Keep reading this blog to learn more about the initiation of Prize Bonds in Pakistan. We will provide the details on the evolution of Prize Bonds in Pakistan. Moreover, we will cover its historical perspective too.
The Central Directorate of National Savings Pakistan (CDNSP) manages the prize bond program from October 1960 onwards. A Rs 10 prize bond was the first prize bond issued in Pakistan. Under the Ministry of Finance, this organization collaborates with the Government of Pakistan.
The inauguration of this program was led by Gen. K.M. Sheikh, a Minister at the time. Also, he was the first person to purchase a Pakistani Prize Bond.
In the past, Prize bonds were available in the following denominations:
Each bond denomination is drawn every three months. The first bond denomination draw was held in 1961. This trend has continued.
There were several denominations available in the past, but the government of Pakistan has consolidated them down to seven (07). The denominations that are available nowadays are as follows:
On 15 January 1944, the Prize Bond scheme was launched in the Sub-continent. Following the separation, this scheme was still in force in Pakistan.
When you buy prize bonds, you're betting on the possibility of winning money one day. The money you win from these prize bond winnings can be used to upgrade your lifestyle.
We've attempted to tell you every detail about the prize bond initiation in Pakistan. In this post, you will find out the date & the author of the prize bond initiation, as well as a description of the previous & current denomination.