saving centers, etc. However, besides this, you can also buy the prize bond from the local authorized dealers.
3. What documents are required to claim the national prize bonds awards?
Applicants are required to submit an application form to claim the prize. However, the following documents must also be attached with the application form:
Photocopy of a valid CNIC
Original winning prize bond
Photocopy of the winning prize bond that will be dully signed from the backside by the applicants.
4. What is an invalid prize bond?
A prize bond without the following criteria is not said to be a valid prize bond:
The prize bond that has not completed a holding period of at least 2 months before the respective draw is an invalid prize bond.
A prize bond with different series or serial numbers on both sides i.e. upper and lower sides is invalid.
The prize bond, the winning number of which has crossed the validity limit of six years from the respective draw date is also invalid.
5. What is the timeline to claim the prize bond money?
The prize bond can be claimed within six years after its draw. Applicants can easily get the prize whenever they want. Until their claim, the prize remains valid and safe.
6. How many prizes are selected for a single prize bond?
For every single prize bond three (03) prizes are selected. The number of winners and the amount of money are different for all prizes.
7. When the prize bonds draw is held?
The draw of the prize bond of each denomination is held four times a year. In this way, the users have many chances to win the prize bond with a particular denomination.
8. Is the prize bonds schedules are same for every year?
No, the prize bond draw schedule is different for each year. The prize bond schedule that is selected for 2021 is completely different than the schedule that was arranged for the 2020 year.
9. When the prize bond is expired?
There is no expiration date for the prize bonds. The prize bonds are valid until the prize bond scheme is valid. So, users can use a prize bond of a particular denomination for the maximum period they want.
10. What is the basic purpose of the prize bond scheme?
The National Prize Bond Scheme was started by the government of Pakistan. In this scheme, the government borrows money from the public at cheaper rates and offers cash prizes in lucky draws.