The new Digital Prize Bonds will be available for purchase through the National Savings Mobile App or other CDNS authorized outlets, with purchases credited directly to the linked bank or CDNS accounts.
This digital shift aims to improve efficiency, reduce reliance on physical bonds, and increase security.
The digital prize bonds will be registered in the buyer’s name, decreasing the risks of theft, damage, or loss. Initial offerings will comprise Rs10,000, Rs5,000, Rs1,000, and Rs500 amounts.
Following this, you need to choose the denomination of prize bonds before purchasing the digital bonds. You can do this by transferring funds from your linked bank account directly through the app.
The National Savings Department has not made limitations on the number of bonds you can purchase.
After completing the transaction, the purchased bonds will be issued to your account within the app.
As per details, draws would happen quarterly or according to the Finance Division schedule.
Digital prize bonds will be eligible for periodic prize draws, providing notifications when draws take place and allowing you to check if you are among the top winners.
Additionally, in case the buyer dies, he can nominate someone at the time of purchase, with the possibility to afterwards change or cancel the appointment.