# Prize bonds in Pakistan: are they worth it now?

URL: https://which.pk/money/guides/prize-bonds-pakistan/
Author: Ahtisham Imtiaz
Updated: 15 Oct 2026

## Summary

On our estimate, a prize bond in Pakistan returns about 10% a year before tax on average, below the 11.80% Defence Savings Certificates pay from 1 October 2026, and most holders win nothing in a given draw. Bonds on sale are Rs 100, 200, 750 and 1,500, plus registered Premium Prize Bonds of Rs 25,000 and Rs 40,000 that also pay 2.92% profit every six months. Prizes are taxed at 15% for filers and 30% for non-filers.

## Key facts

- Bonds on sale (Oct 2026): Rs 100, 200, 750, 1,500; Premium Rs 25,000 and 40,000
- Tax on prizes (TY2027): 15% filer, 30% non-filer
- Expected return (our estimate): About 10% a year before tax, vs DSC 11.80%
- Withdrawn bearer bonds: Rs 7,500, 15,000, 25,000, 40,000; last deadline 31 Dec 2024

The prize bond denominations on sale in Pakistan as of October 2026 are **Rs 100, 200, 750 and 1,500**, plus registered Premium Prize Bonds of **Rs 25,000 and Rs 40,000**. On our estimate, a prize bond returns about **10% a year before tax** on average, below the **11.80%** that Defence Savings Certificates pay from 1 October 2026. That 10% is an average across all holders: most people win nothing in a given draw. The old Rs 7,500, 15,000, 25,000 and 40,000 bearer bonds have been withdrawn.

**Expected return, our estimate:** About 10% a year before tax (Average across all bonds in a series, worked out from CDNS's 2026 draw results. Filers keep about 8.5% after the 15% tax, non-filers about 7.0%. Defence Savings Certificates pay a guaranteed 11.80% from 1 Oct 2026.)

## Which prize bonds are still valid in Pakistan?

The Central Directorate of National Savings (CDNS) lists these bonds as currently offered, as of October 2026:

| Bond | Type | Draws a year | Top prize |
|---|---|---|---|
| Rs 100 (Student Welfare Prize Bond) | Bearer | 4 | Rs 7 lakh |
| Rs 200 | Bearer | 4 | Rs 7.5 lakh |
| Rs 750 | Bearer | 4 | Rs 15 lakh |
| Rs 1,500 | Bearer | 4 | Rs 30 lakh |
| Rs 25,000 Premium Prize Bond | Registered, pays profit | 4 | Rs 3 crore (2 per draw) |
| Rs 40,000 Premium Prize Bond | Registered, pays profit | 4 | Rs 8 crore |

The top prizes are from CDNS's 2026 draw results. A bond stays valid until the government ends the scheme, so a Rs 750 bond you bought years ago still enters every draw.

**Bearer** bonds belong to whoever holds them, like cash. CDNS says payment on a lost bearer bond is not stopped, so a lost or stolen bond is gone. **Premium Prize Bonds** are registered in your name, and the rules allow a duplicate if you lose one.

## Is a prize bond a good investment compared with National Savings?

On average, no. Our estimate puts every bearer prize bond at about **10% a year before tax**. Defence Savings Certificates pay **11.80%** and 12-month Short-Term Savings Certificates **11.31%** from 1 October 2026, both guaranteed. Their profit is taxed at the same 15% (filers) and 30% (non-filers) as prize bond prizes, so tax doesn't change the order. See [National Savings certificates](/money/guides/national-savings-certificates/) for the full rate list.

The bigger difference is that a certificate pays everyone the same rate, while a prize bond pays a few people a lot and most people nothing.

| Bond | Prizes in each draw | Prize money per series per draw | Estimate before tax | Filer (15%) | Non-filer (30%) | Chance of any prize, per bond per draw |
|---|---|---|---|---|---|---|
| Rs 100 | 1 x Rs 7 lakh, 3 x Rs 2 lakh, 1,199 x Rs 1,000 | Rs 24.99 lakh | 10.0% | 8.5% | 7.0% | 1 in 831 |
| Rs 200 | 1 x Rs 7.5 lakh, 5 x Rs 2.5 lakh, 2,394 x Rs 1,250 | Rs 49.93 lakh | 10.0% | 8.5% | 7.0% | 1 in 417 |
| Rs 750 | 1 x Rs 15 lakh, 3 x Rs 5 lakh, 1,696 x Rs 9,300 | Rs 1.88 crore | 10.0% | 8.5% | 7.0% | 1 in 588 |
| Rs 1,500 | 1 x Rs 30 lakh, 3 x Rs 10 lakh, 1,696 x Rs 18,500 | Rs 3.74 crore | 10.0% | 8.5% | 7.0% | 1 in 588 |
| Premium Rs 25,000 | 2 x Rs 3 crore, 5 x Rs 1 crore, 700 x Rs 3 lakh | Rs 32 crore | 11.0% (5.1% prizes + 5.84% profit) | 9.3% | 7.7% | 707 in 999,999 |
| Premium Rs 40,000 | 1 x Rs 8 crore, 3 x Rs 3 crore, 660 x Rs 5 lakh | Rs 50 crore | 10.8% (5.0% prizes + 5.84% profit) | 9.2% | 7.6% | 664 in 999,999 |

