The Benazir Income Support Programme (BISP) has recently introduced the “BISP Saving Scheme.” This innovative scheme is exclusively designed for individuals already enrolled in the Benazir Income Support Cash Program.
The program is currently accepting registrations without any associated costs, specifically catering to residents:
- Islamabad
- Muzaffarabad
- Neelam
- Peshawar
- Lucky Marwat
- Quetta
- Qila Saifullah
- Lahore
- Multan
- Karachi
- Sukkur
- Gilgit
- Astor
This article aims to shed light on the eligibility criteria for the BISP Saving Scheme and will guide readers through the step-by-step process of applying for this financial opportunity online.
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BISP New Registration “BISP Saving Scheme” | بی آئی ایس پی بچت اسکیم
Table of Contents
What Is The BISP Saving Scheme?
The BISP Saving Scheme: A Financial Inclusion Initiative
- Financial Inclusion: The BISP Saving Scheme stands as a distinctive initiative, seamlessly integrating savings opportunities and financial aid tailored for existing beneficiaries, as well as those involved in informal employment and daily wage labor.
- Eligibility Information: Individuals aspiring to be a part of the BISP Saving Scheme can ascertain their eligibility by accessing the official website at https://savings.bisp.gov.pk.
- Geographical Launch: The Benazir Income Support Program has strategically launched the Savings Scheme in key locations, extending its reach to Islamabad, Muzaffarabad, Neelam, Peshawar, Lucky Marwat, Quetta, Qila Saifullah, Lahore, Multan, Karachi, Sukkur, Gilgit, and Astor.
- Fee-Free Application Process: It is imperative to highlight that the application process for the BISP Saving Scheme incurs no fees, reinforcing the program’s commitment to providing accessible financial opportunities without any financial burden on applicants.
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BISP Saving Scheme Instructions
- Savings Account Requirement: Participation in the BISP Saving Scheme mandates the opening of a dedicated savings account in a specified bank.
- Monthly Deposit Range: Scheme participants are obligated to make monthly deposits ranging from 500 to 1000 rupees into their designated bank accounts, ensuring a systematic accumulation of savings.
- Additional Support from BISP: Consumers enrolled in the scheme stand to benefit from an additional 40% of their accrued savings, a generous contribution from the Benazir Income Support Program.
- Two-Year Duration: The BISP Saving Scheme operates over a well-defined two-year period, providing participants with an extended window to accumulate funds. Upon completion of this duration, individuals gain the flexibility to withdraw the entirety of their savings.
- Restrictions on Principal Withdrawal: While participants retain the freedom to withdraw from the scheme at any point, the withdrawal of the principal amount is restricted during the two years. Cash grants by BISP and profits accrued under this scheme can be withdrawn through the designated bank.
- Withdrawal and Re-Joining: Withdrawal from the scheme is permissible at any time; however, re-joining becomes a possibility only upon the successful completion of the two-year scheme duration, ensuring a structured approach to participation.
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How To Register For BISP Saving Scheme Online?
Following is a step-by-step guide on how you can apply for the BISP Saving Scheme Online free of cost any time and anywhere by using your phone. Provided, you are eligible for this scheme.
Official Website Visit
Initiate the registration process by visiting the dedicated official website for the BISP Saving Scheme at https://savings.bisp.gov.pk/.
ID Card Confirmation
Enter your ID card number to undergo a confirmation process, ensuring that you are a registered beneficiary with BISP and reside in a district covered by the BISP saving scheme.
Bank Account Opening
Upon confirming your eligibility, the next step involves the guidance to open a “savings bank account” in one of the affiliated banks associated with the BISP Savings Scheme. This account serves as the designated channel for your monthly deposits and subsequent benefits.
Monthly Deposit Requirement
After successfully opening the bank account, commit to depositing a monthly sum ranging from Rs. 500 to Rs. 1,000. This regular contribution forms the basis for maximizing the benefits offered by the scheme, including a 40% profit on the accumulated deposited amounts.
Flexibility in Withdrawal From Scheme
Lastly, Participants in the scheme retain the flexibility to leave or withdraw from the program at any point in the future.
Benazir Income Support Programme Helpline Number
The Benazir Income Support Programme understands the importance of effective communication and issue resolution. For any concerns or inquiries related to enrollment, the program offers a dedicated helpline to assist individuals seamlessly.
- Vijay Kumar – Director (E&GR)
- Extension: 140
- Contact: 051-9246422
- Email: dir.bs@bisp.gov.pk
- Ibrar Ul Hassan – Deputy Director
- Extension: 324
- Contact: 051-9246414
- Email: dd.gr@bisp.gov.pk
- Malik Waqar Imtiaz – Deputy Director
- Extension: 328
- Contact: 051-9246414
- Email: dd.enr@bisp.gov.pk
- Ajmal Khan – Assistant
- Extension: 328
- Email: ad.pg@bisp.gov.pk.
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FAQs | BISP Saving Scheme
What is the BISP Saving Scheme, and who is it designed for?
The BISP Saving Scheme is a financial inclusion initiative tailored for existing beneficiaries of the Benazir Income Support Cash Program, as well as individuals engaged in informal employment and daily wage labor.
What are the eligibility criteria for the BISP Saving Scheme?
Eligibility for the scheme can be checked on the official website at https://savings.bisp.gov.pk. Residents of Islamabad, Muzaffarabad, Neelam, Peshawar, Lucky Marwat, Quetta, Qila Saifullah, Lahore, Multan, Karachi, Sukkur, Gilgit, and Astor are eligible to apply.
How does the savings process work in the BISP Saving Scheme?
Participants are required to open a savings account in a designated bank and deposit a monthly sum ranging from 500 to 1000 rupees. Additionally, they receive an extra 40% of their accumulated savings from the Benazir Income Support Program.
What is the duration of the BISP Saving Scheme?
The scheme operates over a two-year period, allowing participants to accumulate funds. After this duration, individuals have the flexibility to withdraw the entirety of their savings.
Are there any restrictions on withdrawing the principal amount during the two-year duration?
While participants can withdraw from the scheme at any point, withdrawal of the principal amount is restricted during the two-year period. Cash grants by BISP and profits gained under the scheme can be withdrawn through the designated bank.
Is withdrawal from the BISP Saving Scheme allowed, and can one re-join after withdrawal?
Withdrawal from the scheme is permitted at any time. However, re-joining becomes possible only upon the completion of the two-year scheme duration, ensuring a structured approach to participation.
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