117th Prize Bond Draw Result 2024 in Bangladesh – Everything You Need to Know

Investing in prize bonds has long been a popular savings option in Bangladesh, offering a safe place to park money while providing the opportunity to win substantial cash prizes. With the upcoming 117th Prize Bond Draw in 2024, this guide will cover everything you need to know about prize bonds in Bangladesh, from how they work to maximizing your chances in each draw.

What Are Prize Bonds?

Prize bonds are government-issued savings instruments that serve a dual purpose: they encourage savings among the Bangladeshi public and allow participants to win cash prizes through quarterly draws. Introduced in 1972 by the Department of National Savings, prize bonds are an excellent choice for risk-averse savers who want a secure investment with the added thrill of potential rewards.

How the Prize Bond Draw System Works

Every quarter, prize bond holders have the chance to win big in the draws held by the Bangladesh Bank. The prize bond draws take place on January 31, April 30, July 30, and October 31, and the system is designed for fairness, with each prize bond number across all 39 series carrying equal odds of winning.

To participate, a bond must be held for at least 60 days before the draw. This rule ensures that bonds recently purchased or transferred are not eligible, encouraging stable, long-term participation.

2024 Prize Bond Prizes and Their Structure

The 117th Prize Bond Draw offers the following prizes per series:

1st Prize: BDT 6 Lac
2nd Prize: BDT 6 Lac 25 Thousand
3rd Prize: BDT 1 Lac
4th Prize: BDT 50 Thousand
5th Prize: BDT 10 Thousand

With prize categories offering substantial amounts, prize bonds stand out as one of the most lucrative government-backed savings options in the country.

Claiming Your Prize – Step-by-Step Instructions

Winning a prize bond draw is exciting, but claiming your winnings requires some steps. First, notify the bank of your winning bond, fill out the necessary forms, and submit identification documents. Prize money is usually distributed within two months, although a 20% tax is deducted at the source.

Tips for Maximizing Your Chances in Prize Bond Draws

Here are a few strategies to boost your odds:

Diversify Across Series: Buy bonds in different series to increase your probability.
Buy Consistently Over Time: Regularly investing in prize bonds creates more chances over time.
Organize Your Bonds: Keeping track of each bond’s series and draw dates can prevent missed opportunities.

Comparing Prize Bonds to Other Investments

Prize bonds are a low-risk savings option, but how do they stack up against other investments?

Prize Bonds vs. Sanchayapatra: Sanchayapatra often offers higher returns but is more restrictive in terms of liquidity.
Prize Bonds vs. Stocks: Stocks come with higher risks and the potential for greater returns, making prize bonds a safer choice for conservative investors.

The Economic and Social Impact of Prize Bonds

Prize bonds benefit the Bangladeshi economy by providing a steady source of government funding while promoting a culture of savings. Many winners use their earnings to support family, education, or small businesses, showcasing the impact of prize bonds on individual lives and the broader society.

Frequently Asked Questions (FAQs)

Can non-residents buy prize bonds? Prize bonds are primarily available to Bangladeshi citizens, though certain exceptions may apply.

What happens if I lose my prize bond? In case of loss, report it immediately to the bank, where you can initiate a recovery process.

Conclusion: Is a Prize Bond Right for You?

With a strong track record and the security of government backing, prize bonds can be a valuable addition to your savings portfolio. They offer a rare combination of stability, liquidity, and the thrill of potentially substantial rewards.

If you’re ready to start saving with a twist, consider investing in prize bonds and join the thousands of Bangladeshis participating in the next big draw.