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 latest good news:BISP Kafalat Savings Scheme Registration Online

BISP Kafalat Savings Scheme Registration Online

The Benazir Income Support Programme (BISP) continues to be a beacon of hope for the underprivileged in Pakistan. In its latest endeavor, the organization has introduced the Kafalat Savings Scheme, targeting individuals with PMT scores between 10 and 40. This innovative scheme is poised to uplift the poor and deserving population, offering them a chance to develop financial stability and secure their future. If you fall within the eligibility criteria, the process of registering for this scheme is straightforward and can be done online or by visiting the BISP office.

Eligibility Criteria and Beneficiaries Ability

The Kafalat Savings Scheme is tailored for individuals with PMT scores ranging from 10 to 40. The initial phase covers various districts, including Islamabad, Manzarabad, Neelam, Peshawar, Lucky Marwat, Quetta, Qila Saifullah, Karachi, Sukkur, Lahore, Multan, Bhagat, and Astoor. To determine your eligibility and submit an application, you can visit the BISP Official Website

BISP Kafalat Savings Scheme
BISP Kafalat Savings Scheme

General Eligibility:

  • Nationality: Pakistani citizen with a valid CNIC
  • Age: 18 years or above
  • Household Income: Must fall within the approved Proxy Means Test (PMT) cut-off score. Currently, the score is 32 for regular families and 37 for families with a differently-abled person.
  • Geographical Location: Currently, the scheme is only available in selected districts. These include: Gilgit, Astore, Muzaffarabad, Neelam, Peshawar, Lakki Marwat, Lahore, Multan, Quetta, Qila Saifullah, Karachi, and Sukkur.

Procedures for BISP Kafalat Savings Scheme Registration

  1. Open a Savings Account: Participation in the scheme begins with opening a savings account in a bank of your choice.
  2. Deposit Monthly Amount: Participants in the Benazir-2 scheme are required to deposit a monthly amount, ranging from Rs.500 to Rs.1000, into their bank accounts.
  3. Additional Benefits: BISP users will enjoy an additional 40% of their savings, complementing the unique benefits provided by the Income Support Program.
  4. Scheme Duration: The scheme operates over two years, allowing participants to withdraw the entire amount saved at the end of this period.
    BISP Kafalat Savings Scheme
    BISP Kafalat Savings Scheme

Conditions for the BISP Savings Scheme

  • No need to open a new savings account; participants can utilize their existing bank accounts.
  • Monthly deposits ranging from Rs.500 to Rs.1000 into the bank account are mandatory.
  • Participants receive an extra 40% of their savings under the Benazir Income Support Program.
  • The scheme has a fixed duration of two years, and participants can choose to opt-out at any time. However, rejoining may not be possible until the scheme is operational.

(FAQs)

  1. Q: Is there any fee for registration in the BISP Kafalat Savings Scheme?

    • A: No, there is no registration fee for the scheme.
  2. Q: How can I register for the BISP Savings Scheme?

    • A: You can register online through the official website or by visiting the BISP office.
  3. Q: What is the duration of the scheme?

    • A: The scheme has a duration of two years, and participants can withdraw their entire amount at the end of this period.

Conclusion

The BISP Kafalat Savings Scheme emerges as a valuable initiative for the economic empowerment of the less privileged. By adhering to the simple registration procedures, individuals can not only secure their financial future but also benefit from the additional support provided by the Benazir Income Support Program. This scheme presents a unique opportunity for participants to actively contribute to their financial well-being. Don’t miss out on the chance to be a part of this transformative initiative.

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