History
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,[1] 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.