Everybody has financial goals that we want to achieve – whether it is buying a first car, funding for education, planning for vacation or saving for emergencies . But without proper planning, these goals often remain out of reach. To overcome this challenge, Global IME Bank has launched an innovative feature called Goal Based Savings.
What is Goal Based Savings?
Goal Based Saving is a feature introduced by a Global IME Bank which helps individual customers to prioritize saving to achieve their goal. It allows users to set financial targets and save accordingly. This scheme is available for mobile banking users, who can manage their savings for future needs. Goal Based Savings is part of Personal Financial Management feature of Global Smart Plus.
Under this scheme users can save a minimum of Rs. 50,000 to a maximum of Rs. 5,00,000 for a period of 6 months to 24 months.
Key Features of Goal Based Savings
1. Flexible Goal Amounts
Not every financial dream is big. Users can set an affordable amount that suits their needs.
2. Tenure Options
Customers can choose a saving period of 6 months to 2 years. This flexibility is suitable for both short-term and long-term savers.
3. Automated Savings
This scheme allows automatic deduction of money from primary accounts. Users can set and forget the saving date as it automatically transfers the funds on the due date. Manual transfer is also available for those who want more control.
4. Track Progress Anytime
Users can view goal progress, track statements in real time using the Global Smart Plus app. Also can break the goal directly from the app if required without visiting the bank physically.
5. Competitive Interest Rates
This scheme provides higher interest rates compared to regular savings accounts, ensuring your money grows faster while saving.
6. Round up Savings
Every time when customers make a merchant QR payment, a portion of the transaction is automatically saved towards their goals. There are 3 options in round up saving features: nearest two, flat amount, and percentage. Customers can activate this roundup facility as per their needs.
How to Start Your Goal Based Savings?
To start a goal based saving a customer must have an account on Global IME Bank and registered on mobile banking service.
- Open the Global Smart Plus app.
- Go to the Hub section at the bottom of the screen, then tap on the Goal Based icon in the Personal Finance Management section.
- Choose the goal name what are you saving for or name it as per your needs.
- Enter an amount you want to save. The amount should be between 50,000 to 5,00,000.
- Choose a tenure period between 6-24 months.
- Accept the terms and conditions and click continue.
- Select the Saving Mode.
- Automatic Deduction: automatically deducted monthly amount from your primary account.
- Manual Deposit: Contribute when convenient.
- Activate Round-Up Savings (Optional)
Turn on the feature to save extra through QR transactions. - Users can monitor growth, contributions, and statements anytime through the app.
Terms and Conditions for Goal Based Savings
- The customers must have an account on Global IME Bank and be registered in mobile banking.
- The minimum goal amount should be 50,000 and maximum amount should be 500,000. The first installment must be deposited when creating the goal.
- The minimum duration should be 6 months and maximum duration should be 2 years.
- The interest rate is based on the bank’s fixed deposit rates published monthly. But once a goal is created, the rate stays fixed until maturity. The interest rate is compounded quarterly after tax deduction.
- Only your primary account can be used for the Goal Based Savings Account and for round-up transactions.
- Only monthly installment options are available.
- Customers can cancel their goal anytime via mobile banking. Interest rate will be paid at the lowest saving rate applicable from the opening date.
- If your account lacks funds on the due date, the system won’t retry automatically. You can manually make missed payments later. The goal will mature on its schedule date, even if you missed installments.
Goal Based Savings is not just a financial product, it is a tool that transforms dreams into reality. With its modern and smart features customers can save effortlessly.
Start your Goal Based Savings plan today and achieve your dreams — download the Global Smart Plus app now to get started!
Frequently Asked Questions
How is it different from a normal savings account?
Unlike a regular savings account, Goal Based Savings is target-oriented. It includes features like automatic saving, round-up savings, real-time progress tracking, and higher motivation to achieve specific goals.
Can I withdraw before the tenure ends?
Yes, customers can break their goal and withdraw funds early from Global Smart Plus. However, conditions may apply depending on the stage of saving.
Who can use Goal Based Savings?
Any customer with the Global Smart Plus mobile banking app can access this scheme.
What if I missed my payment on the due date?
If you missed payment on the due date you can pay later manually using Global Smart Plus.
Does the scheme provide interest on savings?
Yes, Global IME Bank offers competitive interest rates based on the fixed deposit rates published by the bank.
