What a prize bond is
A prize bond is a government savings instrument sold in Pakistan by the Central Directorate of National Savings (CDNS, National Savings). You pay the face value, which is the amount printed on the bond. That face value is the prize bond price, and you can get it back when you encash the bond.
A prize bond does not pay a fixed profit like a savings certificate. Instead, each bond number goes into regular draws. If your number is drawn, you receive a cash prize. If it is not drawn, you keep the bond and its face value, but you earn nothing for that period.
Holding prize bonds is a lottery-style return on money that stays safe in nominal terms. Over time, inflation reduces what that money can buy. This matters when you compare prize bonds with products that pay a regular profit.
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Types of prize bonds in Pakistan
Bearer prize bonds
A bearer bond is not registered in anyone's name. Whoever holds the paper owns it and can claim a prize. This makes bearer bonds easy to transfer but also easy to lose or steal, and hard to trace.
Bearer bonds come in several denominations, meaning different face values. Each denomination has its own draws and its own prize amounts. Larger denominations carry larger prizes.
Registered premium prize bonds
Premium prize bonds are registered in the holder's name, usually through a bank account. They are not bearer instruments. As well as entering draws, they pay a periodic profit set by the government. Prizes and profit are credited to the linked account, so you do not need to search result lists by hand.
For details on how they are bought, held and paid, see Premium prize bonds.
Discontinued bearer bonds
The government has withdrawn several of the higher bearer denominations. It has encouraged holders to encash them or convert them into registered premium bonds. The reasons given include documentation and tracking of money. For each withdrawn denomination, CDNS and the State Bank of Pakistan (SBP) published:
- the date the bond stopped being sold
- the last draw it took part in
- the deadline and the method for encashment or conversion
This page does not list those dates. Check them on the official CDNS (National Savings) and SBP websites, and note the date you checked. If you still hold an old bearer bond of a withdrawn denomination, contact a National Savings centre or an authorised bank branch and ask what options are still open.
Denominations in circulation
The prize bond list of denominations still on sale changes when the government withdraws or introduces a bond. The current list, face values and prize structure are published by CDNS. Before you buy, confirm:
- which denominations are currently sold
- the prize amounts for each tier (top prize and lower prizes)
- whether a denomination is bearer or registered only
How prize bond draws work
National Savings holds draws for each denomination on a published schedule, in different cities. In general, a draw works like this:
- All eligible bond numbers of a denomination take part.
- Winning numbers are selected for the top prize, the next prize tier and a larger group of smaller prizes.
- Results are published as an official list of winning numbers.
The schedule for the year is on Draw schedule. To match your numbers against the published prize bond list, see Check prize bond results.
Claiming prize bond prizes
To claim a prize on a bearer bond, you present the original bond with identity documents at an authorised office or bank, within the time limit set by CDNS. Unclaimed prizes can lapse after that limit. Tax is withheld from prizes at a rate set by the Federal Board of Revenue (FBR), and the rate depends on your tax filer status. See Prize bond tax.
Prize bonds compared with other savings
| Feature | Prize bonds (bearer) | Premium prize bonds | Profit-paying savings schemes |
|---|---|---|---|
| Ownership | Holder of the paper | Registered name | Registered name |
| Regular profit | No | Yes | Yes |
| Draw prizes | Yes | Yes | No |
| Return certainty | Uncertain | Partly certain | Rate set per period |
Rates on many savings products move with the SBP policy rate. The latest decision reported by the SBP: SBP policy rate raised by 50 bps to 12% with effect from 27.10.2026 (MPC). For background, see SBP rates and economy. To estimate returns on profit-paying schemes, use the Profit calculator, and compare options in National Savings schemes and Savings and deposits.
Some scholars question whether prize bonds are permissible because of how prizes are funded, while others accept them. If this matters to you, read Islamic finance and ask a scholar you trust.
Prize bonds and leveraged trading are different
A prize bond keeps its face value. Leveraged forex and CFD trading works differently. A CFD (contract for difference) is a contract on a price movement, and leverage means trading a larger position than your deposit. With leverage, you can lose your money fast, and it is not a savings product. On offshore platforms, per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse. More on this is in Law and regulators.
Frequently asked questions
What is the prize bond price?
You buy a prize bond at its face value. Check the current denominations and face values with CDNS before buying.
Where do I find the official prize bond list of results?
National Savings publishes winning numbers after each draw. See Check prize bond results for how to search them.
Do prize bonds pay profit?
Bearer prize bonds do not. They only enter draws. Registered premium prize bonds pay a periodic profit as well as entering draws.
Can I still use a withdrawn bearer bond?
It depends on the deadlines CDNS and SBP published for that denomination. Ask a National Savings centre or an authorised bank about encashment or conversion.
Is tax deducted from prizes?
Yes, tax is withheld from prizes at FBR rates that depend on filer status. See Prize bond tax.
Can I lose money on a prize bond?
The face value is returned when you encash the bond. However, you may win nothing, and inflation reduces the real value of the money over time.