### How we worked out the estimate

The inputs are all from CDNS and the Finance Division:

- **Prizes per draw:** the prize lists in CDNS's 2026 result files for each bond.
- **Bonds per series:** 999,999, from the CDNS FAQ and the Premium Prize Bond Rules.
- **Draws a year:** 4, from the 2026 draw schedule.
- **Premium profit:** 2.92% every six months, from the Finance Division notification of 8 April 2025.

The formula is: 4 draws x prize money per series per draw, divided by (999,999 bonds x face value). For the Rs 750 bond, that is 4 x Rs 1.88 crore divided by about Rs 75 crore, or about 10.0%. After tax, we multiply by 0.85 for a filer and 0.70 for a non-filer.

**The assumption behind the bearer bond figure:** Our estimate assumes every series gets the full prize list in every draw. The Premium Prize Bond Rules say prizes are awarded "on each series". For the Rs 100 to Rs 1,500 bearer bonds, we couldn't find a rule that says the same; the CDNS FAQ says only that a series has 999,999 numbers. If prizes are shared across series instead, the bearer bond return would be lower. Treat the 10% as our estimate, not an official rate.

On the Rs 200 bond, the 15 September 2026 result header says "2400 prizes" of Rs 1,250, but the file lists 2,400 winning numbers in total, including the first and second prizes. We counted 2,394 third prizes. The estimate is about 10% either way.

## How likely am I to win anything?

Not very, unless you hold a lot of bonds. The odds of the first prize on any one bond in one draw are **1 in 999,999** (2 in 999,999 for the Premium Rs 25,000 bond).

Take **Rs 1 lakh** in bonds, using the same assumption as above:

- **In Rs 750 bonds** (about 133 bonds), you would expect about 0.9 prizes a year, mostly Rs 9,300 third prizes. There is roughly a **40% chance you win nothing** all year.
- **In Rs 1,500 bonds** (about 67 bonds), you would expect about 0.45 prizes a year, with roughly a **64% chance of winning nothing**.

The 10% average comes from a few large winners. Your own result in a year can be far above or far below it, and a year with no prize earns you nothing on the money.

## What is the prize bond schedule for 2026?

Each denomination is drawn four times a year. These are the 2026 dates from CDNS's schedule, issued on 21 October 2025. If a draw falls on a public holiday, it moves to the next working day.

| Bond | 2026 draw dates (city) |
|---|---|
| Rs 750 | 15 Jan (Peshawar), 15 Apr (Quetta), 15 Jul (Lahore), 15 Oct (Rawalpindi) |
| Rs 1,500 and Rs 100 | 16 Feb (Lahore / Karachi), 15 May (Sialkot / Hyderabad), 17 Aug (Faisalabad / Multan), 16 Nov (Hyderabad / Faisalabad) |
| Rs 200 | 16 Mar (Faisalabad), 15 Jun (Karachi), 15 Sep (Muzaffarabad), 15 Dec (Peshawar) |
| Premium Rs 40,000 and Rs 25,000 | 10 Mar (Rawalpindi / Multan), 10 Jun (Muzaffarabad / Peshawar), 10 Sep (Sialkot / Quetta), 10 Dec (Lahore / Karachi) |

As of 15 October 2026, the draws left this year are Rs 1,500 and Rs 100 on **16 November**, Premium Rs 40,000 and Rs 25,000 on **10 December**, and Rs 200 on **15 December**. CDNS links its schedules from its [prize bond page](https://savings.gov.pk/prize-bonds/); check there for the 2027 dates.

Draws are public, using a hand-operated machine, and anyone can attend with an original CNIC.

