ISLAMABAD: The government will launch Student Welfare Prize Bonds from November 16, 2012. The minimum investment limit will be Rs100 each. The first prize is Rs0.7 million. Through the upcoming scheme, the government is looking to generate at least Rs2.5 billion during the current fiscal year.
In the ongoing financial year, the government announced two schemes. The short-term savings certificate, which has already been launched, generated approximately two billion rupees. The second scheme titled Student Welfare Prize Bond will promote a culture of saving among students.
“We have got approval from the government that winners of the draw in this scheme will qualify for Behbood Savings Certificate (BSC) that will help promote a culture of saving among the young students of the country,” said Director General, Central Directorate of National Savings (CDNS), Zafar M Shaikh on Tuesday.
Sharing details of this upcoming prize bond scheme he said there would be no restriction on maximum investments. The first draw will be done on February 15, 2013 in which the first prize winner will get Rs700,000. There will be three prizes for second prize winner worth Rs200,000. For third prize winner, the CDNS will provide Rs1,000 to 1,199 students while Rs2,499 will be provided to 1,203 students.
“This scheme would not only reduce dependency of government on external borrowing but prizes paid on these bonds would also help students meet the expenses incurred on their studies,” he said.