Benazir Income Support Program (BISP) Savings Scheme: Easy Guide

The Benazir Income Support Program (BISP) is a special program in Pakistan. It helps people save money for the future. This program is now in many cities like Islamabad, Muzaffarabad, Neelum, Peshawar, Lakki Marwat, Quetta, Qila Saifullah, Lahore, Multan, Karachi, Sukkur, Gilgit, and Astore. Let’s learn more about it in simple words!

What is the BISP Savings Scheme?

The BISP Savings Scheme is a plan where you can save a little money every month. The government will help you by adding extra money to your savings.

How to Apply?

To join the BISP Savings Scheme, you need to fill out an application form. Here are the steps:

1. Get the Form: Go to the website https://savings.bisp.gov.pk/ to get the form.
2. Fill Your Information: Write your name and ID card number.
3. No Fee: It’s free to apply. You do not need to pay any money to join.

Important Instructions

Here are some important things you need to know before joining the scheme:

1. Open a Bank Account: You must open a savings account in a bank.Example: Imagine you have a piggy bank at home. A savings account is like a big piggy bank in a bank where you can keep your money safe.
2. Save Money Monthly: Every month, you will put 500 to 1000 rupees in your bank account.Example: If you get 50 rupees as a gift, you can save it in your account.
3. Extra Money from BISP: The BISP will give you 40% extra money on your savings.Example: If you save 100 rupees, BISP will add 40 rupees more. So, you will have 140 rupees in total.
4. Two-Year Plan: You need to save money for two years.Example: If you start saving in January, you will save money until December of the next year.
5. No Early Withdrawal: You cannot take out your main savings before two years. But you can take the extra money and profit given by the bank.Example: If you saved 1000 rupees, you can’t take this 1000 rupees before two years. But you can take the extra 400 rupees added by BISP and any profit from the bank.
6. Exiting the Scheme: You can leave the scheme anytime, but you cannot join again until the scheme ends.Example: If you leave the scheme after one year, you cannot rejoin for another year.

Why Save Money?

Saving money is important because it helps you have money for the future. It’s like keeping a treasure safe. When you need it, you can use it to buy things you want or need.

Let’s Understand with a Story

Once upon a time, there was a boy named Ali. Ali’s mother told him about the BISP Savings Scheme. Ali decided to join the scheme.

1. Opening a Bank Account: Ali and his mother went to the bank and opened a savings account.
2. Saving Monthly: Every month, Ali saved 500 rupees in his account.
3. Getting Extra Money: The BISP added 200 rupees extra to Ali’s savings every month (40% of 500 rupees).
4. Two Years Passed: After two years, Ali had saved 12,000 rupees on his own. The BISP added 4,800 rupees extra. So, Ali had a total of 16,800 rupees.
5. Happy Ending: Ali used his savings to buy a new bicycle and still had money left for school supplies.

How Can You Save?

Even children can start saving money. Here are some tips:

1. Save Pocket Money: If you get pocket money, save a part of it.
2. Gift Money: Save the money you get on birthdays or special occasions.
3. Small Jobs: If you do small jobs like helping your parents or neighbors, save the money you earn.

What Can You Use Your Savings For?

1. Education: Buy books, school bags, or pay for school fees.
2. Toys and Games: Buy your favorite toys or games.
3. Helping Family: Save to help your family with expenses.
4. Future Plans: Save for something special you want in the future.

Benefits of Saving

1. Financial Safety: You have money saved for emergencies.
2. Good Habits: You learn to manage money wisely.
3. Achieving Goals: You can buy things you want without asking others for money.

Conclusion

The BISP Savings Scheme is a wonderful opportunity for everyone to learn and practice saving money. By saving a small amount every month, you can have a bigger amount in the future. The extra money given by the BISP makes it even better. Remember, saving money is like planting a tree. With time, it grows and gives you fruits. Start saving today and enjoy the benefits tomorrow!

So, talk to your parents about the BISP Savings Scheme and start your savings journey now!