Last Prize Bond Draw
What is a prize bond?
A prize bond is a non-interest-bearing security that is sometimes issued by a government as a means of generating working capital for government projects. The approach functions like a lottery, in that each person holding the bond is eligible to receive some type of cash prize. The investor does not need to re-enter the drawing as long as he or she holds at least one prize bond. There are several nations which use prize bond model, most well-known is The Republic of Ireland. The bonds were first issued in 1950s.The Bank of Ireland was the first bank that functioned overseer of the issuance of the bonds. The frequency of the drawing increased over the years, in 1990s it moved from annual event to weekly event. The drawing currently held in Dublin every Friday and results are immediately announced to media.
Prize bond does not provide any type of returns in the form of interest payments. The investor only earns a return if he or she actually wins some sort of prize during one of the weekly drawings.
Fortunately, the bonds are inexpensive and not too much money is needed to buy them. Participation in the bond issue is a one way to raise funds that the government can use to make improvements for all residents of the country. From this perspective, even those who do not participate in purchasing the prize bond also gets the benefits.
A prize bond does not earn any type of interest for the holder. Whenever the investor desires, he or she may cash in the bonds, receiving the same amount originally paid for them. In some countries there is a time period in which someone have to return the prize bond to get its payment in case he or she does not win the prize.
How to buy a prize bond in Pakistan?
Government of Pakistan issued prize bonds lottery scheme. This is an investment in which there is no loss. In Pakistan you can buy these prize bonds from any Commercial Bank or private businesses as well. You can also sell prize bond back to any Commercial Bank or the private businesses. There will be no deduction in case you want to sell your prize bond. There are 7 denominations of prize bonds. You can buy prize bonds from the range of 100 rupees to 40,000 rupees.
draw is held for every denomination after every 3 months by State Bank of Pakistan. Hundreds of people can win prizes in every draw.
The probability of winning the prize bond is very low but you never know when it is your lucky day.