Islamabad: Under the new tax policy of the federal government, a withholding tax rate has also been applied to prize bonds, according to which filers will have to deduct 15 percent tax while non-filers will have to deduct 30 percent tax from the prize amount. This policy will be effective from July 2025.
Meanwhile, the National Savings Center (NSC) Muzaffarabad has announced the results of the Rs 750 prize bond draw, which the public was eagerly waiting for. According to the draw, the first prize of Rs 1.5 million has been awarded to a lucky citizen, while the second prize of Rs 5 million each has been awarded to three candidates.
Prize bonds have been popular among the public in Pakistan for the past several years as an interest-free investment scheme. This opportunity to win big prize money with a small investment has been structured according to Sharia principles, which is why it is used as a safe means of saving, especially by the middle class.
The scheme is run in collaboration with the State Bank of Pakistan (SBP) and the National Savings Organization (NSO), with the main objective of increasing financial inclusion and public participation in the banking system. According to government experts, prize bonds not only promote the habit of saving but also help in stabilizing the country’s financial reserves.
The National Savings Center has informed that the complete list of the third prize will be released to the public after an official notification.
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