The Benazir Income Support Program (BISP) has launched a new scheme, the BISP Savings Scheme. This scheme aims to provide financial relief to low-income families and those engaged in informal employment. It also encourages savings habits among beneficiaries. If you are already enrolled in BISP or involved in informal employment, you may qualify for this program. Below, you will find complete details about eligibility, the registration process, and benefits of this scheme.
| Feature | Details |
| Target Audience | BISP beneficiaries, informal workers |
| Deposit Amount | Rs. 500 to Rs. 1000 |
| Profit Rate | 40% on deposited amount |
| Duration | Two years |
Table of Content
Eligibility Criteria
To benefit from the BISP Savings Scheme, applicants must meet the following conditions:
- Existing BISP Beneficiaries: If you are already a part of the BISP program, you are eligible for this scheme.
- Informal Workers: Daily wage earners and informal sector workers can also apply if their Poverty Scorecard (PMT) is between 0 and 40.
- NSER Survey Completion: Non-BISP individuals must first complete the National Socio-Economic Registry (NSER) survey. This is necessary to confirm their financial status.
If you meet these requirements, you are eligible to proceed with registration.
BISP Payment Schedule for December 2024
Registration Procedure for the BISP Savings Scheme
The registration process for this scheme is straightforward and involves the following steps:
- Visit your nearest National Bank of Pakistan (NBP) branch.
- Open a BISP Savings Account with an initial deposit of Rs. 500 or Rs. 1000.
- Ensure you provide the correct documentation, including your original CNIC and contact details.
- Once the account is active, your savings will begin earning a 40% profit on monthly deposits.
It is important to note that only savings accounts are valid under this scheme. Opening any other type of account will disqualify you from participation.
Benefits of the BISP Savings Scheme
The BISP Savings Scheme offers numerous advantages for its participants:
- Monthly Profit: Deposits between Rs. 500 and Rs. 1000 earn an additional 40% profit each month.
- Flexibility: You can withdraw the profit anytime during the two-year period while keeping the principal amount intact.
- Withdrawal Option: Participants can exit the scheme at any time, but re-enrollment is not allowed once withdrawn.
- Long-Term Savings: After two years, you can withdraw your entire savings with the accumulated profit.
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Important Details About the Scheme
Here are some other key points to keep in mind about the BISP Savings Scheme:
- Scheme Duration: The program lasts for two years, encouraging long-term savings.
- Flexibility in Deposits: Deposits can vary each month, but Rs. 500 to Rs. 1000 is the minimum range.
- Restrictions on Rejoining: If you leave the program before the two-year term, you cannot rejoin.
- Profit Withdrawal: The profit earned can be withdrawn at any time during the program’s duration.
This scheme provides an excellent opportunity for low-income families to save money while earning additional income.
Conclusion
The BISP Savings Scheme is a valuable initiative by the Benazir Income Support Program to support low-income families and informal workers. It not only provides financial security but also promotes the habit of saving. By following a simple registration process, eligible participants can benefit from this program for up to two years, earning significant profits on their savings. If you meet the eligibility criteria, make sure to visit your nearest National Bank branch to enroll in the scheme. For further information, feel free to contact your nearest BISP office or refer to official updates.
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FAQs
1. Can I withdraw my principal amount before two years?
Yes, you can withdraw your principal amount, but you will no longer be a part of the scheme, and rejoining is not allowed.
2. Is it mandatory to deposit every month?
No, but depositing between Rs. 500 and Rs. 1000 monthly is recommended to maximize your profit earnings.
3. Can non-BISP beneficiaries join this scheme?
Yes, but they must first complete the NSER survey to determine their eligibility.