Prize bonds in Pakistan: are they worth it now?

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 The old Rs 7,500, 15,000, 25,000 and 40,000 bearer bonds have been withdrawn.

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:

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 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.

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.

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.

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; 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 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. Search the file for your bond number.

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.

More guides: investment options in Pakistan, National Savings certificates, how to become a filer, Money.