Premium Prize Bonds (Registered) Scheme

admin June 12, 2023 Prize Bond, Prize Bond Guru 14 Comments 63 Views

SALIENT FEATURES

- The profit Rate is 3.96% bi-annual. The rate of Profit (Biannual) is increased on Premium Prize Bonds issued w.e.f. 10.09.22 is 3.96%
- Available in Rs. 25,000/- & Rs 40,000/- Denomination.
- Registered in the name of the investor.
- Quarterly Prize Money Draws as well as Bi-annual Profit Payments.
- For Pakistani Citizens (Adult individuals), Overseas Pakistanis.
- Direct Credit of Prize Money and Profit in the Investor’s Bank Account.
- No Application Forms are required for claiming prize money & profit.
- Highest prize of Rs. 30,000,000/– (25,000/-) and Rs 80,000,000/-. (40,000/-)
- Unlimited Investment and Tenure.
- WHT is applicable & Exempted from Zakat.
- Transferable & Pledgeable.
- Can be purchased through Cash, Cheque, Pay-Order, and Bank Draft
- Can be purchased from offices of the State Bank of Pakistan (BSC) and authorized branches of commercial banks.

*In case of public holiday the draw will be conducted on the next working day.

The following documents are required for Premium Prize Bond Sale Application.

Copy of CNIC.
Account Maintenance Certificate ( A/C title, IBAN, status of a/c, Bank & Branch Name).
Tax Certificate in case of Filer.
Nominee CNIC detail.

Senior Citizens and Ladies are requested to contact the Counter Official without waiting for their turn.

Download the Application Form for the Purchase of the Premium Prize for Individuals Only. Click here

Frequently Asked Questions (FAQs)

SCHEME OUTLINE

Q1. What is Premium Prize BondsScheme and how different is it from the existing National Prize Bonds Scheme?

Answer: The Central Directorate of National Savings (CDNS) initiated a new registered prize bonds scheme called “PREMIUM PRIZE BONDS (REGISTERED)” parallel to the National Prize Bonds Scheme. Contrary to the National Prize Bonds (bearer), the Premium Prize Bond is a registered prize bond that is issued in the name of a registered investor. The investor gets a six-monthly profit on investment at a rate notified by the Government of Pakistan upon completion of six month period either from the date of issue or the date of last profit paid in addition to eligibility for the prize money in quarterly draws, subject to compliance to shut period requirements.

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Q2. What rules govern the Premium Prize Bond Scheme?

Answer: This scheme is governed under “Premium Prize Bonds (Registered) Rules, 2017” available at Click here

Q3. How many denominations are there for Premium Prize BondScheme?

Answer: Presently, there are two denominations i.e. Rs. 40,000/- and Rs. 25,000/-.

Q4. What is meant by Office of Issue?

Answer: The Office of Issue is the SBP Banking Services Corporation (SBP BSC) Office and authorized conventional banks from where the Premium Prize Bond is issued.

Q5. Which conventional banks are authorized to deal in Premium Prize Bonds?

Answer: All the major conventional banks are authorized to deal in Premium Prize Bonds. At present 19 banks are dealing in Premium Prize Bonds, the list of which is available at Click here

Q6. Is the Premium Prize Bond a product of the State Bank of Pakistan?

Answer: No, the Premium Prize Bond is not a product of the State Bank of Pakistan. The Premium Prize Bond Scheme is initiated by the Central Directorate of National Savings (CDNS) and Bonds are issued as a Central Government Debt. All policy-related matters/rules pertaining to this
scheme are devised by the CDNS in coordination with SBP BSC. SBP BSC acts as an agent to the Government for the management of this scheme.

Q7. What is the composition of Premium Prize BondNumber?

Answer: Each bond has a unique alpha-numeric number where the alpha denotes the series and the number reflects bond serial number e.g. A123456. The series of prize bonds shall be issued in sequential order except I & O which will not be used as series. Each series of bonds consists of one less than a million pieces of bonds i.e. from 000001 to 999,999.

Q8. Is Zakat and Withholding Tax applicable to Premium Prize Bonds profit and prizemoney?

Answer: Any investment made under Premium Prize Bond Scheme and profit earned thereon is exempted from compulsory deduction of Zakat. However, withholding tax on both the profit (Section 151 of Income Tax Ordinance, 2001) and prize money (Section 156 of Income Tax Ordinance, 2001) shall be applicable as per the prevailing rate notified by the Federal Government.

Q9. What is the tenor or maturity period for Premium PrizeBonds?

Answer: The Premium Prize Bonds are issued for unlimited tenors without any maturity.

