The 98th draw for the Rs1500 denomination prize bond was held on May 15, 2024, in Karachi, under the supervision of the National Savings Division of Pakistan. This widely anticipated event saw thousands of bondholders awaiting results with the hope of winning substantial cash prizes. The Rs1500 bond, considered one of the most accessible and popular among small-scale investors in Pakistan, continues to attract participants seeking secure and interest-free savings options with the potential for windfall gains.
Prize Structure
The prize bond draw followed the standard prize distribution pattern as defined by the National Savings:
- 1st Prize: Rs3,000,000 awarded to one lucky winner.
- 2nd Prize: Rs1,000,000 each for three winners.
- 3rd Prize: Rs18,500 each awarded to 1,696 winners.
This distribution ensures a broad base of winners, making it attractive to the general public and smaller investors who participate for both investment and entertainment value.
Draw Process
The draw is conducted in a transparent manner, usually in a public venue, with officials from the Central Directorate of National Savings and a representative from the State Bank of Pakistan overseeing the process. The event typically uses a manual balloting system with blindfolded children selecting the winning numbers, to ensure impartiality.
How to Check Results
Prize bond results are published on the official National Savings website (www.savings.gov.pk), and also appear in leading newspapers and authorized prize bond result platforms. Bondholders can check the winning numbers by matching them manually or using online search tools where they input their bond numbers for a quick check.
Taxation on Winnings
One important aspect that investors should keep in mind is the tax deduction on prize bond winnings:
- For filers (those registered with the FBR), the tax rate is 15%.
- For non-filers, the deduction is 30%.
For instance, a winner of the Rs3,000,000 first prize who is a tax filer will take home Rs2,550,000 after deductions. Non-filers, however, would receive Rs2,100,000. These deductions are made at source when the claim is processed.
How to Claim a Prize
Winners can claim their prize money from the State Bank of Pakistan, National Savings Centers, or designated branches of scheduled banks. The process is straightforward:
- Present the original prize bond.
- Submit a copy of your CNIC.
- Fill out a claim form, available at the bank or online.
- Submit your documents in person.
The claim must be made within six years of the draw date. It’s advisable for winners to retain photocopies of their bond and CNIC during the process.
Investment Tips
The Rs1500 prize bond is often favored for its relatively low entry cost and decent odds of winning compared to higher denominations. While it doesn’t offer interest, the potential for tax-free capital gains (for filers) makes it appealing. Financial advisors often recommend prize bonds as part of a diversified savings strategy, especially for risk-averse individuals who wish to maintain liquidity.
Upcoming Draws
The next draws for other denominations are also scheduled throughout the year. Investors are encouraged to keep track of draw dates, which are published in the official draw schedule at the beginning of each year.
Conclusion
The May 15, 2024 Rs1500 prize bond draw once again highlighted the popularity of National Savings schemes in Pakistan. With thousands of winners across different categories, the scheme continues to offer both excitement and financial benefits to the public. As the prize bond system evolves with digital tools and transparency, its appeal remains strong among everyday Pakistanis looking for low-risk opportunities with a chance at meaningful rewards.
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