SBP should facilitate buying Rs 40000/- registered prize bonds online.

[Shareef]

SBP has introduced registered prize bonds of Rs 40000/- but the procedure to procure them is very primitive and cumbersome. Visiting the State Bank and standing in a line is not what is on today in this technological world. SBP should facilitate online purchase and registration of such prize bonds.

[h=2]Purchasing Procedure of Premium Prize Bond of Rs 40,000/-[/h]

1. Premium Bond can only be purchased from the following cities:
   • Islamabad
   • Lahore
   • Karachi
   • Quetta
   • Peshawar
2. Download and fill this application form.
3. Get copy of Account Maintanance Certificate from your bank located in the same city in which you are purchasing the bond.

1. Get International Bank Account Number (IBAN) from your bank, which is mandatory.
2. Copy of your CNIC.
3. Before going to State Bank, fill the form and attach with bank Account Maintanance Certificate, copy of CNIC and FBR Tax Filer Certificate (in case of tax filer)

[FONT=&quot]Profit and prize amount on Premium Prize Bond will be automatically transfered to your bank account. Interest rate is 3% per annum (on bond value/denomination ). First prize is 8 crore, Second Prize is 3 crore and Third Prize is 5 lac each. Lucky draw will be held after every 3 months and profit will be transfered after every 6 months (1.5% of Bond Value/denomination).

Source [/FONT]

 

[MACsays]

This is a very good initiative from the ministry of finance to gather a pool of money to continue projects related to national development. But as you said we dont live in 90's now we need a better ways to invest in such schemes. other countries have automated everything and we couldnt even automate our financial system.