BISP Savings Scheme: landmark step to instil financial independence among vulnerable sections

ISLAMABAD: The newly launched ‘Savings Scheme’ by the internationally acclaimed Benazir Income Support Programme (BISP) will prove as a landmark step towards instilling financial independence and promoting a savings culture among the vulnerable sections of society.

The BISP Saving Scheme is aimed at providing a financial buffer to the piece-rate workers for unexpected expenses and emergencies, making them self-reliant.

According to the Director General National Socio Economic Registry (NSER) BISP, Naveed Akbar, the piece rate workers were the biggest affectees during the COVID-19 who found it hard to earn their livelihood as they lacked savings.

Therefore to mitigate their sufferings, the government provided one-time financial assistance to them of Rs. 12,000 during that difficult time.

Keeping in view those circumstances, BISP Savings Scheme has been initiated to motivate those piece-rate workers to save a little amount from their daily earnings to cope with any untoward situation, the DG said.

The BISP has been receiving applications under the `Savings 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.

Following the application submission, a ‘Registration’ process will be initiated, and upon successful completion of this stage applicants will become eligible for the ‘Savings Scheme.’

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.

In the initial phase, the scheme will accommodate one hundred and fifty thousand customers on a first-come-first-served basis.

The Savings Scheme is open to both men and women, with one person per family eligible to apply. Upon joining the scheme, customers commit to two-year tenure, during which they must save between Rs 500 to Rs 1000 in their dedicated ‘Savings Accounts.’ BISP will provide an additional forty per cent of the gross savings to customers every quarter.

Notably, while the additional amount provided by BISP can be withdrawn, the principal amount deposited for savings is non-withdrawable.

The participants retain the flexibility to terminate the scheme at any stage of their choosing. The scheme is free of any application fees, and applicants are cautioned to be vigilant against potential fraudulent activities.

In case of complaints, individuals are encouraged to reach out to their nearest BISP offices or contact the toll-free number 080026477.

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.