How will the new digital prize bond work?

The government has decided to introduce digital prize bonds to make the financial system more transparent and document the economy.

According to sources in the Ministry of Finance, these modern bonds will help reduce the risks of theft, loss, or damage, providing consumers with a secure and convenient alternative.

In the initial phase, digital prize bonds will be available in denominations of Rs 500, Rs 1,000, Rs 5,000, and Rs 10,000. Pakistani citizens will be able to purchase these bonds through the National Savings mobile app or other authorized channels.

The payment for purchasing the bonds will be made through linked bank accounts or CDNS savings accounts, ensuring safe and transparent transactions.

Sources further revealed that the draws for digital prize bonds will be held quarterly. While the prize money will be taxable, it will be exempt from Zakat. Additionally, buyers will have the option to nominate a beneficiary at the time of purchase.