Q10. Can I pledge the Premium Prize Bonds (Registered)?

Answer: Yes, three months after the date of issue, subject to the requirements of the institutions where they are pledged.

Q11. Can I choose the Premium Prize Bond numbers of my choice?

Answer: No

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SALE / ENCASHMENT /TRANSFER

Q12. Who can purchase these Premium Prize Bonds?

Answer: These bonds may be purchased by any of the following:

A single adult
Two adults in their joint names
i. Payable to the holder jointly or payable to either with the written consent of the other called “Joint Class A” or
ii. Payable to either called “Joint Class B”.

Q13. What documents are required for the purchase of Premium PrizeBonds?

Answer: The duly filled application form must be accompanied by the following documents:

Legible copy of valid CNIC / SNIC / Pakistan Origin Card (POC) (OriginalSeen)
Account Maintenance Certificate (not older than one month from the date of application) of the IBAN Number provided in the application form mentioning Bank and Branch Name, Title of Account, Account Number, and IBAN (Required at the time of registration or change of Account Number).

Q14. Is registration for the purchase of Premium Prize Bonds mandatory?

Answer: Yes. Since these bonds are registered in nature, registration at the office of the issue prior to the purchase of bonds is mandatory. However, this exercise is required to be completed once for each investor.

Q15. I don’t have a Bank account; can I still purchase Premium PrizeBonds?

Answer: No. Maintenance of an account in the name of the applicant(s) is mandatory for the purchase of Premium Prize Bonds.

Q16. What is the maximum limit in numbers or value for the purchase of Premium PrizeBonds?

Answer: There is no maximum limit in number or value for the purchase of Premium Prize Bonds. However, these bonds shall be issued in multiples of their face value only.

Q17. Can these bonds be purchased from Commercial bank branches?

Answer: Yes. At present 19 banks are dealing in Premium Prize Bonds, the list of which is available at Click here

Q18. I am an overseas Pakistani. Can I purchase Premium PrizeBonds?

Answer: Yes. Overseas Pakistanis can purchase the Premium Prize Bonds (Registered) from authorized offices in Pakistan on the production of NICOP or Pakistan Origin Card (POC).

Q19. How can I pay to purchase these Premium PrizeBonds?
Answer: The payment for the purchase of Bonds may be made by any of the following methods:
a. Cash
b. Bank draft *
c. Cross Cheque *
d. Pay order *
* subject to realization of proceeds

Q20 From where can I encash the Premium Prize Bonds?
Answer: The Premium Prize Bonds can be encashed from any Office State Bank of Pakistan, Banking Services Corporation.

Q21. Will there be any deduction against the face value of Premium Prize Bonds upon encashment?

Answer: No deduction will be made at face value.

Q22. What documents are required for the encashment of Premium PrizeBonds?

Answer: The registered investor shall be required to fill out an Application Form (PPB-2) along with the following documents at the time of encashment:
a. Original Premium Prize Bond duly signed on the reverse.
b. Legible copy of valid CNIC/ SNIC / Pakistan Origin Card (POC) (originalseen)
c. Any other document (if any) as specified from time to time.

Q23. When can I encash my Premium Prize Bonds?

Answer: Premium Prize Bonds can be encashed by the registered investor as and when required from the office of issue.

Q24. Can I encash my Premium Prize Bonds and receive face value in my bank account?

Answer: Yes, the proceeds will be credited directly to the registered bank account.

Q25. What will happen in case a Premium Prize Bond is lost?

Answer: In case of loss of Premium Prize Bonds, the investor is required to personally visit the Office of Issue and report the loss of instruments by submitting an application form, and a copy of FIR / NC. After necessary verification, the Office of ISsue will issue new PremiumPrizeBonds of same Face Value with different numbers in the name of the same investor.

Q26. What will happen in case of the death of a registered investor of Premium PrizeBond?

Answer: In case of the death of the bondholder, payment of the principal amount, profit, and prize money (as the case may be) to the legal heir(s) will be made according to the succession certificate.

Q27. Are Premium Prize Bonds transferrable?

Answer: Yes.

Q28. How can I transfer my Premium Prize Bonds to anyone?

Answer: The Premium Prize Bonds can be transferred to anyone from the Office of Issue. However, the personal presence of both the Transferor and Transferee is mandatory.

Q29. What documents are required for the transfer of Premium PrizeBonds?

Answer: For the transfer of Premium Prize Bonds, the following documents are required:
a. Original Bonds to be transferred
b. Legible copy of valid CNIC/SNIC/Pakistan Origin Card (POC) of the transferor (Original Seen)
c. Legible copy of valid CNIC/SNIC/Pakistan Origin Card (POC) of the transferee (Original Seen)
d. Account Maintenance Certificate of a transferee for the IBAN Number provided in the application form (Not older than one month from the date of application).

