The government has decided to deposit prize bond money to the state coffers if they remain unclaimed for two years.
The government usually borrows money from people by selling this bond which is issued by the Department of National Savings (DNS).
Bangladesh Bank and DNS officials said that although many people bought prize bonds with a keen interest in reversing their fortunes, many were too lazy to match the draw results.
Many people do not match the number of prize bonds due to negligence. Many cannot even get the prize money, although the government has the opportunity to claim the prize money within the two years of the result, they also said.
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If none of the winners claimed the prize money within the two years, it will expire and return to the state treasury.
The government introduced prize bonds in 1974 to encourage people to save.
The savings program is called 'Bangladesh Prize Bond'. By selling it, the government borrows directly from the people.
After the draw, the winner is given a pay-order within a maximum of two months if he applies in the prescribed form along with the original bond.
The government has to pay 20% withholding tax on the prize money. According to the central bank, there are about 5 crore prize bonds in the country.
This prize bond is also known as prize bond and lottery bond. Some people call it an interest free bond as it has no interest. Money can be refunded at any time by breaking the prize bond.
Both redemption and purchase can be done from all cash offices of Bangladesh Bank, any commercial bank and post office.
The draw worth Tk100 prize bond is held four times a year. The dates are January 31, April 30, July 31 and October 31.
A committee headed by the Divisional Commissioner of Dhaka conducts the draw. However, two months after the purchase, the prize bond comes under draw.
The prize bond has 46 prizes for each series, worth Tk16.25 lakh.
The first prize is Tk6 lakh, the second prize is Tk3. 25 lakh, the third prize is Tk1 lakh for two, the fourth prize is Tk50,000 for two, and 5th prize is 40 prizes of Tk10,000 each.
