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Tuesday February 27, 2024

BISP launches savings scheme to empower low-income groups

December 01, 2023

Islamabad:In a significant move towards fostering financial independence, the Benazir Income Support Program (BISP) has called upon individuals from low-income groups to apply for its newly introduced "BISP Saving Scheme." Applications are now being accepted from men and women residing in various cities, including Islamabad, Karachi, Lahore, and others.

Applicants with a Poverty Means Test (PMT) score below 40 can apply through the web portal [savings.bisp.gov.pk] (http://savings.bisp.gov.pk) without any fees. Successful applicants will open a savings account in which they commit to depositing between 500 to 1000 rupees monthly. BISP aims to further support beneficiaries by adding 40% to their accumulated savings.

In this picture, the chairperson of the Benazir Income Support Program Dr Muhammad Amjad Saqib interacts with women on November 21, 2023.— APP
In this picture, the chairperson of the Benazir Income Support Program Dr Muhammad Amjad Saqib interacts with women on November 21, 2023.— APP

The scheme spans two years, during which participants cannot withdraw their principal amount. However, accrued shares from BISP and bank profits are accessible. BISP Chairperson, Dr. Muhammad Amjad Saqib, emphasized the program's role in supporting deserving families, stating, "BISP will not only help them open accounts but also add 40 per cent of the total amount into their bank accounts."

Dr. Saqib highlighted the scheme's motivation to encourage saving, envisioning the saved amounts as future assets for beneficiary families. The initiative aligns with the broader goal of building a welfare state rooted in self-sufficiency.

Secretary of BISP, Amer Ali Ahmed, mentioned that the portal is now open for deserving individuals in specific districts. Complaints and queries can be directed to BISP through the toll-free number 0800-26477. Eligible applicants with PMT scores below 40 will be notified of their status, solidifying their participation in this pro-poor initiative.

As BISP takes strides towards financial inclusion, the scheme stands as a beacon of hope for those seeking economic stability and a path out of poverty.