The Benazir Income Support Program (BISP) has introduced an exciting initiative for beneficiaries of the Kafalat Program. The new BISP Bachat Scheme offers a unique opportunity for low-income and vulnerable households to save money while earning an additional 40% benefit on their savings every month. Eligible women in Lahore can now register for this scheme at designated bank counters to maximize their financial security.
What Is the BISP Bachat Scheme?
The BISP Bachat Scheme is designed to encourage savings among beneficiaries by offering a 40% incentive on their deposited amounts. Participants who save through the program will not only secure their funds but also receive an interest benefit upon each withdrawal. This initiative primarily targets low-income families, providing them with financial stability during challenging times.
How to Register for the BISP Bachat Scheme in Lahore?
The registration process for the BISP Bachat Scheme is simple and accessible. Follow these steps to enroll:
- Visit the Registration Desk:
Eligible individuals can visit designated registration desks in Lahore with their bank account details. - Initial Deposit:
Deposit a minimum amount ranging from Rs. 500 to Rs. 1,000 to activate your savings account. - Complete the Form:
Fill out the required form with accurate details, including your CNIC number.
Online Registration for the BISP Bachat Scheme
For added convenience, beneficiaries can register online for the scheme by following these steps:
- Visit the official BISP website at savings.bisp.gov.pk.
- Confirm your eligibility through the provided criteria.
- Fill in the online form with your details, including your CNIC number.
- Submit the form and wait for confirmation.
Eligibility Criteria for the BISP Bachat Scheme
To participate in the program, individuals must meet the following requirements:
| Eligibility Criteria |
|---|
| Must be a resident of Pakistan |
| Should have a PMT score between 10 and 40 |
| Must not hold a government job |
| Should not own more than two acres of land |
Participants can check their eligibility on the official website or visit their nearest registration desk for assistance.
Benefits of the BISP Bachat Scheme
By enrolling in the BISP Bachat Scheme, participants can enjoy the following benefits:
- Monthly Deposits:
Beneficiaries can deposit between Rs. 500 to Rs. 1,000 every month in their accounts. - 40% Additional Savings:
Each beneficiary will receive an extra 40% of their total savings from the program. - Secure Withdrawals:
Participants can withdraw the complete amount, including the bonus, after two years. - Financial Growth:
The scheme encourages financial independence and stability for vulnerable households.
Program Duration and Withdrawal Policy
The scheme runs for a total duration of two years. During this period:
- Beneficiaries can withdraw the extra funds deposited by the BISP team at any time.
- However, the amount saved by the participant cannot be withdrawn before the two-year term ends.
Regions Covered in the BISP Bachat Scheme
The BISP Bachat Scheme has initially been launched in the following regions:
| Regions | Regions | Regions | Regions |
|---|---|---|---|
| Islamabad | Lahore | Peshawar | Karachi |
| Muzaffarabad | Quetta | Sukkur | Multan |
| Qila Saifullah | Gilgit & Astoor | Neelum | Lucky Marwat |
Additional areas will be included in subsequent phases of the program.
Why Should You Join the BISP Bachat Scheme?
The BISP Bachat Scheme is a game-changer for low-income households. By depositing small amounts regularly, participants can secure their financial future and earn additional savings to tackle emergencies. This program is a vital step towards empowering vulnerable groups and fostering a culture of savings in Pakistan.
Take advantage of this opportunity today and start building a secure tomorrow with the BISP Bachat Scheme. Visit your nearest registration desk or apply online now!