## How much tax is deducted on prize bond winnings?

As of FBR's rate card for tax year 2027 (updated to 30 June 2026), tax on a prize bond prize is **15%** if you are on the Active Taxpayers' List (ATL, whether you count as a filer) and **30%** if you are not. It is cut when the prize is paid. On a Rs 18,500 third prize from a Rs 1,500 bond, that is Rs 2,775 for a filer and Rs 5,550 for a non-filer.

The same 15% and 30% apply to profit and prizes on Premium Prize Bonds. Raffle, lottery and quiz prizes are taxed more, at 20% and 40%.

Becoming a filer halves the tax on any win. See [filer vs non-filer](/business/guides/filer-vs-non-filer/) for what else changes.

## How does the Premium Prize Bond work?

A Premium Prize Bond is a registered bond that pays a fixed profit as well as entering four draws a year.

- **Profit:** 2.92% every six months on bonds issued from 10 March 2025, under the Finance Division notification of 8 April 2025. That is about 5.84% a year. The CDNS FAQ still shows 2.92% as of October 2026, and we found no newer notification.
- **Early encashment:** you can redeem any time, but no profit is paid if you redeem before six months from issue or from the last profit date.
- **Payment:** profit and prizes go straight to your bank account. There is no claim form.
- **Other terms:** no investment limit and no fixed term. The bond can be transferred, and pledged after three months. It is exempt from compulsory zakat deduction.
- **Who can buy:** any adult Pakistani or overseas Pakistani, at SBP Banking Services Corporation (BSC) offices. You need a CNIC copy, a bank Account Maintenance Certificate, your nominee's CNIC details, and a tax certificate if you are a filer.

The 2017 rules also allow a Rs 1 lakh denomination, but the 2026 schedule and results show only Rs 25,000 and Rs 40,000 in use.

## Where can I buy and encash prize bonds?

CDNS says bearer prize bonds can be bought and encashed at face value, with no purchase limit, at SBP BSC offices, National Savings Centres and designated commercial bank branches. We didn't check whether every centre has stock.

Buy early. A bond must be issued at least **60 days before a draw** to enter it, and for those 60 days, sales of that denomination stop (the "shut period").

## How do I check my prize bond and claim a prize?

CDNS publishes every result as a text file on its [Download Draws page](https://savings.gov.pk/download-draws/). Search the file for your bond number.

1. **Check the result** for your denomination and draw date on the CDNS Download Draws page.
2. **Wait a few working days.** The CDNS FAQ gives 3 to 4 working days in one answer and 4 to 5 in another.
3. **Prizes up to Rs 1,250:** claim at any National Savings Centre, authorised bank branch or SBP branch.
4. **Prizes above Rs 1,250:** claim only at an SBP branch, with the claim form (free), a CNIC copy, the original bond and a signed photocopy of it.
5. **Claim within six years** of the draw date, or you lose the prize.

Premium Prize Bond winners don't need to claim. The prize is credited to the bank account registered with the bond.

## Can I still encash old Rs 40,000, 25,000, 15,000 and 7,500 bonds?

Probably not. The bearer bonds of **Rs 7,500, 15,000, 25,000 and 40,000** have been withdrawn. Holders could encash them at face value, or convert them into Premium Prize Bonds or savings certificates, until a deadline.

SBP's June 2023 press release called 30 June 2023 the "final opportunity" and said bonds not redeemed by then would not be encashable or exchangeable, "rendering them worthless". The Finance Division later extended the deadline again. The last deadline we found was **31 December 2024**, reported by the Associated Press of Pakistan as the final opportunity.

**What we couldn't confirm:** We found no extension after 31 December 2024, but we also found no official statement since then saying the bonds are now worthless. If you still hold one, ask an SBP BSC office before you throw it away.

More guides: [investment options in Pakistan](/money/guides/investment-options-pakistan/), [National Savings certificates](/money/guides/national-savings-certificates/), [how to become a filer](/business/guides/how-to-become-filer/), [Money](/money/).

## Questions people ask

### How much tax is deducted on a prize bond prize for a filer and a non-filer?

As of FBR's rate card for tax year 2027 (updated to 30 June 2026), 15% of the prize is withheld if you are on the Active Taxpayers' List and 30% if you are not. It is deducted when the prize is paid.

### What is the Premium Prize Bond profit rate?

Premium Prize Bonds issued from 10 March 2025 pay 2.92% every six months, about 5.84% a year, under a Finance Division notification of 8 April 2025. The CDNS FAQ still shows 2.92% as of October 2026. Profit and prizes go straight to your bank account.

