The Benazir Income Support Program (BISP) is now accepting applications for its new Savings Scheme. This program is designed to help individuals save money and earn additional benefits. Currently, the scheme is being launched in the following cities: Islamabad, Muzaffarabad, Neelum, Peshawar, Lakki Marwat, Quetta, Killa Saifullah, Lahore, Multan, Karachi, Sukkur, Gilgit, and Astore.
This article will guide you through the application process and provide all the necessary information to participate in the BISP Savings Scheme.
Application Process
- Visit the Official Website: To apply for the BISP Savings Scheme, go to the official BISP Savings portal at BISP Savings.
- Enter Your Information: You will need to fill in your personal details, including your CNIC (Computerized National Identity Card) number. Make sure to enter accurate information.
- Submit Your Application: After filling out the form, submit your application online. Remember, BISP does not charge any fee for submitting your application.
Important Instructions
To participate in the BISP Savings Scheme, follow these important guidelines:
- Open a Savings Account: You need to open a savings account at a participating bank to join the scheme.
- Monthly Deposits: Participants are required to deposit between PKR 500 to PKR 1,000 in their savings account each month.
- Additional Savings Benefit: BISP will add an extra 40% to your savings. For example, if you save PKR 1,000, BISP will add PKR 400 to your savings.
- Scheme Duration: The scheme lasts for two years. At the end of this period, you can withdraw your total savings.
- Withdrawal Conditions: During the two-year period, you cannot withdraw your initial deposit. However, you can withdraw the additional amount provided by BISP and any profit earned from the bank.
- Early Exit: You can leave the scheme at any time, but once you exit, you cannot rejoin until the scheme’s duration ends.
How the Scheme Works
The BISP Savings Scheme is designed to encourage saving and provide financial benefits to participants. Here is how the scheme works:
- Monthly Savings: Each month, you deposit a specific amount into your savings account.
- Additional Contribution: BISP will contribute an additional 40% of your monthly savings.
- Profit from Bank: Your savings will also earn profit from the bank where your account is held.
- Total Savings: At the end of two years, you can withdraw the total amount saved, including BISP’s contribution and bank profit.
Example Scenario
To help you understand better, let’s look at an example:
- Monthly Deposit: You decide to save PKR 1,000 each month.
- BISP Contribution: BISP will add 40%, which is PKR 400.
- Total Monthly Savings: Your monthly savings will be PKR 1,400 (PKR 1,000 from you + PKR 400 from BISP).
Over two years, your total savings will look like this:
- Your Contribution: PKR 1,000 x 24 months = PKR 24,000
- BISP Contribution: PKR 400 x 24 months = PKR 9,600
- Total Savings: PKR 24,000 + PKR 9,600 = PKR 33,600
In addition to this, you will earn profit from the bank, which will further increase your savings.
Benefits of the BISP Savings Scheme
The BISP Savings Scheme offers several benefits:
- Financial Growth: By saving regularly, you can grow your financial resources.
- Additional Income: The 40% contribution from BISP adds to your savings, providing extra income.
- Bank Profit: Earn profit from the bank, enhancing your total savings.
- Secure Future: At the end of two years, you will have a substantial amount saved, providing financial security.
How to Apply
Applying for the BISP Savings Scheme is simple and straightforward. Follow these steps to ensure a smooth application process:
- Prepare Required Documents: Make sure you have your CNIC and other necessary documents ready.
- Visit the Website: Go to the BISP Savings Portal.
- Fill Out the Form: Enter your personal details accurately.
- Submit the Form: Complete the application and submit it online.
- Open a Savings Account: Visit a participating bank and open a savings account.
- Start Saving: Begin depositing money into your account each month.
FAQs
Q1: Is there a fee to apply for the BISP Savings Scheme? A: No, there is no fee to apply for the scheme.
Q2: Can I withdraw my savings before two years? A: You cannot withdraw your initial deposit during the two-year period, but you can withdraw BISP’s contribution and bank profit.
Q3: What happens if I stop saving before two years? A: You can exit the scheme at any time, but you cannot rejoin until the end of the scheme’s duration.
Q4: How much can I deposit each month? A: You can deposit between PKR 500 to PKR 1,000 each month.
Conclusion
The BISP Savings Scheme is a valuable opportunity for individuals to save money and receive additional financial support. By following the guidelines and regularly depositing money into your savings account, you can significantly increase your savings over two years. With the added benefit of BISP’s contribution and bank profit, this scheme provides a secure and profitable way to save for the future.
For more information and to apply, visit the BISP Savings Portal.
If you have any questions or need further assistance, feel free to contact BISP through their official channels. Start your journey towards financial growth and security with the BISP Savings Scheme today!