7 FAQ

  1. How do I set a budget for a one-time expense?

    You can budget a one-time expense by selecting the option This Month from the Periodicity field while creating the budget.

  2. How can I identify how much I have spent against a set budget?

    The bar graph displays the amount consumed against a budget as a percentage value. The amount spent can also be viewed in terms of actual amount value by hovering over the bar graph.

  3. Can I edit my Goal amount?

    Yes, you can adjust your goal amount as per your requirements; however the amount should be within the range of the product under which you have created your goal.

  4. Can I change the maturity instructions of my goal after it has been created?

    Yes, you can change these maturity instructions by selecting the option to edit a goal from the Goal Details page.

  5. Can I stop the standing instructions set for a goal?

    Yes, you can stop, alter and restart the standing instructions defined on a goal.

  6. How much can a user withdraw from a goal account?

    The user can withdraw a partial amount or the entire amount of the goal. Please note that if you withdraw the entire amount of the goal, the goal account gets closed. From there on the Goal can be viewed in the closed account section.

  7. What happens to the interest accrued in my Goal account if I withdraw some amount?

    The interest of the amount withdrawn for that period along with the penalty, if any, will be credited to the Goal account if it is active, in case of full withdrawal, the interest would be credited to the maturity account defined at the time of goal creation.

  8. Can a goal be funded from an account of a different currency than that of the goal account?

    Yes, however the total value will always be shown as per the base currency of account.

  9. Are the interest components added to my Goal account also visible in the Goal Details page?

    Amount with interest accumulated in the goal account appears on the Goal details page. Separate interest component is not shown.

  10. Can I view the transactions performed on my goal that is currently closed?

    No, you cannot view the transactions performed on a goal that has been closed.

  11. Is there a minimum amount I must contribute initially at the time of goal creation?

    Yes, the bank defines a minimum contribution amount for each goal product. At the time of goal creation, you are required to credit the goal account with an amount that is not lower than this minimum amount defined.

  12. Are there any validations on the standard instructions to be defined at the time of Goal Creation?
    Yes, the validations to be adhered to while defining standing instructions are as follows:
    1. The standing instruction must be set from a savings account you hold with the bank.
    2. The end date of the instruction should not be later than the date on which the goal ends.
  13. What do the values in the fields You Pay and We Pay displayed in the Goal Calculator page signify?

    The value displayed in the You Pay field is the amount that you contribute towards your goal, while value displayed in the We Pay component is interest to be accrued by the bank towards fulfillment of your goal.

  14. Can I calculate the time I will require to achieve a Goal if I contribute a certain amount every month?

    No, the goal calculator helps you to identify the amount you need to contribute at a defined frequency and time period. The Goal Calculator does not enable calculation of amount of time required to achieve a goal.