Rising Inflation, decreasing economy, unemployment, a person does not find a way out to get rid of these troubles. There has always been a race to earn money by short cut methods, by using either fair or false means. This race of getting money at almost any cost, gives rise to the Prize Bond culture.
Prize Bond, as even its name implies, awards a prize with no interest. Different people have named it differently, some called it “Gold Investment”, some defends it by calling it “life security”, and others who are not in favor of this culture called it “Worst Addiction” or “Promoting thrift”. Well! Calling it by any name will not change its significant role in Pakistani society.
Issued by Government administration, a prize bond is a non-interest method of security. The plan of action of the prize bond is same as that of a lottery. Every time when contest is made, every bond holder picks up amount of cash as long as he or she holds minimum one prize bond. The reason behind the fame of this culture lies in the affordable prices of the prize bond and the people think that these schemes act as a gateway to their dreams. Most of them think that prize bond investment is far better than any other investments like forex, and find it them as their saving bank.
The advent of Prize bonds happened first before the partition. On 15 January 1944, the first ever prize bonds were issued in the subcontinent and could be cashed until 15 January 1949. They were stated as “Five Year Interest Free Bonds 1949”
The first ever National Prize Bonds were issued by Central Directorate of National Savings (CDNS) of Pakistan in October 1960 and was managed by Gen KM Sheikh and the interesting thing is that he was the first one who actually bought it. After that denomination of Rs. 5, 10, 50, 100, 500, 1000, 5000, 10000 & 25000 were issued.
Let us start from the scratch; if one wants to try his luck over the prize bond, he or she has to be well aware of the scheme and his interest and for that purpose acquaintance from Pakistani Prize denominations. To begin with the lowest denomination which is now Rs.200/- with Rs.750, 000/- , Rs 250,000/- and Rs 1250/- as first, second and third prize respectively while the highest prize denomination which is Rs 40,000/- with Rs 7500, 000/-, Rs. 250,000 /- and 500,000/- as first, second and third prize respectively. Next important thing for the individual to know is the venue and draw date and schedule.
good news for all our young readers is that CDNS are taking initiative to launch prize bonds of Rs 100 denomination by next month. The motive of launching this project is to raise the saving culture among young generation.
So let us hope that this project will achieve its success as Web and Social Media is supporting this project.
Here is 2013 Schedule of Prize Bonds.