What is Prize Bond?
There are different denominations of prize bonds available. Denominations start from Rs. 100/- to Rs. 40,000/-.
Prize Bond is basically a lottery system offered by NSP, which stands for National Savings of Pakistan (Ministry of finance), which is the division of the State Bank of Paksitan. And all bonds lottery issued on behalf of the Government of Pakistan.
History & Importance of this Lottery Prize Bonds
This scheme was officially initiated by the government of Pakistan back in the 1960s. The purpose of this system was to get borrow money from the public at cheap rates. After getting this money, the government invests it in different projects and makes more money from it.
In exchange, the government arranges ceremonies and performs draws, and chooses winners from random draws. All draws are set on the winning level. If the winner wins the first prize, then the winner will get a higher amount from the government.
There are almost 8 types of bonds. The list is given below.
- Rs. 100 Prize Bond
- Rs. 200 Prize Bond
- Rs. 750 Prize Bond
- Rs. 1500 Prize Bond
- Rs. 7500 Prize Bond
- Rs. 15,000 Prize Bond
- Rs. 25,000 Premium Prize Bond
- Rs 40,000 Premium Prize Bond
Prize Bond with Reward prize List is given below
|Amount||1st Prize||Prizes||2nd Prize||Prizes||3rd Prize||Prizes|
|Rs. 25,000 Premium||50,000,000||2||15,000,000||5||312,000||700|
|Rs. 40,000 Premium||80,000,000||1||30,000,000||3||500,000||660|
Prize Bond Draw Schedule
Prize Bonds in Pakistan are issued in peculiar series, and each series is defined as 1,000,000 bonds (one million numbers). Every draw is maintained quarterly. However, no interest or profit is given on these bonds. Every quarter the lucky winners are declared via lucky draws. These lucky draws are held in the main cities of Pakistan about 36 times yearly. According to numbers, every year, 70,600 Pakistanis win Rs. 1.6 billion rupees in prize money.
Return Policy for Prize Bonds
if anyone doesn’t want to participate more in these draws, they can encash its Prize bond from any near National Saving branch, State bank of Pakistan Feild Offices, and authorized local banks.