BISP Bachat Scheme For Poor People
The Benazir Income Support Programme (BISP), which was made in July 2008, serves as an important safety net for vulnerable households in Pakistan. It was designed to reduce poverty and improve the quality of life for the poorest segments of society, BISP has introduced various schemes to empower beneficiaries, one of which is the BISP Bachat Scheme.
This article provides a comprehensive overview of the BISP Bachat Scheme, including its objectives, eligibility criteria, registration process, and benefits.
What is the BISP Bachat Scheme?
The BISP Bachat Scheme is a newly launched program aimed at encouraging saving habits among BISP beneficiaries, particularly women and daily wage workers. The scheme allows participants to save between PKR 500 to PKR 1,000 monthly from their BISP payments in designated savings accounts. The government complements these savings by providing an additional 40% of the total savings every quarter, thus promoting financial stability and self-reliance among the impoverished.
The BISP Bachat Scheme is not just a savings program; it is a vital tool for poverty alleviation, enabling beneficiaries to accumulate savings over time. This scheme recognizes the challenges faced by the economically disadvantaged and aims to create a supportive environment where individuals can build financial security for themselves and their families.
Objectives of the BISP Bachat Scheme
The primary goals of the BISP Bachat Scheme include:
Encouraging Savings
Foster a culture of savings among the underprivileged, instilling the habit of saving regularly.
Providing Financial Support
Offer an additional financial incentive (40% return on savings) to help beneficiaries during emergencies or unexpected expenses.
Empowerment of Women
Targeted towards women, the scheme aims to enhance their financial independence and decision-making power within their households.
Long-term Financial Planning
Help participants build a financial cushion for future emergencies, thereby promoting a mindset of long-term financial planning.
How to Participate in the BISP Bachat Scheme
Below are given the steps that should be followed to participate in the BISP bachat scheme;
Step 1: Open a Savings Account
To participate in the BISP Bachat Scheme, beneficiaries must first open a savings account at a bank that collaborates with BISP. This is essential for channeling the savings from their monthly stipends. Several banks are authorized to facilitate this scheme, ensuring that beneficiaries have access to banking services that suit their needs.
Step 2: Monthly Deposits
Participants are required to deposit PKR 500 to PKR 1,000 from their monthly BISP payments into their savings accounts. This deposit should be consistent each month to maximize the benefits from the scheme. Beneficiaries are encouraged to automate their deposits to ensure they remain committed to their savings goals.
Step 3: Additional Benefits
BISP will provide an additional 40% of the total savings every quarter, incentivizing beneficiaries to continue saving throughout the two-year tenure of the scheme. This additional amount is credited directly to the beneficiary’s savings account, allowing them to witness their savings grow significantly over time.
Step 4: Withdrawal of Funds
While the scheme lasts for two years, participants are not allowed to withdraw their principal amount during this period. However, they can exit the scheme at any time; they will not be able to rejoin until the completion of the tenure. This restriction is in place to ensure that beneficiaries remain focused on their savings goals and do not dip into their funds prematurely.
Eligibility Criteria For BISP Bachat Scheme
To qualify for the BISP Bachat Scheme, applicants must fulfill the following comprehensive criteria:
Registered Beneficiary Status
Applicants must be registered beneficiaries of the Benazir Income Support Program (BISP). This requirement ensures that the financial assistance provided by the Bachat Scheme is directed toward individuals and families who are in genuine need of support, as identified by the BISP’s existing database of low-income households.
Savings Account Requirement
Applicants should possess an active savings account in one of the banks that have established a collaboration with BISP. This is crucial, as the disbursement of funds through the Bachat Scheme will be conducted electronically. Having a savings account facilitates secure and efficient transactions while promoting financial inclusion among the beneficiaries.
Residency in Designated Areas
Applicants must reside in specific areas identified by the Government of Pakistan. These designated regions are strategically selected to ensure that the Bachat Scheme targets the most vulnerable populations, focusing resources on those who are most at risk of financial instability. By concentrating on these areas, the program aims to enhance its effectiveness and reach the communities that require assistance the most.
By adhering to these criteria, the BISP Bachat Scheme aims to provide sustainable financial support and empower beneficiaries to build a more secure future.
Required Documents for Registration
To register for the BISP Bachat Scheme, applicants need to provide the following documents:
National Identity Card (CNIC): To verify identity and eligibility.
Utility Bills: To confirm residency and ensure applicants are living in the designated areas.
BISP Registration Slip: To prove registration as a beneficiary of the BISP program.
Family Certificate (if applicable): To provide details about family members and ensure all are accounted for in the support programs.
Registration Process For BISP Bachat Scheme
The registration process for the BISP Bachat Scheme is straightforward:
Visit the BISP website: Navigate to the official BISP website savings.bisp.gov.pk.
Enter your CNIC: Input your National Identity Card number to check your registration status with the BISP scheme. This step ensures you are eligible to participate.
Complete Further Registration: If eligible, you will need to visit the nearest BISP office to complete your registration process, where you may need to provide the required documents.
Benefits of the BISP Bachat Scheme
The BISP Bachat Scheme offers several benefits, including:
Financial Empowerment
By encouraging savings, beneficiaries can secure their financial future and gain control over their finances.
Emergency Fund
The additional 40% from BISP acts as a buffer during financial emergencies, reducing reliance on loans or external help.
Long-term Financial Growth
With regular saving habits, beneficiaries can accumulate a significant amount over two years, providing a foundation for future investments or purchases.
Support for Families
The scheme indirectly supports the entire family by enhancing the financial capacity of women, leading to better living conditions and access to essential services such as education and healthcare.
Conclusion
The BISP Bachat Scheme stands as a beacon of hope for many impoverished families in Pakistan. By promoting savings and providing additional financial incentives, the scheme not only alleviates poverty but also empowers individuals, especially women, to take charge of their financial futures.
Moreover, participation in this program is a significant step toward achieving financial stability and independence, enabling beneficiaries to better navigate the challenges of everyday life.