The Finance Division has directed the Central Directorate of National Savings (CDNS) to introduce digital prize bonds, marking a shift towards a paperless system. This initiative aims to enhance convenience for investors while reducing printing and logistics costs.
Digital Prize Bonds Denominations
The first phase of digital prize bonds will be available in the following denominations:
- Rs500
- Rs1,000
- Rs5,000
- Rs10,000
These bonds can be purchased through the National Savings Mobile App or from authorized CDNS outlets, using a linked bank account or a CDNS savings account.
How to Redeem Digital Prize Bonds?
A key advantage of digital prize bonds is the automated prize redemption system. Any winnings will be directly credited to the same linked bank account used for the purchase. This ensures a secure and hassle-free process for investors.
Prize Bond Draw Schedule
The draws for digital prize bonds will be conducted quarterly or according to the schedule set by the Finance Division. The results will be available online, making it easier for investors to check their winnings.
Nomination Facility for Digital Prize Bonds
Buyers of digital prize bonds will have the option to nominate a beneficiary at the time of purchase. They can also update or cancel the nomination later. In case of the investor’s demise, the principal amount and prize money will be transferred to the legal heirs or the designated nominee, based on the total payable amount.
Benefits of Digital Prize Bonds
- Cost Reduction: Eliminates expenses related to printing, storage, and logistics.
- Enhanced Security: Digital registration minimizes risks associated with theft or loss.
- Convenience: Investors can purchase, track, and redeem bonds digitally.
- Financial Transparency: Encourages documentation in the economy, reducing unregulated transactions.
The launch of digital prize bonds is a major step in modernizing Pakistan’s financial system. With improved security and ease of access, this initiative aligns with the global shift towards digital financial services.
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