Q30. What happens when I transfer my Premium Prize Bonds?

Answer: Upon transfer of Premium Prize Bonds, the transferor relinquishes all rights on the face value, profit, and prize money (if any) to the Transferee.

Q31. When can I transfer my Premium PrizeBonds?

Answer: Premium Prize Bonds can be transferred by the registered investor as and when required from the office of issue.

Q32. Are there any charges for the transfer of Premium PrizeBonds?

Answer: No.

DRAWS & PRIZE MONEY

Q33. What is the frequency of draws for Premium PrizeBonds?

Answer: The Draws for each denomination of Premium Prize Bonds are held on a quarterly basis.

Q34. What is the procedure for Premium Prize Bonds draws? Is the process of drawing fair and transparent?

Answer: The prize bond draw is held by a committee constituted by CDNS and open to the general public. Winning prize bonds are drawn through Hand operated draw machine, which is operated by special children in front of Committee members and the general public attending the draw ceremony. The draw machine is also checked by the general public before the start of the draw. Video recordings of all draws are also kept on record.

Q35. Can I attend the draw ceremony?
Answer: Yes, the general public may also attend the prize bond draw ceremony on the production of the original CNIC.

Q36. Who issues the draw schedule for each denomination?

Answer: CDNS issues the draw schedule for one calendar year.

Q37. What is the minimum holding/retention period for my Premium Prize Bond(s) to become eligible for prize money in the forthcoming draw?

Answer: Two (02) months for Rs. 25,000/- & Rs. 40,000/- denomination Premium PrizeBonds.

Q38. What is the prize money schedule for Premium PrizeBonds?

Answer: The prize money schedule for Premium Prize Bonds is as under:

Premium Prize Bonds

Q39. How can I claim my prize money against Premium PrizeBonds?

Answer: The investor is not required to submit any claim as the prize money against winning Premium Prize Bonds is directly credited to the registered investor’s Bank account provided at the time of purchase of the respective bond.

Q40. Is there any tax/deduction against prize money/profit on Premium PrizeBonds?

Answer: Yes. The rate of WHT shall be deducted as per the prevailing rates notified by the Federal Government.

Q41. Are there any charges for the prize money claim form?

Answer: There is no prize money claim form for Premium Prize Bonds.

Q42. What is the draw schedule for each denomination of Premium PrizeBonds?
Answer: Draw for each denomination Premium Prize Bonds are held as per the schedule below:

10th of:

March,
June,
September and
December every year.

Q43. What is meant by Single Common Draw?
Answer: Single Common Draw means a single draw commonly applicable for all series qualifying for prize money in that specific draw.

PROFIT

Q44. How can I be eligible for profit once I purchase the Premium Prize Bonds?

Answer: The eligibility for profit on investment in Premium Prize Bonds is to hold the bonds for a minimum of six months, either from the date of issue or the last profit paid.

Q45. If I encash my Premium Prize Bonds six months from the date of issue or date of last profit received, can I get profit for the period these bonds were held in my name?

Answer: No, profit is paid only after the completion of six months.

Q46. What is the rate of profit on PPBs?

Answer: The rate of profit is decided and notified by the Federal Government from time to time. Currently, 3.96% biannually.

Q47. Is the rate of profit on PPBs fixed?
Answer: No, as mentioned above, profit on PPBs is notified by the Finance Division GoP from time to time.

Q48. How can I claim my profit on PPBs?

Answer: Similar to prize money, the investor is not required to submit any claim for profit payment. The profit on investment is directly credited on due dates into the registered bank account of the investor.

Q49. Is my taxpayer status accounted for before payment of profit on PPBs?

Answer: Yes. The rate of WHT shall be applicable according to the taxpayer status of the investor and as per the rates notified by the Federal Government for both Filers and Persons not appearing in Active Taxpayers List (ATL).

Q50. What is the frequency for profit payment on Premium PrizeBonds?
Answer: Bi-annually, subject to completion of six months from the date of issuance or profit paid.

Q51. What is the current WHT rate on profit?

Answer: 15% for Filer and 30% for persons not appearing in the ATL

Q52. I have changed my bank account, how can I receive the profit payment against PPBs?

Answer: Such cases should immediately be reported to the Office of Issue for a change of bank account in their record.

Q53. In case my profit credit is returned by my commercial bank due to any reason whatsoever, what should I do?

Answer: In such cases, the registered owner is informed to contact the office of the issue.