The Finance Division has directed the Central Directorate of National Savings (CDNS) to launch digital prize bonds, which are aimed at promoting a paperless system, reducing costs associated with printing and logistics.

“Soon CDNS will offer Digital Prize Bonds as well and the prize money will be directly credited to customers’ account,” the CDNS, a subsidiary of the State Bank of Pakistan, said in a statement.

“This will reduce expenditure on stationary and printing. It will also create ease for customers’ as there will not be a need to keep the prize bonds in a safe custody as required currently with paper based prize bonds.”

The decision would fill the gap left by the discontinuation of bearer prize bonds, according to The News. Such bonds would be registered in the buyer’s name, thereby decreasing the risks of theft, damage, or loss.

The initial offerings would include digital prize bonds in denominations of Rs500, Rs1,000, Rs5,000, and Rs10,000, according to a finance ministry summary.

An eligible person would be able to buy digital prize bonds through the National Savings Mobile App or other CDNS-approved channels.

Also, read this

Here is full list of Rs1,500 prize bond winners for February 17, 2025 draw

Check now as SBP announces Rs750 prize bond winners for January 15, 2025

See if you have won as Rs100 prize bond result is already out

Purchases must be paid via a linked bank account or a CDNS savings account. The redemption of such digital prize bonds would also occur through the mobile application, with the winnings credited to the same linked bank account or savings account used for the purchase.

Draws for the digital prize bonds are expected to take place quarterly or as specified by the Finance Division.

Purchasers of digital prize bonds can nominate someone at the time of purchase, with the option to change or cancel the nomination later. In the event of the investor’s death, the principal amount and any prize money would be payable to their legal heirs according to the succession certificate. If the total amount does not exceed Rs500,000, the payment would be made to the nominee designated during the purchase.