The BISP Savings Scheme is an initiative by the Benazir Income Support Program aimed at providing financial relief to low-income families and individuals working in informal employment. This program encourages saving habits while offering a profit on deposited amounts. If you’re already enrolled in the BISP program or involved in informal work, you may qualify for this scheme. This article provides a complete guide on how to register, the benefits of the scheme, and eligibility requirements.
Table: Key Details of the BISP Savings 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 |
Eligibility for BISP Savings Scheme
Applicants must fulfil certain eligibility requirements in order to be eligible to join the BISP Savings Scheme. You are immediately eligible for the program if you are already a beneficiary of the BISP. If their Poverty Scorecard (PMT) falls between 0 and 40, informal workers, such as daily wage earners, are also eligible to apply. In order to verify their financial situation, non-BISP persons also need to fill out the National Socio-Economic Registry (NSER) survey. This procedure guarantees that the program will only be available to qualified applicants.
How to Register for the BISP Savings Scheme
The registration process for the BISP Savings Scheme is simple and can be completed at your nearest National Bank of Pakistan (NBP) branch. To register, you must open a BISP Savings Account by depositing Rs. 500 or Rs. 1000. You will need to provide your CNIC and contact details. Once your account is activated, your deposits will earn a 40% profit every month. Ensure that you open a valid savings account because other account types will disqualify you from participating in the scheme.
Benefits of the BISP Savings Scheme
The BISP Savings Scheme offers many benefits to participants. One of the primary advantages is the 40% profit earned on deposits ranging from Rs. 500 to Rs. 1000. Participants can withdraw the earned profit at any time during the two-year program while leaving the principal amount untouched. After the two-year period, you can also withdraw your total savings, including the profit. This scheme provides an excellent opportunity for low-income families to save money while earning extra income.
Important Details About the Scheme
Several important aspects of the BISP Savings Scheme should be noted. First, the program duration is two years, encouraging long-term savings habits. Deposits can vary each month, but the minimum deposit range is between Rs. 500 and Rs. 1000. If a participant decides to leave the scheme before the completion of the two years, they cannot rejoin. The profit earned during the program can be withdrawn at any time, but withdrawing the principal amount will result in disqualification from the scheme.
Conclusion
The Benazir Income Support Program offers low-income families and informal workers financial assistance through the BISP Savings Scheme, a beneficial program. This program offers a profit on savings in addition to helping people save money. People can take advantage of this program and increase their financial security over the next two years by completing the easy registration process and fulfilling the qualifying requirements. To begin the registration procedure and take advantage of this priceless opportunity, be sure to visit the National Bank branch that is closest to you.
Also Read More :How to Check Your Benazir Taleemi Wazifa Status Online in 2024
FAQs
- Can I withdraw my principal amount before two years?
Yes, you can withdraw your principal amount; however, rejoining the scheme after withdrawal is not allowed. - Is it mandatory to deposit every month?
No, monthly deposits are not mandatory, but depositing between Rs. 500 and Rs. 1000 is recommended to maximize your profit. - Can non-BISP beneficiaries join this scheme?
Yes, but they must complete the NSER survey first to determine eligibility.