Taqadum Savings Program: Who Qualifies and What You Get
Learn how beneficiaries of social support programs can earn incentives by saving a portion of their benefits through the Taqadum Savings Program.
The Taqadum Savings Program is a financial initiative designed to provide extra incentives to individuals who choose to save a portion of their social support benefits.
Who it's for
This program is available specifically to those who are currently listed as beneficiaries of social support programs. If you receive regular social assistance payments, you may be eligible to participate in this savings initiative.
What you get
The primary benefit of this program is the receipt of financial incentives. When you choose to save a specific portion of your monthly social benefits rather than spending the full amount, the program provides bonuses to help increase your total savings. This is intended to help participants build a financial cushion for the future.
What it costs you
To take advantage of these incentives, you are required to open a dedicated savings account. This account must be used specifically for your savings to ensure the program can track and apply the incentives correctly. You will need to manage your social benefit transfers to ensure a portion is directed into this new account.
The catch to know
The most important thing to understand before joining is that your money is not immediately liquid. To qualify for the bonuses, your funds must remain locked in the account for a specific period of time. If you withdraw the money before this designated timeframe is up, you will likely miss out on the extra incentives.
How to apply
- Verify your status as a recipient of social support programs.
- Open a dedicated savings account through your financial institution to hold your funds.
- Set up a process to deposit a portion of your social benefits into this account.
- Check the official Ministry of Human Resources resources for specific details on the current incentive rates and the required lock-in periods.