Prize Bond


#1

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?


#2

[quote=“TechMan, post:, topic:”]

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.

[/quote]

this is what actually happens, & nobody know after how much time state bank re-circulate that prize bond in the market.


#3

No. State bank returns bond back to you. It's again eligible for next draw.


#4

So there is no way to tell by looking at the bond if they have been cashed or not? And the only way is to go to State Bank?

I am asking because I have two prize bonds and they won prizes in 41th draw which happened sometime in 2010. Current draw is number 48. So I am asking if I have actually won the prizes or somebody has already won and cashed those prizes using those bonds in 2010?


#5

http://www.savings.gov.pk/draws.asp

Check here. All prize bond draws are listed here.


#6

The bonds that have been cashed bear a stamp on their back!


#7

[quote=“greatlogix, post:5, topic:16002”]

http://www.savings.gov.pk/draws.asp

Check here. All prize bond draws are listed here.

[/quote]

I have already verified that the two bonds I have have won. But that was in draw 41 so what I don’t know is, whether someone has already cashed those prizes in draw 41 or not.


#8

[quote=", post:6, topic:16002"]

The bonds that have been cashed bear a stamp on their back!

[/quote]

Ok I will see if they have stamp on their back or not.


#9

STATE BANK never returns the

[quote="greatlogix, post:3, topic:16002"]

No. State bank returns bond back to you. It's again eligible for next draw.

[/quote]

Wrong news. they never return the hit prize bond.


#10

[quote=", post:9, topic:16002"]

STATE BANK never returns the

Wrong news. they never return the hit prize bond.

[/quote]

They take away the Bond and then re circulate it after a period, i have 2/3 bonds which have stamps on their back which shows that prize has been issued, but they are re circulated as they are mine now


#11

What I know, If a prize bond has been prized, then bank takes the prize bond, dispatch the prize money, and give the winner a new prize bond of same value.

Every prize bond has unique code number so, the prize bond which you own can not be present at any body else with same code.

Every prize bond which has been prized is either re-circulated or is disposed of issuing a new prize bond in circulation.

There is a certain time period after which winner can not claim prized amount.


#12

I have given bonds to my friend whose office is near State Bank so he will go there and get it checked.


#13

There is a possibility that the bond was issued after the prize has been won by that serial number, so you will not be eligible for prize in that case. Each prize bond bears a serial number prefixed with one or two alphabets. The prizes are won by the serial number and all bonds with same serial number and different alphabets are eligible for the prize. However, when new bonds are issued, serial numbers remain same but alphabets are changed. Say, if your bond has a serial number 123456 and has BD as alphabet prefix (BD123456), and serial 123456 won a prize in 41st draw, but at the time of 41st draw, only bonds up to BA prefix were issued, then though technically your bond has won the prize but it did not exist at the time of that draw so it won't be eligible for prize.


#14

I remember my brother winning a prize. He went to the bank to claim the prize, They offered him to either to cash the bond along with prize (Which he did cash out) or he could keep it. which suggests that same bond is being re-used (for keeping, trading and to be used again in the draw) but hard its to tell for any sort of markings that indicates that a bond has been cashed for prize.

They don't put any markings or stamp on a the bond which is cashed out for prize since...

1). You have to claim for the prize within 7 days after the draw.

2). You get the prize money within 15 days or a month or so... probably depends on the prize money.

3). The bank KEEPS the bond until they pay you the prize money. They keep the bond and return it (if you wish to retain the bond) with the prize money.

So if that's true, they don't really need to put any sort of markings or stamp on the bond to indicate that it has been cashed. specially, because of human psyche. It becomes much harder to re-circulate the bond when people see any cashed out markings or stamps, thinking it to be useless.


#15

[quote=“Faisal, post:14, topic:16002”]

1). You have to claim for the prize within 7 days after the draw.

[/quote]

This is not true. You can claim prize bond even after 2 or 3 years. There is a period set by State Bank but it is much longer than 7 days and it is in years.


#16

[quote=“TechMan, post:15, topic:16002”]

This is not true. You can claim prize bond even after 2 or 3 years. There is a period set by State Bank but it is much longer than 7 days and it is in years.

[/quote]

Right. To be precise, it is as follows:

19. Up to what period prize money can be claimed?

Answer: Prize money can be claimed within six years from date of the relevant draw.

Reference:

http://www.sbp.org.p…eBonds-FAQs.pdf (Update on 26-06-2011)


#17

yes 6 years is the time limit u can clain the prize . and regarding the other matter that state bank encash the prize bond or not , so this is only with 40,000 bond that state bank HAS TO keep that bond and give 40,000 cash along with the prize money .


#18

Ok my friend has finally verified that I am eligible for the prizes. He has got two forms (one for each bond) for me to fill out. The form is simple but there is one thing I want to ask. In the form I have to write date on which I purchased these bonds?

What date shall I write? The one before draw in which it was declared winner or after it? For e.g. draw was held on 15 Feb 2010 so shall I write some date which is before it or after it?

Or it doesn't matter what date I write as long as it is after issue date of prize bonds which is somewhere in 1999?


#19

That's a unreasonable question on their part. I mean you own a bond as long as you have it. I guess you better ask from them.


#20

[quote=“TechMan, post:15, topic:16002”]

This is not true. You can claim prize bond even after 2 or 3 years. There is a period set by State Bank but it is much longer than 7 days and it is in years.

[/quote]

The bank told my brother the limit is 7 days. Well, its Pakistan, you can’t be sure of anything.