GOAL CALCULATOR

The goal calculator can be used to identify the amount of time it will take to achieve a goal based on the goal value and frequency of savings. This feature, hence, enables the user to figure out the feasibility of creating a goal based on the regular contribution amount for a defined period.

The user needs to enter the goal details along with his targeted amount. The outcome will be based on values entered by user.

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Goal Category

Field Name

Description

Goal Category Card

Category card enabling the user to create a goal from the available list. E.g. Shopping, Education, Vacation etc.

To create a goal

Enter Goal Amount

Field Name

Description

Enter Goal Amount

The target amount to be saved for goal.
  1. In the Enter Goal Amount field, enter the target amount.
  2. Click Proceed. The Goal Calculator screen appears.
    OR
    Click Cancel to cancel the transaction.

Goal Calculator

Field Name

Description

Your Goal Amount

The targeted amount of your goal.

Have you already saved something for it?

The amount the user has saved already for the goal or willing to add some amount towards achievement to begin with

The Remaining Amount

The amount left after deduction of saved amount.

In how much time do you want to achieve this Goal?

Years, Months

This is the tenure of the user’s goal, i.e. when it has to be achieved.

How frequently do you plan to set aside money for this Goal?

The frequency of the regular contributions.

The options are

  • Quarterly
  • Monthly
  • Weekly
  2. In the Have you already saved something for it? field, enter the amount which you have already saved for the goal.
  3. From the In how much time do you want to achieve this Goal? list, select the appropriate years and months i.e. time frame in which the user plans on achieving his goal.
  4. In the How frequently do you plan to set aside money for this Goal? field, select the appropriate option. The screen section displaying Your Monthly Contribution based on the data entered and graph displaying your contribution and bank's contribution appears .
    The screen displays a bar chart showing How are we helping you achieve it? This displays the amount paid by user and the interest component provided by Bank and hence the total savings percentage.
  5. Click Set your goal Now! to to create the goal. The user is directed to the Login Page of the application.
    OR
    Click Cancel to abort the goal creation process.

FAQs

ClosedWhat do the “you pay”, “We pay” fields suggest?

You pay is the amount, the customer contributes towards his goal, while the We pay component is interest accrued by the bank towards fulfillment of the goal.

ClosedCan the customer calculate how much time he will need to achieve a Goal, if he pays x amount every month for 2 years?

The goal calculator helps the customer to identify the amount he needs to contribute frequently so that he can achieve his goal within the desired time frame. Reverse calculation is not possible.

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