The Pakistani government has decided to introduce digital prize bonds, which will be entirely managed through an online platform. This initiative aims to modernize the prize bond system by eliminating the need for physical bonds, thereby reducing risks such as theft, loss, and damage.
Digital prize bonds can be purchased via the National Savings mobile app or other authorized platforms, with payments made through linked bank accounts or National Savings Directorate (CDNS) savings accounts.
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Winnings will be directly credited to the same linked accounts, ensuring a smooth and hassle-free process for users.
Initially, digital prize bonds will be available in all denominations, with the Ministry of Finance announcing specific amounts periodically. Draws will be conducted quarterly or as scheduled. While the prize money will be subject to taxation, Zakat will not apply.
This shift is expected to reduce costs associated with printing and logistics of traditional paper bonds while enhancing transparency and accountability in the prize bond system.
Additionally, in the event of an investor’s passing, the prize money will be transferred to the legal heirs or a nominated beneficiary, provided the amount does not exceed half a million rupees.
