The government is launching digital prize bonds to boost economic documentation and enhance transparency. The Finance Division has directed the Central Directorate of National Savings (CDNS) to introduce these paperless bonds, replacing discontinued bearer bonds. This shift will reduce fraud, improve security, and eliminate costs linked to printing and logistics.
Secure and Risk-Free Investment
Unlike traditional paper-based prize bonds, digital prize bonds are registered under the purchaser’s name. This feature prevents risks such as theft, loss, or damage. Additionally, buyers can easily access their investments through a mobile application, making management more efficient.
Denominations and Accessibility
The government plans to issue digital prize bonds in four denominations: Rs500, Rs1,000, Rs5,000, and Rs10,000. Citizens can purchase these bonds through the National Savings Mobile App or any CDNS-approved channel. Payments must be made through a linked bank account or a CDNS savings account.
Redemption Process
Investors can redeem their bonds using the mobile app. The amount will be credited directly to the linked bank account or CDNS savings account. This process eliminates the need for physical redemption, making transactions smoother and faster.
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Prize Draws and Payouts
The government will conduct prize draws quarterly or as scheduled by the Finance Division. The CDNS will announce the draw schedule at the beginning of each year. Winners will receive their prize money directly in their bank or savings accounts. While the prize money will be taxable, it will be exempt from Zakat.
Nomination and Succession Process
Investors can nominate a beneficiary at the time of purchase. They can change or cancel this nomination anytime. In case of the investor’s death, the principal amount and prize money will be transferred to the legal heirs upon presenting a succession certificate. If the total amount does not exceed Rs500,000, the nominee will receive the payment directly.
A Digital Future for National Savings
This initiative marks a significant step toward modernizing Pakistan’s financial system. By digitizing prize bonds, the government aims to increase financial inclusion, improve security, and reduce fraudulent activities. The move also encourages citizens to participate in documented economic activities, leading to a stronger and more transparent economy.
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