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A Prize Bond is a lottery bond, a non-interest bearing security issued on behalf of the Irish Minister for Finance by the Prize Bond Company DAC. Funds raised are used to offset government borrowing and are refundable to the bond owner on demand. Interest is returned to bond owners via prizes which are distributed by means of random selection of bonds. Prize Bonds are also offered in Pakistan, by the Ministry of Finance, and in the UK, under the name Premium Bonds. THE Government of Pakistan started the National Prize Bond Scheme in order to borrow money from the public at cheaper rates and give cash prizes in lucky draws. These lucky draws are held in major cities about 24 times annually. Prize Bonds are available in denominations of Rs200, Rs750, Rs1,500, Rs7,500, Rs15,000 and Rs40,000. The highest prize for a Rs200 bond is Rs750,000 and for a Rs40,000 bond it is Rs80 Million.