If you want to refund/encash your purchased prize bond, but don’t know how to do it, then don’t worry. We are here to help you, so read this article thoroughly. Other than that, we have also written blogs on other important topics to assist you that you will find from.
What are Prize Bonds
Before going to the main topic, we will discuss some important things related to prize bonds. Prize Bond is a way to help the citizens as it is a form of lottery. National Saving Pakistan is an organization that controls all the prize bond related matters.
There are eight types of prize bonds called denominations, and each prize bond is of different costs and has a different worth of awards. To see the details regarding this, visit the website: https://onlineprizebondcheck.com/prize-bond-schedule/.
Three Ways to refund the Prize bonds in Pakistan
A lot of people who purchased prize bonds of different denominations sometimes want to refund them. Every person has its reasons, so those who want to get their money back can get it by the following methods.
- From SBP BSC Offices
- Commercial Banks
- National Saving Centers
Below is the detail of these three methods.
From SBP BSC Offices
It is a straightforward method to refund/encash the prize bond.
- Visit your nearest State Bank Of Pakistan-Banking Service Corporation or its authorized branches.
- Provide then your original prize bond, and after the verification, you will get the money back without any deduction.
- According to news, the government has issued a Performa for this method.
If you want to refund your prize bonds from the commercial banks, then the process will go through the following procedure:
- When you provide them the prize bonds, they will not offer you the money directly.
- The bank will open your account and then transfer your refunded amount to that account.
National Saving Centers
You can also encash your prize bonds by visiting the National Saving centers.
Conditions for refunding the Prize Bond
- You can encash your prize bond at any time.
- Prize bonds must be in good condition.
- If you have a forged/deliberately cut/tampered prize bond, then you can’t refund it.
- If you have a defected prize bond, but with more than half in good condition, you must submit a claim form approved by the authorized officer. In this condition, you will get your money on the same day.