"The Directorate has made all necessary arrangements for launching the prize bond on November 15, to inculcate habit of thrift among people particularly, the students," a CDNS official told APP here Wednesday.

He was of the view that the overall saving ratio in the country was just 10-12 percent which according to the international standards should be at least 20 percent to ensure social-economic development in the country.

"By launching such schemes government aims to promote savings which in return would result in cut in inflation and economic development in the country."

The official further said that the directorate was also considering a proposal to provide an opportunity to the higher prize winner of student bond scheme to invest in others schemes of the directorate for higher rates of return.

The official said that first draw of Rs.100 denomination student bond will be held on February 15, 2013 under the laid down procedures of the Central Directorate of National Savings (CDNS), the Ministry of Finance.

He added that first prize of the Rs.100 student bond would be Rs.700,000 while Rs.200,000 each will given to three winners of the second prize.

Rs.1000 each will be given to the 1,199 winners of the 3rd prize, the official added.