BISP Bachat Scheme 

BISP Bachat Scheme  – A Saving Initiative for the Poor

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BISP Bachat Scheme  

The BISP Bachat Scheme 2024 (also known as the BISP Saving Scheme) is a financial program launched by the Benazir Income Support Programme (BISP) to promote savings among the poor and underprivileged sections of Pakistani society. This initiative is aimed at helping low-income families to develop a habit of saving money and building financial security for the future.

The BISP Bachat Scheme is designed to offer financial empowerment by encouraging beneficiaries of the BISP (primarily low-income households) to open savings accounts in designated banks and receive a government-backed profit on their savings. The scheme aims to support poor people in managing their finances, improving their economic stability, and creating a buffer for unforeseen expenses.

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Objectives of the BISP Bachat Scheme 2024

  • Encourage Savings: The main goal of the scheme is to encourage BISP beneficiaries to save a portion of the financial aid they receive. This will help them create a financial cushion for emergencies or future needs.
  • Empower Low-Income Families: By promoting financial literacy and savings, the scheme aims to empower economically disadvantaged families and reduce their dependency on immediate cash transfers.
  • Promote Financial Inclusion: The scheme also encourages financial inclusion, allowing people from rural and marginalized communities to participate in the formal banking system, which can help them access more financial services in the future.

Key Features of the BISP Bachat Scheme

  1. Targeted Beneficiaries: The scheme is primarily for families receiving financial support through BISP, Pakistan’s flagship social safety net program. Eligible BISP beneficiaries can participate in the Bachat Scheme.
  2. Profit on Savings: The BISP Bachat Scheme offers an interest/profit rate on the amount saved in the designated savings accounts. The profit is paid quarterly or annually, depending on the bank’s policy. The rate of return is typically higher than standard savings accounts, making it an attractive option for low-income families.
  3. Accessibility: The scheme is available through partner banks across Pakistan, particularly those with a network in rural and underserved areas. This ensures that beneficiaries have access to the scheme regardless of where they live.
  4. Minimum Deposit: There is generally a low minimum deposit requirement, allowing even small savings to accumulate over time. The aim is to make the scheme accessible to all eligible BISP beneficiaries, even if they can only save a small amount.
  5. No Additional Cost: Opening and maintaining an account under the BISP Bachat Scheme involves no additional cost to the beneficiary. There are no maintenance fees or hidden charges for the account.
  6. Withdrawals: While the goal is to encourage savings, the scheme allows participants to withdraw funds from their account when needed. However, withdrawals may affect the interest earned, depending on the terms set by the bank.
  7. Financial Education: The scheme is accompanied by financial literacy programs that teach beneficiaries how to manage their money, save effectively, and make informed financial decisions.

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How to Apply for the BISP Bachat Scheme 

  1. Eligibility Check: Only eligible BISP beneficiaries can participate in the scheme. If you are already enrolled in the BISP program, you are likely eligible for the Bachat Scheme as well.
  2. Visit a Designated Bank: Beneficiaries can visit any of the partnered banks with which BISP has collaborated. These banks are spread across the country, including in rural areas. Some common banks include National Bank of Pakistan (NBP), United Bank Limited (UBL), and others.
  3. Provide Required Documents: To open a savings account under the Bachat Scheme, you will need to provide:
    • Your BISP registration number (or CNIC, if required).
    • Proof of identity and residence (such as your CNIC or BISP card).
    • Other documents as required by the bank for account opening.
  4. Initial Deposit: The bank may require a small initial deposit to activate the account. This deposit will earn a profit over time based on the amount saved.
  5. Start Saving: Once your account is opened, you can start depositing small amounts into the account. The more you save, the higher the interest you can accumulate over time.
  6. Quarterly/Annual Profit: After a certain period (usually quarterly or annually), the bank will credit your profit based on your savings, which is backed by the government through the BISP Bachat Scheme.

READ MORE:10500 Released for BISP

Application Process for the BISP Bachat Scheme 

The Bachat Scheme is designed to be accessible for low-income families. Here’s how you can apply:

1. Visit a Designated Bank:

  • Partner Banks: First, you will need to visit a designated bank that participates in the Bachat Scheme. Some of the partner banks include National Bank of Pakistan (NBP), United Bank Limited (UBL), and others, which have branches in rural and underserved areas.

2. Provide Necessary Documents:

  • When visiting the bank, bring the following documents:
    • BISP Registration Number or CNIC (for identity verification).
    • BISP Card (to confirm you are a registered beneficiary).
    • Proof of Residence (may be required, such as a utility bill or voter registration).

The bank will verify your information and ensure you meet the eligibility criteria for the Bachat Scheme.

Eligibility Criteria

  • BISP Beneficiaries: Only families or individuals already enrolled in the Benazir Income Support Programme (BISP) can apply for the Bachat Scheme. These beneficiaries are typically identified based on their income level and social status.
  • Age Requirement: The account holder must be an adult (18 years or older). However, the account can be opened in the name of a family head, especially if they are the primary recipient of BISP support.
  • Proof of Identification: Applicants must present valid proof of identity, such as a CNIC or BISP registration card, to open an account.

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Benefits of the BISP Bachat Scheme

  • Financial Independence: The scheme encourages beneficiaries to develop a sense of financial discipline and self-reliance by setting aside a portion of their income for future use.
  • Building a Safety Net: The interest earned on savings provides an added financial cushion for emergencies, healthcare, or education, helping low-income families avoid financial crises.
  • Access to Banking Services: Participants in the scheme gain access to banking services and become part of the formal financial system, opening doors for future credit or loans if required.
  • No Hidden Costs: There are no hidden charges or maintenance fees for maintaining the BISP Bachat savings account, making it an accessible option for poor families.
  • Government Backing: The government supports the profit on savings, ensuring that beneficiaries can earn an interest that is higher than the usual bank savings rates.

READ MORE:Benazir Income Support Program

Conclusion

The  Bachat Scheme 2024 offers a unique opportunity for low-income families and individuals who are part of the Benazir Income Support Program to save money and earn a profit on their savings. By fostering a habit of saving and providing access to financial services, the scheme aims to help the poor build financial security and improve their overall quality of life. This initiative not only supports immediate needs but also empowers beneficiaries to plan for their future, thereby contributing to long-term financial stability.

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