Introduction on BISP Bachat Scheme
The BISP Bachat Scheme is a new innovation initiated by the Government of Pakistan under the Benazir Income Support Program (BISP). This scheme provides financial assistance for underprivileged citizens of Pakistan. Bachat scheme involves saving money regularly on monthly and receiving four times the amount of those regular savings after two years or 40 to 50% more.
The Bachat Scheme mainly assists low-income families to establish permanent financial stability for the entire ill-fated poor population throughout the country.
حکومت پاکستان نے بے نظیر انکم سپورٹ پروگرام (BISP) کے تحت شروع کیا ہے۔ یہ اسکیم پاکستان کے پسماندہ شہریوں کے لیے مالی امداد فراہم کرتی ہے۔ بچت اسکیم میں ماہانہ باقاعدگی سے پیسے بچانا اور دو سال کے بعد ان باقاعدہ بچتوں سے چار گنا یا 50% زیادہ وصول کرنا شامل ہے۔
بچت اسکیم بنیادی طور پر کم آمدنی والے خاندانوں کی مدد کرتی ہے تاکہ ملک بھر میں پوری بدقسمت غریب آبادی کے لیے مستقل مالی استحکام قائم کیا جا سکے۔
Also Read: Benazir Taleemi Wazaif: Information | Check Online by CNIC | Registration
How to Apply for BISP Bachat Scheme
Under the BISP Bachat Scheme, a savings account has to be opened where every month, a certain amount is deposited. The government will assist these people by giving them a 40% increase in the total savings after two years, thus boosting the finances of the receivers significantly.
Every participant is requested to deposit between Rs. 1000 to Rs2,000 in the savings account every month. This amount is kept in the account for two years, where the participants are not allowed to withdraw their principal amount, but they can withdraw bank profits and the BISP bonus during the two years.
At the end of the two years, one can withdraw the entire amount with the 40% increase on the amount deposited, and it is a good saving for the future while receiving financial support from the government.https://8171.bisp.gov.pk/
BISP Bachat Scheme Online Application Process
The Bachat Scheme can be applied for at the local BISP office or through the online portal. Locals of the cities where the scheme is operational are in high numbers, including Islamabad, Multan, Lahore, and Karachi.
Also Read: BISP Jobs for Naib Qasid Chokidar, and Drivers Know How To Apply
Apply for the Bachat Scheme of BISP
Online Registration
- You may reach out to the official BISP Bachat Scheme Portal.
- Put in your CNIC number on the application form.
- After entering CNIC press the confirm button.
It will display a message on the screen showing the status that you are or not enrolled into this scheme
Dynamic Survey
If you receive a message like your CNIC record can’t be found, then don’t worry! Just make a visit to the nearest Tehsil office and fill dynamic survey. Once the survey completes, then you can enter into the scheme and even start saving in the savings account.
Key Instructions for Enrollment
In order to access the BISP Bachat Scheme, certain key instructions and requirements apply:
Opening a Savings Account: You have to open an account with a participating bank from where you can make monthly contributions. This is the saving account and also the one from which you will collect your returns later.
Monthly Contributions: Each participant has to deposit between Rs. 500 and Rs. 1,000 every month in his account. This amount is blocked for two years, but you will still enjoy the contribution from the government.
Restrictions on Withdrawals: During the two-year period, participants cannot withdraw the principal amount. However, they can withdraw bank profits and any BISP bonus earned during this time.
Exit Policy: While you are encouraged to stay in the program for the full two years, you can exit the program at anytime. However, if you choose to leave the program prior to the completion of two years, then you may not re-enter the program until the end of the then current cycle.
FAQs
Who Eligible to apply for the BISP Bachat Scheme?
Any resident or non-resident of cities where the BISP Bachat Scheme is active (such as Islamabad, Multan, Lahore, and Karachi) can apply. The program is expected to expand to other regions in the future.
How Do I Apply for the BISP Bachat Scheme?
You can apply by either visiting the BISP office or through the online portal. The application process is free, and no fees are charged.
How Does the Savings Account Work?
You need to deposit Rs. 500 to Rs. 1,000 in the savings account every month. Your principal will be kept locked for two years but you can withdraw the profits and BISP bonuses during that period.
Can I Withdraw My Money Before Two Years?
You are allowed to leave the program anytime, but you will not be allowed to join again till the current cycle is over.
What do I do if my CNIC is not registered?
If your record is not found, then you need to visit the nearest tehsil office and fill the dynamic survey, which will enable you to register under this scheme.
Final Thought
The BISP Bachat Scheme is one of the best saving schemes for Pakistan’s underprivileged families as it provides them with an opportunity to save money and get financial aid. With a 50% return on savings in two years, this scheme can easily bring about significant improvement in the financial stability of its participants. Whether you apply online or in person, the process is straightforward, and the government’s commitment to supporting the people of Pakistan makes this scheme an essential step towards alleviating poverty.
For more information and to apply for the program, visit the official BISP website or your local BISP office.