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The Finance Division has instructed the Central Directorate of National Savings (CDNS) to introduce digital prize bonds, aiming to establish a paperless system while minimizing printing and logistics expenses.
Eliminating the need for physical prize bonds not only reduces costs related to printing and storage but also enhances convenience for customers.
As per a finance ministry summary, the initial digital prize bonds will be available in denominations of Rs500, Rs1,000, Rs5,000, and Rs10,000. Eligible individuals can purchase these bonds via the National Savings Mobile App or authorized CDNS outlets, using a linked bank account or CDNS savings account.
The winnings will be credited directly to the same linked account used for purchasing the bonds, ensuring a seamless digital redemption process.
Prize bond draws will occur quarterly or as per the schedule set by the Finance Division.
Moreover, buyers can nominate a beneficiary during the purchase, with the option to update or cancel the nomination later.
In the event of the buyer’s death, the principal amount and any prize money will be transferred to their legal heirs or the designated nominee, depending on the total payable amount.
