Prize Bonds are bearer type of security available in the denominations of Rs.200, Rs.750, Rs.1,500, Rs.7,500, Rs.15,000 and Rs.40,000. These bonds are issued in series. Each series consist of one less than 1,000,000 bonds. No fixed return is paid but prize draws are held on quarterly basis. The draws are held under common draw method and the number of prizes are same for each series. It means that if 50 series of Rs.200 Prize Bond are in circulation. Then on each draw we have 50 winners of 1st prize and 150 winners of 2nd Prize and so on.
Prize Bond’s Scheme is the only lawful source for poor and middle class people to become rich overnight and making their dreams come true but this scheme has been ignored awfully, Recently, profit rates on five saving schemes namely Defense Saving Schemes – DSS, Regular Income Certificates – RIC, Behbood Saving Certificates – BSC, Savings Accounts – SA and Special Saving Certificates – SSC have been increased by 8 to 50 basis points but Prize Bond Scheme was not given consideration at all. Tragically, the increase of profit rates on these mentioned schemes will not lessen dues burden of Rs. 150 billion or more on account of Defense Saving Certificates maturing in the near future. Prize Bonds’ Scheme is the only rescuer in this regard, provided the following suggestions are duly implemented.