Do you want to get your prize bond money directly into your bank account? If yes! Here we will tell you the method by which you can do it.
To get the prizewinning amount in your bank is a very convenient and easy method. At the start, the winners have to claim the money by filling the “prize bond money claim form,” found in the banks, but it was a lengthy process.
So, the State Bank of Pakistan (SBP) introduced a new method to attaining the money into the winner’s account. For this process, the state bank recreated a claim form, and now candidates can download it.
How to download prize bond money claim form:
Those candidates who want to claim their prize bond money can download the form
- from the state bank website. (http://www.sbp.org.pk/sbp_bsc/PrizeBond/English-PB-23.pdf).
- The claim form is available in both English and Urdu.
- Fill the claim form accurately according to the requirements.
- Then, submit the form at the receptive counter of any SBP-BSC (bank) office.
Mode of payment
On the prize bond claim form, there are two options regarding the ways of payment.
- If you want to claim the money up to Rs 18,500/-, then you can get the bond prize in cash or bank credit (depends on your choice).
- If you claim the Rs 93,000/- or above, you can receive it only through the bank credit.
When you choose bank credit, then you have to provide all details mentioned in the section “Bank account Detail” on the form.
Time for the prize money settlement:
After submitting the claim form, the SBP-BSC will complete the prize money payment procedure in the following period.
- For up to Rs 18,500/-, the process completes on the same day of claiming (30 draws or onward)
- For Rs 500,000/-,, 20 working days are required to complete the process.
- In case of above Rs. 500,000/-, 30 working days are needed to settle prize bond money.
- While submitting the claim form, you must mention your conventional bank account number.
- The State bank will determine your taxpayer status ( filer/non-filer)
- If the bank has any doubt about the prize bond, the bank will review all the things and start the money settlement procedure.
Here is the complete method by which you can quickly get your prize bond money into your bank account and conveniently.