According to sources reported on Tuesday, the coalition government has made the decision to initiate digital prize bonds.
This new scheme entails the introduction of digital prize bonds in denominations of 500, 1,000, 5,000, and 10,000. Notably, these bonds will bear the registered name of the bond purchaser.
The prize amounts associated with these digital bonds are as follows:
- Digital bonds valued at 500: Prize worth two million rupees
- Digital bonds valued at 1,000: Prize worth four million rupees
- Digital bonds valued at 5,000: Prize worth twenty million rupees
- Digital bonds valued at 10,000: Prize worth forty million rupees
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How will Digital Prize Bonds Work in Pakistan?
As outlined in the provided document, the initial launch phase will introduce Rs1,000 digital prize bonds, followed by subsequent releases of Rs500, Rs5,000, and Rs10,000 denominations.
The issuance of these digital bonds will be overseen by the Central Directorate of National Savings, and accessibility will be facilitated through the “Digital Prize Bond Gateway.” This online platform can be accessed through their mobile application or other approved digital financial channels.
Digital bonds purchased within a month prior to the draw date will qualify for participation in the upcoming draw corresponding to the specific denomination.
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Draws are scheduled to take place quarterly, as stipulated by the Finance Division, with the draw schedule for each calendar year announced by the Central Directorate of National Savings. The results of these draws will be officially published in the CDNS’s Gazette.
Prize amounts have been designated for various denominations: Rs2 million for Rs500 prize bonds, Rs4 million for Rs1,000 bonds, Rs20 million for Rs5,000 bonds, and Rs40 million for Rs10,000 bonds.
About Digital Prize Bonds
Digital prize bonds are a modernized version of traditional paper-based prize bonds. Instead of physical certificates, these bonds are stored electronically in digital form. They offer the same opportunity to win prizes through periodic draws, but the management, purchase, and participation processes are conducted online. This digital format provides convenience and ease of access for investors, allowing them to engage in prize bond activities through digital platforms.
