Prize bonds hold a lucky draw at regular intervals, offering substantial cash prizes to the winners. The government introduced this scheme to raise funds, providing individuals with a secure way to invest money without the risk of losing its original value.
How Prize Bond Works, and Is It Worth Buying?
Prize bonds are another manner in which you can store your cash. The added benefit is that you have the opportunity to make extra money through the lottery drawings that are held throughout the year. Even if you don’t win the lottery you initial investment in the prize bond is secure and you can always exchange it for cash.
Every three months, the State Bank conducts a draw to determine if any prize bonds win money. If your bond is selected, you can cash in your prize.
Alert: By holding a savings bond you lose the ability to earn interest rate on the investment amount.
If you do not win, you can either wait for the next draw or redeem your bond at the bank for the amount you paid.
The Prize Bond Schedule runs from January 01, 2023, to December 15, 2023, with bonds available in denominations of Rs100, 200, 750, 1500, 7500, 15000, and 40000.
Prize bonds are popular investments, with a wide range of denominations available. The system, managed by National Savings under the State Bank of Pakistan (SBP), has been operational for decades and is considered a very safe form of investment.
Prize bonds have periodic lucky draws, awarding significant cash prizes to the winners. The government introduced this scheme to raise funds, offering individuals a secure way to invest money without the risk of losing its original value.
What is the schedule for prize bond draw in Pakistan in 2024?
The table below shows the draw schedule of various prize bonds for the year 2024.
| Date | Rs. 1,500 | Rs. 750 | Rs. 200 | Rs. 100 |
|---|---|---|---|---|
| 15-01-2024 | Sialkot | |||
| 15-02-2024 | Lahore | Peshawar | ||
| 15-03-2024 | Muzaffarabad | |||
| 15-04-2024 | Hyderabad | |||
| 15-05-2024 | Karachi | Lahore | ||
| 17-06-2024 | Rawalpindi | |||
| 15-07-2024 | Quetta | |||
| 15-08-2024 | Multan | Karachi | ||
| 16-09-2024 | Peshawar | |||
| 15-10-2024 | Faisalabad | |||
| 15-11-2024 | Rawalpindi | Multan | ||
| 16-12-2024 | Sialkot |
Draw schedule of prize bonds of denominations 1,500, 25,000 and 40,000
| Date | Rs. 100 | Rs. 200 |
|---|---|---|
| 11-03-2024 | Faisalabad | Karachi |
| 10-06-2024 | Multan | Peshawar |
| 10-09-2024 | Lahore | Hyderabad |
| 10-12-2024 | Muzaffarabad | Quetta |
Prize Bond FAQs
What is the Tax Deduction For 1,500 Prize Bonds?
As per Govt. Policy, Rate of Tax is 15% of prize value for Filers, and 30% of prize value for Non-Filers.
How much tax is deducted on prize money?
10% income tax deducted on the amount of prize money.
Income tax payee is not exempted from withholding tax on prize money claim.
From where can one buy Prize Bonds?
Prize bonds can be purchased and encashed in any quantity at all field offices of SBP BSC (Bank), office of National Saving Centres, head post offices and designated branches of commercial banks.
Waht is the procedure of obtaining prize money claim and from where it can be claimed?
The claim form is submitted at the respective counter of any offices of SBP BSC (Bank). Prize money up to Rs. 20,000/- is paid on counter (subject to clearance of bond) the same day after deduction of 10% withholding tax.
Over Rs. 20,000/- are given through payment order
on/ after the dates given to claimants for collecting the prize money.
Prize money Rs.1000/- can also be claimed at commercial banks and National Savings Centers
Prize bonds are like buying a lottery ticket, with aim to win the top prize, except in case you don’t win, you still don’t lose the original amount spent on a specific bond.
Every 3 months, State Bank draws lots to see if any prize bonds win any money. If you bag the prize bond, you can simply cash in your prize bond.
In case, if you do not win anything, you can either wait for the next draw or simply turn in the prize bond to the bank in exchange for the cash you paid for it.
Prize Bond Schedule starts on January 01, 2023, till December 16, 2024. Bonds are available for denominations of Rs100, 200, 750, 1500, 7500, 15000, and 40000.
