Finance

Everything You Need To Know About Prize Bonds

Today’s economy has broken everyone’s souls as they cannot earn enough to live peacefully. Many people do not even earn enough to support their families. Some are so unfortunate that they cannot even fill the stomach of their loved ones. It is not easy to get a sudden promotion in your job because that is not how companies work; you always have to work your way up with a lot of hard work and time. If you have the lowest post, you will have to put in a lot of effort and be patient and wait for life to take a good turn.

There is one way that life can suddenly take a tremendous and amazing turn and that is by buying prize bonds. A prize bond is a bearer type of security that can be bought by anyone if they have money to buy a specific prize bond. Being a bearer type of security, it means that the issuing corporation does not have your personal information but it still gives you your reward if your name comes up in the draw. The prize bonds are issued by the State Bank of Pakistan and there are different types of bonds all with different rewards. The denominations are Rs. 100, Rs. 200, Rs. 750, Rs. 1,500, Rs. 7,500, Rs. 15,000, Rs. 25,000 and Rs. 40,000. All these above bonds are issued in a series which consists of bonds one less than 1,000,000.

As we mentioned above, the winner is decided by the simplest method of drawing i.e. hand operated balloting draw machine and it is all done in front of the public. The results are posted in the newspaper, SBP website and field offices. The prize bonds are a great way to win unexpected cash.