How to Buy Prize Bonds in Pakistan?
Anyone in Pakistan who has ever asked for advice on how to save or invest small amounts of money is likely to have heard of buying prize bonds. Prize bonds are a special type of investment that are effectively government-sponsored lotteries. Prize bonds, which are offered by National Savings under the State Bank of Pakistan (SBP), have been operating for many years and are regarded as one of the safest investment options available.
In essence, it functions very similarly like buying a lottery ticket, with the exception that you won’t lose any money if you don’t. Let’s imagine you visit a state bank and offer them 100 rupees in exchange for a prize bond that is worth 100 rupees.
The government now conducts lots every three months to determine which prize bonds will receive payouts. In the event that you win, you can redeem your reward bond and take possession of your money. If you do not win anything, you have two options: either you wait until the next draw or you return the prize bond to the bank and get the Rs 100 you paid for it back. Prize bonds could be easily traded and even used as cash because they were previously unregistered.
It seems lovely and easy, doesn’t it? Okay, so it’s not. Almost everyone in Pakistan who has the intention of investing and the cash to do so has at some point purchased a prize bond to try their luck at winning. Despite this, there is very little knowledge about what a prize bond is, why the government issues them, and how they operate.
A prize bond is a lucky draw bond and can be easily obtained by National Savings Pakistan and is issued on the behalf of the government of Pakistan.
State Bank of Pakistan has authorized a number of banks such as Bank Alfalah, United Bank, MCB, Allied Bank, Bank Al Habib etc. These banks got authorized in order to increase the outreach of premium prize bond s100/-schemes to the general public.
Prize bonds are kind of an investment security. Prize bonds can be obtained at the following face values:
- 100/-
- 200/-
- 750/-
- 1500/-
- 25000/-
- 40000/-
What Documents Are Required for Purchasing Prize Bonds in Pakistan
Following documents are required for buying premium prize bonds in Pakistan:
- CNIC copy
- Account maintenance certificate
- Tax certificate (for filers)
- Nominee CNIC
How to Claim a Prize Bond Amount
To claim the money of prize bond, you are required to fill an application form, attach a copy of your CNIC, duly signed original and photocopy of the prize bond certificate by the denominator and then submit it to the National Savings Bank branches.
Details of The Prize Bonds
Government-issued financial products include prize bonds. These bonds are issued by the government to raise money when needed. The only way an investor could lose money is if their prize bond is not drawn and the rupee depreciates during that time. Because of this, prize bonds are primarily intended for those who would prefer to take a risk on the lottery than worry about losing the real worth or purchasing power of their savings.
For decades, the government has been issuing prize bonds as a means of raising funds. The government releases a variety of bonds in various series, each with a distinct denomination to ensure that the bonds are not unsold. In order to win a cash award on your bond, you purchase these bonds in the hopes that your bond number will be drawn in a lucky draw.
These bonds are issued by the government in various “series” that are identified by letters. This indicates that series “A” would be the first series of prize bonds the government issues. The government issues 999,999 bonds in each series, one less than a million each time.
Consider a series as a racetrack with a maximum capacity for the number of competitors to help you comprehend what it is. There are 999,999 prize bonds that are eligible for rewards at each racetrack. Only a certain number of these 999,000 will receive awards. This implies that the government may operate many racetracks or series simultaneously, each of which may provide 999,999 prize bonds in competition.
What Are Your Chances of Winning a Prize Bond
Take a Rs. 100 reward bond as an example to make this easier to understand. Let’s assume you have just one bond. There will be one first-place winner in each series who will receive Rs 700,000, three second-place winners who will receive Rs 200,000 each, and 1199 third-place winners who will receive Rs 1000 each.
A sequence of bonds has 999,999 bonds in it. This indicates that the odds of winning the first prize are 0.0001%, the odds of winning the second prize are 0.0003%, the odds of getting the third prize are 0.1199%, and the odds of winning any reward are 0.1203%. The more bonds in a series you own, the better your chances are. For instance, your odds of winning any prize increase to 6.01% if you hold 5000 bonds at Rs 100 apiece in a series.
Role of Prize Bonds in Pakistan’s Economy
Consider a prize bond as a lottery where a lucky winner receives a sizable sum of money. If you win a prize bond, you will receive a significant payout compared to the cost of the bond itself.
One of the best investments for generating rapid and significant profits is purchasing prize bonds. The first Pakistani prize bond, which cost just RS. 10, was established by the Central Directorate of National Savings (CDNS) in October 1960.
In 2021, various prize bonds have varying face values, have brought in billions of dollars for the state, and have also benefited a sizable portion of the population of the country.
Prize bonds are essentially financial products, and the Pakistani government has been issuing them for a long time as a way to raise money. Because people who have a craze for increasing their money by winning prize bonds buy these bonds in a series in the hope that their prize bond will be picked in a draw and they will win a cash prize, the government issues these prize bonds in different denominations and series, ensuring that no prize bond goes unsold.
These reward bonds are issued by the government in several series identified by letters. For instance, the government issues prize bonds in series beginning with letter A. Each series contains 999,999 bonds, or one million bonds fewer and in this way, the government makes money.
Prize Bond Winning Tricks
One method that many individuals employ in the hopes of winning is the usage of a prize bond guess paper.
A guess paper prize bond is a simple-to-understand prediction-based visual depiction or computation of the next lucky draw that displays what might be the next lucky number. People offer guess papers online and claim that they are a 100% winning trick based on their knowledge, past lucky numbers, and guesses.
The lucky number is generated by an electrical machine, but in the end, it all comes down to luck. As a result, nobody actually knows what the next lucky draw number will be.
This indicates that even if you purchase a guess paper locally or online, you shouldn’t consider it a foolproof formula for winning.
However, there is nothing wrong with asking a reliable and experienced expert for assistance with a free guess paper that could end up making you thousands or even millions of money.
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