ISLAMABAD: The Benazir Income Support Programme (BISP) has received 5,372 applications so far under its newly launched ‘Savings Scheme’.
The BISP has recently launched its ‘Savings Scheme’ with the Primary goal of instilling financial independence and promoting a savings culture among consumers enrolled in the scheme. 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.’
This initiative aims to provide a financial buffer for unexpected expenses and emergencies, said a press release. Eligibility for the scheme is extended to needy families of BISP whose poverty score is up to 40 PMT not having regular employment.
A substantial number of applications have been received from various regions, including 3,416 from Punjab province, 1,135 from Sindh province, 397 from Khyber Pakhtunkhwa, 176 from Azad Jammu and Kashmir, 117 from Balochistan, 79 from Gilgit Baltistan, and 52 from Islamabad.
These applications have been submitted through the web portal provided by BISP. 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 a 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 percent of the gross savings to customers on a quarterly basis.
Notably, while the additional amount provided by BISP can be withdrawn, the principal amount deposited for savings is non-withdrawable. 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.
Speaking on the occasion, Additional Secretary BISP, Dr Tahir Noor said that the scheme, as a pilot project, has been launched in Gilgit and Astor in Gilgit Baltistan; Muzaffarabad and Neelum in Azad Jammu and Kashmir; Peshawar and Lucky Marwat in Khyber Pakhtunkhwa; Lahore and Multan in Punjab; Quetta and Qila Saifullah in Balochistan; Karachi and Sukkur in Sindh and Islamabad.
Dr Tahir Noor said that the BISP saving scheme as a hybrid social protection initiative has been launched to support vulnerable communities, making them elf-sufficient. The hybrid scheme blends social assistance with social risk mitigation elements to promote savings that the vulnerable segments can fall back on in case of shocks.
The basic model is a contributory saving scheme with matching incentives, with a short-to-medium-term horizon for withdrawals.
