Low Income Groups Urged To Apply In "BISP Savings Scheme"

The Benazir Income Support Program (BISP) has urged the people belonging to the low-income groups to submit applications for becoming a part of the recently launched "BISP Saving Scheme", taking a step towards making them self-reliant

ISLAMABAD, (UrduPoint / Pakistan Point News - 30th Nov, 2023) The Benazir Income Support Program (BISP) has urged the people belonging to the low-income groups to submit applications for becoming a part of the recently launched "BISP Saving Scheme", taking a step towards making them self-reliant.

According to an official source, the BISP has started receiving applications under this scheme from those applicants both men and women living in Islamabad, Muzaffarabad, Neelam, Peshawar, Lucky Marwat, Quetta, Qila Saifullah, Lahore, Multan, Karachi, Sukkur, Gilgit and Astore.  

The applicants, having a PMT score below 40, are required to apply through a web portal: savings.bisp.gov.pk to become a part of this scheme without paying any fee.

The applicants will open a savings account in the bank to participate in the scheme. Those who will participate in the scheme will deposit money from 500 to 1000 rupees monthly in their bank account.

The beneficiaries will get an additional 40 per cent of their savings from the BISP. The duration of the scheme is two years at the end of which the beneficiaries will be able to withdraw their entire amount. 

The beneficiaries will not be able to withdraw their principal amount during this two-year period. However, the share given by BISP and the profit given by the bank will be able to be withdrawn. 

The beneficiary can withdraw from the scheme at any time but rejoining will not be possible until the end of the scheme.

Chairperson BISP, Dr. Muhammad Amjad Saqib said that BISP is an important initiative of the government to stand with deserving women and their families in their difficult times to reduce the intensity of their poverty level by providing them financial relief.

“We have taken a step towards ensuring self-sufficiency through this programme by enabling those families having their poverty score below PMT 40 to open their accounts for saving some amount for their future”, he said.

“BISP will not only help them open accounts but also add 40 per cent of the total amount into their bank accounts”, he said.

The chairperson said that the purpose of this scheme is to motivate people towards saving. “The amount they save will become an asset for the beneficiary families in the future”, the chairperson said.

The ultimate objective is to take a step towards the creation of a welfare state with a strong belief in self-sufficiency, Dr Saqib said while urging the deserving people to become part of the pro-poor initiative.

According to the Secretary BISP, Amer Ali Ahmed, the portal has been opened for registration of deserving people for this purpose.

The portal will only receive applications from specific districts for now. If the applicants have any complaints, they can contact BISP through its toll-free number 0800-26477.

BISP office will inform those applicants who have PMT scores below 40 about their eligibility status and they will become part of this scheme after confirmation through the toll-free number, he said.