I want to know if there is any way to tell if a certain prize bond which was declared winner has been cashed or not? For e.g. if bond number ABC won Rs.10,000 prize, and the person goes to state bank to claim that prize.
I know one way of telling is to go to state bank and verify but is there anyway by looking at the bond. I talked to different people and they gave two different answers such as:
1. When you take your prize bond to state bank to claim prize, they punch a hole in it so now you can tell it has been cashed.
2. When you take your prize bond to state bank, the bank keeps that bond and then never circulates it in the market. So that means all the prize bonds we see in market have not been claimed for prizes.
So how can we tell?