Islamabad

BISP’s savings scheme sees surge with 5,372 applications

By Jamila Achakzai

December 27, 2023

Islamabad:The Benazir Income Support Programme (BISP) has recently launched its 'Savings Scheme' with the primary goal of instilling financial independence and promoting a savings culture among consumers enrolled in the scheme.

This still shows Chairperson BISP, Dr. Muhammad Amjad Saqib interacting with a lady on December 14, 2023, on the occasion of the launch of the Hybrid Social Protection Scheme called BISP Savings Scheme. — Facebook/BISP Pakistan

Under BISP Saving Scheme 5,372 applications have been received to date. Following the application submission, a 'Registration' process will be initiated, and upon successful completion of this stage applicants will become eligible for the 'Savings Scheme.'

This initiative aims to provide a financial buffer for unexpected expenses and emergencies. Eligibility for the scheme is extended to needy families of BISP whose poverty score is up to 40 PMT not having regular employment.

A substantial number of applications have been received from various regions, including 3,416 from Punjab province, 1,135 from Sindh province, 397 from Khyber Pakhtunkhwa, 176 from Azad Jammu and Kashmir, 117 from Balochistan, 79 from Gilgit Baltistan, and 52 from Islamabad. These applications have been submitted through the web portal provided by BISP.

In the initial phase, the scheme will accommodate one hundred and fifty thousand customers on a first-come-first-served basis. The Savings Scheme is open to both men and women, with one person per family eligible to apply. Upon joining the scheme, customers commit to a two-year tenure, during which they must save between Rs500 to Rs1000 in their dedicated 'Savings Accounts.' BISP will provide an additional forty percent of the gross savings to customers on a quarterly basis.

Notably, while the additional amount provided by BISP can be withdrawn, the principal amount deposited for savings is non-withdrawable. Participants retain the flexibility to terminate the scheme at any stage of their choosing.

The scheme is free of any application fees, and applicants are cautioned to be vigilant against potential fraudulent activities. In case of complaints, individuals are encouraged to reach out to their nearest BISP offices.