A prize bond is a kind of lottery that is issued by the ministry of finance with the permission of the federal government of Pakistan. You can win big by investing a very low amount.
The denominations of the prize bond are 100, 200, 750, 1500, 75000, 15000, 25000 and 40,000. The draw for each of the denominations is held every 3 months by the State Bank of Pakistan.
State Bank of Pakistan chooses the winners of the prize bonds. There are three big prizes such as 1st prize, 2nd prize, and 3rd prize. Hundreds of people win cash prizes.
Once you have won the prize bond, you will consider yourself the luckiest man on the planet. You would probably want your cash prize in your hands as early as possible.
This article will tell you the things you must do if you win a prize bond in Pakistan.
Claim Your Prize Bond
After winning the Prize bond the first you must do is claim your prize. Go to the State Bank of Pakistan.
Fill the Claim form and submit the form along with a copy of the National identity card to the State Bank of Pakistan. The maximum period limit to claim the cash prize is six years.
Collect your Prize Bond Cash Prize
When your identity and Claim are verified, you are requested to collect your money from the State Bank of Pakistan.
Pay the Taxes
Every responsible citizen of the country must pay his taxes and not become a burden to the national economy. The same is the case with the winner of the Prize Bond.
If the winner of the Prize Bond is a non-filer, he will have to pay 25% of the winning amount as a tax. And if he is a filer, he will only need to pay 15% of the winning amount as a tax.
Hide Your Identity to the Public
After winning the prize bond and receiving your money, you may feel like you are in the seventh sky.
But you should not express your excitement to unknown persons. To avoid scamming or theft, don’t let anyone know about you being the winner of the prize bond.
Invest the Money
We understand that winning a prize bond could be the happiest moment in someone’s life but please don’t waste the money on parties and shopping.
If you were a debtor, you should clear the debts as early as possible and invest some money for a secure future. Get knowledge about the companies that pay a high return on investment.
Never in your happiness forget about the people who are living below the poverty line. Give some charity to the needy and help them provide food and other things.
Prize bonds are a game of luck. Buying huge numbers of prize bonds in the same series enhances your chances of winning the prize bonds.
The good thing is that you can sell your prize bonds to the State Bank of Pakistan for the same price making no loss. So, buying of prize bonds is safe and you never know which day is your day.