### Can I still encash old Rs 40,000, Rs 25,000, Rs 15,000 or Rs 7,500 prize bonds?

The last deadline we found to encash or convert these withdrawn bearer bonds was 31 December 2024, set by the Finance Division. SBP has said bonds not redeemed by the deadline cannot be encashed or exchanged.

### When is the next prize bond draw?

Under the CDNS 2026 schedule, the draws left after 15 October 2026 are Rs 1,500 and Rs 100 on 16 November, Premium Rs 40,000 and Rs 25,000 on 10 December, and Rs 200 on 15 December. Each denomination is drawn four times a year.

### How do I claim a prize bond prize?

Prizes up to Rs 1,250 can be claimed at any National Savings Centre, authorised bank branch or SBP branch. Larger prizes are claimed only at SBP branches, with the claim form, a CNIC copy, the original bond and a signed photocopy, within six years of the draw.

## Sources

- [Prize Bonds](https://savings.gov.pk/prize-bonds/), Central Directorate of National Savings (CDNS) (accessed 15 Oct 2026)
- [FAQs: Prize Bonds and Premium Prize Bonds (Registered)](https://savings.gov.pk/faqs/), CDNS (accessed 15 Oct 2026)
- [Draw schedule of National Prize Bonds and Premium Prize Bonds, January to December 2026](https://savings.gov.pk/wp-content/uploads/2026/01/CamScanner-01-01-2026-11.59-1_page-0001.jpg), CDNS (accessed 15 Oct 2026)
- [Download Draws (draw result files)](https://savings.gov.pk/download-draws/), CDNS (accessed 15 Oct 2026)
- [Draw result: Rs 100 Student Welfare Prize Bonds, 55th draw](https://savings.gov.pk/wp-content/uploads/2026/08/100_170826.txt), CDNS (accessed 15 Oct 2026)
- [Draw result: Rs 200, 107th draw, 15 Sep 2026](https://savings.gov.pk/wp-content/uploads/2026/09/200_150926.txt), CDNS (accessed 15 Oct 2026)
- [Draw result: Rs 750, 107th draw](https://savings.gov.pk/wp-content/uploads/2026/07/Rs-750-107-draw.txt), CDNS (accessed 15 Oct 2026)
- [Draw result: Rs 1,500, 106th draw](https://savings.gov.pk/wp-content/uploads/2026/05/DRAW-RESULT-OF-RS.1500-DENOMINATIO.txt), CDNS (accessed 15 Oct 2026)
- [Draw result: Rs 40,000 Premium Prize Bonds, 38th draw, 10 Sep 2026](https://savings.gov.pk/wp-content/uploads/2026/09/40000_100926.txt), CDNS (accessed 15 Oct 2026)
- [Draw result: Rs 25,000 Premium Prize Bonds, 23rd draw, 10 Sep 2026](https://savings.gov.pk/wp-content/uploads/2026/09/25000_100926-1.txt), CDNS (accessed 15 Oct 2026)
- [Premium Prize Bonds (Registered) Rules, 2017 (as amended)](https://savings.gov.pk/wp-content/uploads/2024/03/Premium-Prize-Bond-Rules.pdf), Finance Division (hosted by CDNS) (accessed 15 Oct 2026)
- [Notification: rate of profit on Premium Prize Bonds (Registered), 8 Apr 2025](https://www.sbp.org.pk/assets/document/PremiumPrizeBonds_1.pdf), Finance Division (hosted by SBP) (accessed 15 Oct 2026)
- [Withholding Income Tax Rate Card, Finance Act 2026 (Tax Year 2027)](https://download1.fbr.gov.pk/Docs/202681113864992WithholdingTaxRatesCard2027.pdf), FBR (accessed 15 Oct 2026)
- [The Last Date for Encashment of Withdrawn Prize Bonds Extended (press release, 8 Jun 2023)](https://web.archive.org/web/20260206141823/https://www.sbp.org.pk/press/2023/Pr-08-Jun-2023.pdf), State Bank of Pakistan (accessed 15 Oct 2026)
- [Deadline for withdrawn prize bonds ends today](https://app.com.pk/?p=917501), Associated Press of Pakistan (accessed 15 Oct 2026)
- [Defence Savings Certificates profit rates w.e.f. 1 Oct 2026](https://savings.gov.pk/wp-content/uploads/2026/10/Defence-Saving-Certificate_wef01X26-DSC.pdf), CDNS (accessed 8 Oct 2026)