Frequently Asked Questions (FAQs)
1. What is Siddhartha Goal Saver Account?
Siddhartha Goal Saver Account is a recurring deposit account designed to help customers save a fixed amount regularly for a specific financial goal. It supports disciplined savings for goals such as education, marriage, family events, travel, home purchase, career development, emergency fund creation, or other personal financial needs.
2. How does Siddhartha Goal Saver Account work?
Customers open the account through Siddhartha Bank Mobile Banking by selecting a saving goal, monthly installment amount, tenure, and installment date. The selected installment amount is automatically transferred from the customer’s Siddhartha Bank savings account to the Goal Saver Account on the chosen date every month. At maturity, the accumulated deposit amount along with applicable interest is credited to the customer’s operative account.
3. Who can open Siddhartha Goal Saver Account?
The account can be opened by individual customers of Siddhartha Bank. Minors can also open the account through their guardian, and the account will be operated by the guardian as per the Bank’s rules.
4. What are the basic requirements to open this account?
To open Siddhartha Goal Saver Account, the customer must have a Siddhartha Bank savings account and must be registered for Siddhartha Bank Mobile Banking. The savings account will be used to debit monthly installments.
5. Can Siddhartha Goal Saver Account be opened from a branch?
Siddhartha Goal Saver Account is offered through Siddhartha Bank Mobile Banking. Customers who need assistance may visit the nearest Siddhartha Bank branch for support in registering for mobile banking or understanding the account opening process.
6. How can I open Siddhartha Goal Saver Account through Mobile Banking?
Customers can log in to Siddhartha Bank Mobile Banking, go to EasyBank, select Goal Saver, choose or enter the goal purpose, provide either the target goal amount or monthly installment amount, select the tenure, choose the installment date, review the details, accept the digital terms and conditions, and submit the request.
7. What are the available options while opening the account?
Customers can open the account in two ways. They can enter the final goal amount and tenure, after which the system shows the required monthly installment amount. Alternatively, they can enter the monthly installment amount and tenure, after which the system shows the estimated maturity amount.
8. What is the minimum and maximum monthly installment amount?
The minimum monthly installment amount is NPR 1,000 and the maximum monthly installment amount is NPR 100,000.
9. What is the minimum and maximum tenure of Siddhartha Goal Saver Account?
The minimum tenure is 12 months and the maximum tenure is 120 months, which is equivalent to 10 years.
10. What interest rate is applicable on Siddhartha Goal Saver Account?
The applicable interest rate will be as published by Siddhartha Bank for Siddhartha Goal Saver Account or recurring fixed deposit from time to time. Customers should check the Bank’s latest published interest rate before opening the account.
11. How is interest calculated and paid?
Interest is calculated on the daily outstanding balance of the Goal Saver Account. Interest is compounded quarterly and paid at maturity together with the accumulated deposit amount.
12. Can I choose my own saving purpose?
Yes. Customers can select or specify the purpose of the Goal Saver Account through mobile banking. Examples include Education & Career, Marriage & Family Events, Home & Real Estate, Travel, Vacation, Emergency Fund, Vehicle Purchase, Business or Career Development, or other personal goals.
13. Can I open more than one Goal Saver Account?
Yes. Customers can open multiple Goal Saver Accounts for different financial goals. For example, a customer may open one Goal Saver Account for education, another for travel, and another for home purchase.
14. Can I change the monthly installment amount after opening the account?
No. Once the monthly installment amount is fixed, it cannot be changed during the account tenure.
15. Can I choose my monthly installment date?
Yes. Customers can choose a convenient monthly installment date while opening the account.
16. How will the monthly installment be paid?
The monthly installment will be automatically debited from the customer’s Siddhartha Bank savings account through Standing Instruction on the selected installment date.
17. What happens if there is insufficient balance on the installment date?
If the savings account does not have sufficient balance equal to or greater than the installment amount, the Standing Instruction will not be executed and that month’s installment will be marked as missed.
18. Is there any penalty for missing an installment?
No. There is no penalty for missed installments. However, missed installments will remain unpaid and will reduce the final maturity amount. Customers can view missed installments in the Mobile Banking application.
19. What happens on maturity of the account?
On maturity, the Goal Saver Account will be automatically closed and the maturity amount, including principal and applicable interest, will be credited to the customer’s operative savings account after deduction of applicable charges, if any.
20. Can I withdraw or close the account before maturity?
Yes. Premature settlement is allowed. Premature settlement will be governed by the Bank’s prevailing fixed deposit premature withdrawal rules and applicable Standard Tariff and Charges.
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