ISLAMABAD: The Finance Division has asked the Central Directorate National Savings (CDNS) to start offering digital prize bonds in Pakistan. This replaces the old bearer prize bonds that are no longer available.
As per the private newspaper report, the new digital prize bonds don’t need paper, so there’s no cost for printing or delivery. They are registered under the buyer’s name, which lowers the chances of losing them or having them stolen.
This step helps make the economy clearer and easier to track. It also makes buying and selling simpler for people. The Finance Ministry says the digital prize bonds will first come in amounts of Rs500, Rs1,000, Rs5,000, and Rs10,000, as decided by the Finance Division.
Digital Prize Bonds Transactions Via Mobile App:
Any adult Pakistani can buy them using the National Savings Mobile App or other approved methods. Payment must come from a linked bank account or a CDNS savings account. When it’s time to cash them in, the money will go back to the same account through the app.
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The digital prize bond draws will happen every three months, or as set by the Finance Division. CDNS will share the draw dates at the beginning of each year.
Winners will get their prize money in their linked bank account or CDNS savings account. The prize amounts will be set by the Finance Division and will have tax applied, but they won’t be subject to Zakat.
Buyers can name someone to receive the bond if they pass away. This can be changed or removed later. If the bondholder dies, the money will go to their legal heirs based on a succession certificate. If the total amount is Rs500,000 or less, it will go to the person named by the buyer.
