ISLAMABAD: The National Savings has officially announced to launch Registered Prize Bonds in Pakistan on the decree of the Ministry of Finance. The registered bonds are being launched to generate more funds for the federal government.
The Ministry of Finance has approved launching of Registered Prize Bonds by the National Savings. In addition to providing cash prizes by normal draw, the holders will also be able to earn the profit on a quarterly basis. Telling about the Registered Prize Bonds, the official of National Savings has stated that these bonds will be registered on the name of the purchasers and no other holder will be allowed to claim the holdings instead of the registered purchasers. This will further enhance the security of bond in case of theft or lost.
The Federal Government has taken this step to generate the more funds. In addition to offering the normal cash prizes according to periodically draw procedures, the purchasers of these Registered Prize Bonds will be able to get profit on a quarterly basis.
According to the officials of National Savings, the policies for other saving schemes like Pensioner’s Benefit Account and Bahbood Savings Certificates have also been revised and now these are fixed at 10.56% to provide the safety to the customers.
Registered Prize Bonds is a type of bond whose purchaser or owner is registered with the bond’s issuer (National Savings). The purchaser’s details (name and contact information) will be recorded and kept on a special file with the National Savings, allowing the National Savings to pay the bond’s coupon payment to the appropriate person (purchases or owner).