[ PRIZE BONDS &
PAYMENT OF PRIZE MONEY ]
Q.11 What is the maximum period
for claiming the prize money?
Ans: The prize on any prize winning Prize Bond can
be claimed within six years reckoned from the date of that particular draw
result. No claim, after the said period of six years is entertained.
Q.7 Is there any deduction on encashment of prize bonds?
Ans: The prize bonds can be redeemed on the
face value and there is no deduction whatsoever on the encashment of a prize
bond itself irrespective of the amount involved.
Q.12 What is the procedure to claim a prize on a Prize Bond?
Ans: The prize money upto Rs.1,250/- can be claimed
from any National Savings Centre, branches of authorized scheduled banks or
branches of State Bank of Pakistan. Prize money exceeding Rs.1000/- can be
claimed only from the branches of State Bank of Pakistan.
To
claim the prize money, a duly filled application form (PB-1) along with a photo
copy of the CNIC, a photo copy of the winning prize bond duly signed on the back
is to be presented in the concerned office. However, the prize money is subject
to 10% withholding tax.
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