Prize Bond is a popular investment scheme in Bangladesh, where individuals can invest their money and get a chance to win significant cash prizes through a lottery system. The Prize Bond scheme was introduced in Bangladesh in 1974, and since then, it has gained a lot of popularity among the citizens.
What is Prize Bond?
Prize Bond is a type of investment scheme where individuals can invest their money in exchange for a Prize Bond certificate. The certificate contains a unique serial number that is entered into a lottery draw. Every three months, the government of Bangladesh holds a lottery draw to announce the winners of the Prize Bond scheme.
The Prize Bond certificates come in different denominations, ranging from Tk. 100 to Tk. 10,000. The higher the denomination of the Prize Bond certificate, the higher the cash prize.
How to Invest in Prize Bond?
Investing in Prize Bond is easy and hassle-free. Individuals can purchase Prize Bond certificates from any authorized bank or post office in Bangladesh. The minimum investment amount is Tk. 100, and there is no maximum investment limit.
Once an individual purchases a Prize Bond certificate, it is valid for six years from the date of purchase. During this period, the individual can participate in all the lottery draws held by the government.
Advantages of Prize Bond
There are several advantages of investing in Prize Bond, which makes it a popular investment option among the citizens of Bangladesh. Some of these advantages are:
Chance to win cash prizes: The most significant advantage of investing in Prize Bond is the chance to win significant cash prizes through a lottery draw.
No risk of loss: Unlike other investment schemes, Prize Bond does not have any risk of loss. The individual can get back the full amount of their investment at any time.
Easy to invest: Investing in Prize Bond is easy and hassle-free. Individuals can purchase Prize Bond certificates from any authorized bank or post office in Bangladesh.
Tax-free income: The income generated from Prize Bond is tax-free, which means that the individual does not have to pay any taxes on the income earned through this investment scheme.
Disadvantages of Prize Bond
Along with the advantages, there are also some disadvantages of investing in Prize Bond, which individuals should be aware of before investing their money. Some of these disadvantages are:
Low return on investment: The return on investment in Prize Bond is relatively low compared to other investment options.
No interest earned: Unlike other investment options, Prize Bond does not generate any interest on the investment amount.
Limited liquidity: The Prize Bond certificate is valid for six years, which means that the individual cannot get back their investment amount before the expiry of the certificate.
Conclusion
Prize Bond is a popular investment scheme in Bangladesh that offers a chance to win significant cash prizes through a lottery draw. It is easy to invest and has no risk of loss, which makes it a popular investment option among the citizens. However, the return on investment is relatively low, and there is no interest earned on the investment amount. Despite the limitations, Prize Bond is an excellent investment option for those who want to invest their money and get a chance to win cash prizes.
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