BISP’s New Scheme: Enrolling 150,000 Customers in its Initial Phase

The Benazir Income Support Programme (BISP) recently introduced its new ‘Savings Scheme’ to empower participants by fostering financial independence and encouraging a savings culture among enrolled individuals.

Since its launch, the BISP Saving Scheme has received an overwhelming response, with 5,372 applications already submitted. After the application phase, a ‘Registration’ process will follow, granting eligibility to those successfully completing this stage.

This initiative primarily targets the provision of a financial safety net for unforeseen expenses and emergencies. Eligibility for the scheme extends to needy BISP families with a poverty score up to 40 PMT, excluding those with regular employment.

Applications have poured in from diverse regions, with significant numbers from Punjab (3,416), Sindh (1,135), Khyber Pakhtunkhwa (397), Azad Jammu and Kashmir (176), Balochistan (117), Gilgit Baltistan (79), and Islamabad (52). Submissions were facilitated through BISP’s dedicated web portal.

The initial phase of the scheme aims to enroll 150,000 customers based on a first-come-first-served approach. This opportunity is open to both genders, allowing one member per family to apply. Participants commit to a two-year tenure, saving between Rs 500 to Rs 1000 in their designated ‘Savings Accounts.’ BISP supplements these savings by adding forty percent of the gross amount on a quarterly basis.

While the additional contribution from BISP is withdrawable, the principal savings amount remains non-withdrawable. Participants maintain the liberty to exit the scheme at any chosen stage without penalties.

The scheme ensures a fee-free application process, while cautioning applicants against potential fraudulent activities. Any grievances can be addressed through nearby BISP

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