Pakistan’s Prize Bond Scheme is an attractive savings option for individuals seeking a secure and easily accessible investment. With six denominations ranging from Rs100 to Rs40,000, these bonds can be purchased from designated branches of the State Bank of Pakistan and National Savings Centres across the country.
It is essential to be aware of the tax implications on prize money. A withholding tax (WHT) is deducted under Section 156 of the Income Tax Ordinance 2001, with rates of 15% for filers and 30% for non-filers, irrespective of the draw date. Additionally, there is a specific period to claim prize money, details of which can be accessed through the official website or relevant authorities.
Pakistan’s Prize Bond Scheme provides a secure and exciting investment opportunity for those seeking low-risk options with the potential for significant returns. By understanding the tax and claim process, investors can make informed decisions and fully benefit from this unique savings option.
