We are bringing a brief description of the role of the State Bank of Pakistan in selling & encashing prize bonds. We will see how the State Bank contributes to the customers of prize bonds. As we know, the State Bank is currently located in most of the cities of Pakistan. Let’s discuss its role below.
Role of SBP in selling Prize bonds:
The Central Bank of Pakistan SBP initiated the sale of Prize bonds on October 1, 1960. The name of the Prize Bond scheme was revived on July 1, 1999, & named National Prize bonds. This scheme initially consisted of six prize bond denominations, eight later in 2012. From then to now, all the procedures & work relating to the prize bond, whether it is their sale, encashment, draws, or payment of prize money, the State bank of Pakistan manages all the responsibilities.
You are free to buy prize bonds of current denominations from all the branches of the State bank of Pakistan, authorized branches of Commercial banks & National savings centers. You can buy the below-mentioned denominations from SBP & or other sources.
The procedure for buying a prize bond is quite simple. You have to visit the sources mentioned above & can buy the denomination you want.
Introduction of State Bank of Pakistan:
State Bank of Pakistan is marked as the Central Bank of Pakistan. This bank rose to the status of National Bank on January 1, 1974. The main branch or headquarter of SBP is in the city of lights, Karachi. State Bank of Pakistan Banking Services Corporation (SBP-BSC) is considered the secondary & operational arm of the Central Bank (SBP).
Role of SBP in encashing Prize bonds:
Just like selling, prize bonds also have a role in the encashment of prize bonds. SBP is responsible for arranging Draws of each denomination. Prize bondholders visit the branches of SBP to encash their prize money. They have to submit their prize bonds here. After checking the authenticity of their prize bonds, the organizations grant them the money.
We have explained the role of SBP in selling & encashing prize bonds here above. Hope you have got this properly. You can visit our website for the Draw results & the details relevant to the prize bonds.