Govt to launch Rs1,000 Digital Prize Bonds with Rs4m prize money

August 07, 2023 (MLN): The government is set to introduce Rs1,000 prize bonds as part of their "Digital Prize Bonds" initiative.

These digital bonds will have a substantial prize money of Rs4 million and will be in the form of scripless bonds.

As per the document issued, the launch will begin with Rs1,000 prize bonds, followed by denominations of Rs500, Rs5,000, and Rs10,000 in the future.

The Central Directorate of National Savings will issue these digital bonds, ensuring accessibility through the "Digital Prize Bond Gateway," an online platform accessible via their mobile application or other approved digital financial channels.

The bonds purchased one month prior to the draw date will be eligible for prizes in the forthcoming draw of the respective denomination.

Draws will occur on a quarterly basis or as indicated by the Finance Division.

The Central Directorate of National Savings will announce the draw schedule at the beginning of each calendar year, with the results published in the official Gazette by CDNS.

For the different denominations, the prize amounts are set at Rs2m for Rs500 prize bonds, Rs4m for Rs1,000 bonds, Rs20m for Rs5,000 bonds, and Rs40m for Rs10,000 bonds.

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