Prize bond 2024: How much is settlement time for prize bond claims?
In Pakistan, prize bonds are available in six denominations: Rs 100, Rs 200, Rs 750, Rs 1,500, Rs 25,000, and Rs 40,000.
Draws for these prize bonds occur quarterly, with National Savings announcing the results.
Prize bond holders often ask about the process for claiming their prize money. Gadinsider provides a step-by-step guide to assist winners in claiming their prize and understanding the settlement time required.
| Amount | Number of days |
| Up to Rs18,500/- | Direct Credit — T+1 Cash — same day |
| Up to Rs1,000,000/- | Five working days |
| Above Rs1,000,000/- | 15 working days |
Where can you encash prize bonds in Pakistan?
Prize bonds can be purchased/encashed from a State Bank of Pakistan – Banking Services Corporation (SBP-BSC) office, designated commercial bank branches, and National Saving Centres against an application form with a copy of CNIC.
| Prize Money | SBP-BSC Office | Commercial Bank* | National Saving Centre |
| Up to Rs1,250/- | Yes | Yes | Yes |
| Up to Rs500,000/- | Yes | Yes | No |
| Above Rs500,000/- | Yes | No | No |
*Prize money submitted at commercial banks may be subject to two types of charges: 1) Bank’s service charges and 2) CIT charges.
How to claim prize bond money?
After verifying that your bond number matches the list, fill out the claim form and submit it along with a copy of your CNIC to the State Bank of Pakistan.
It is important to note that the claim for prize money can usually be submitted three or four working days after the draw date, and the maximum period to avail the prize is six years from the draw date.
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