The National Savings of Pakistan has launched a type of Student Prize Bond termed as Student Welfare Bond which one can purchase from National Saving Centers, Government Post Offices (GPOs) and banks. The media came to know about this type of Student Prize Bond when Director General National Savings, Zafar Mehmood stated about a new Student Welfare Bond to a delegation from National Youth Assembly. He stated that the introduction of this Student Prize Bond is to develop the essence of Savings among youth who constitutes more than 60% percent of the total Pakistani population. The issuance for Student Welfare Bond will be before two months of the draw date. He further stated that this Student Prize Bond program is under Public Debt Act 1944 and with taxation applied according to the existing law. He further stated that the denomination of Student Welfare Bond will be of 100Rs and there is no limitation on its purchase. According to him the intention is not to generate Revenue but to promote a culture of savings among youth. The draws for the said bond will be held after every three months. Rs. 700,000 is the maximum reward for this Student Prize Bond along with other smaller prizes.
Purpose of Student Prize bond /Student Welfare Bond
The purpose is very clear and that is not to generate revenues by a Government Entity for itself. The intention is to introduce a product in the form of Student Welfare Bond to give them an opportunity to invest through minimum expense and get a reasonable amount in case of winning.