BISP Bachat Scheme latest update January 2024

The government has introduced a savings program called the Bachat Scheme as part of the Benazir Income Support Programme, specifically aimed at daily wage workers and others in need.

BISP is now accepting applications for this scheme, initially rolling out in various cities including Islamabad, Karachi, Muzaffarabad, Neelum, Peshawar, Lakki Marwat, Quetta, Qila Saifullah, Lahore, Multan, Sukkur, Gilgit, and Astore.

People eligible for the program are identified and selected through a scientific process known as Proxy Means Test (PMT) using the National Socio-Economic Registry (NSER) survey. The welfare status of a household is determined on a scale from 0 to 100 through the PMT.

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Eligibility Criteria for BISP Bachat Scheme

Following is the eligibility criteria to become part of the BISP savings scheme:

The PTM score of the applicant must be between 0 to 40 to join the programme

To enroll in the Bachat scheme, individuals need to undergo the National Socio-Economic Registry (NSER) survey within the Benazir Income Support Program. After completing the survey, they can proceed to apply for the program.

Where to Apply for Bachat Scheme?

People can visit the following site to apply for the scheme: https://savings.bisp.gov.pk/

Key Instructions for Applicants

Applicant must have a saving account in a bank

Those selected for the programme will deposit Rs500 to Rs1,000 every month in the account

Customers using the BISP savings scheme will receive an extra 40% on top of their savings.

The program will run for two years, and after this period, customers can withdraw their total amount.

While they won’t be able to access their initial savings during this time, they can earn profits on the deposited amount.