How to buy prize bond in Pakistan?

admin September 4, 2023 How to, Prize Bond, Prize Bond Guru 1 Comment 51 Views

How to buy prize bond in Pakistan? To buy a prize bond in Pakistan you need to go through this simple process.

State Bank of Pakistan prize bond purchase form

Can we buy prize bonds online in Pakistan?

The answer is no because there is no medium online to buy national prize bonds or premium prize bonds in Pakistan. The government with the collaboration of National Savings is going to start digital prize bonds in Pakistan but still, there is nothing.

To buy Prize Bonds in Pakistan, you can follow these steps:

1. Visit any Branch of SBP BSC: Prize Bonds are available for purchase at designated branches of State Bank in Pakistan. You can visit any of these branches to buy them.
2. Know-your-Customer (eKYC): First, you need to visit the eKYC counter or helpdesk in any of the branches. At the eKYC counter, you will have to provide your details and the purpose of your visit. You have to mention your transaction details along with the sum of the amount.
3. Fill out an Application Form: At the bank, after fulfilling the eKYC process, you will be required to fill out an application form for purchasing Prize Bonds. This form typically asks for your personal information, including your name, CNIC (Computerized National Identity Card) number, and contact details. Click here to download the form.
4. Specify the Bond Denomination: You will need to specify the denomination of the Prize Bonds you want to purchase. In Pakistan, Prize Bonds are available in various denominations, such as Rs. 100, Rs. 200, Rs. 750, and Rs. 1,500 in National prize bonds and Rs. 25000/- and Rs. 40000/- in premium prize bonds. Unfortunately, the denominations of Rs. 7,500, Rs. 15,000, Rs. 25,000, and Rs. 40,000 of National prize bonds have been demonetized in Pakistan from 30 June 2023.
5. Pay for the Bonds: You must pay the purchase amount for the Prize Bonds you wish to buy. The amount will depend on the denomination and the number of bonds you want. You can purchase prize bonds through cash as well as through check/cheque in Pakistan.
6. Receive the Prize Bonds: After completing the necessary paperwork and payment, the bank will provide you with the physical Prize Bonds.

Keep the Bonds Safe: Prize Bonds are like bearer bonds, so it’s crucial to keep them in a safe place. Losing them means losing your chance at potential prizes, as well as the face value of the bond. Fortunately, the premium prize bonds are registered one and not a bearer instrument.
Check for Prize Draws: Periodically, the State Bank of Pakistan holds Prize Bond draws. You can check the results on their official website or through newspapers to see if your bonds have won any prizes. In the case of premium prize bonds, you are not required to check the draw results, the winning numbers are directly credited by the State Bank of Pakistan, Banking Services Corporation Pakistan.
Claim Your Prize: If your Prize Bond wins, you can claim it by visiting a designated bank or branch. There are different procedures for claiming prizes depending on the amount won. You are not required to visit the State Bank of Pakistan, Banking Services Corporation in case of Premium Prize Bond, as the amount is automatically credited to the winner’s bank account.

How to buy prize bond in Pakistan?

Required Documents for the purchase of National prize Bonds.

2 Copies of the National ID card
Original National Identity Card

Required Documents for the purchase of Premium Prize Bonds.

2 Copies of the National ID card
Original National Identity Card
Account Maintenance Certificate (24 Digits IBAN)
Copy of NIC of a nominee

Remember that all National Prize Bonds are a form of saving not investment, and while they offer the chance to win prizes through lucky draws, they do not earn interest like traditional savings accounts. Premium Prize bonds earn a profit on the investment along with a prize-winning chance. Additionally, there may be changes in procedures or denominations, so it’s a good idea to check with the State Bank of Pakistan or the bank where you purchased the bonds for the most up-to-date information.