Siddhartha Goal Saver for Recurring Deposit

Recurring Deposits are one of the best and smartest ways to start saving for the future. Although it’s one of the best financial tools that i got but, the Banks are not fully promoting it like other Normal Banking products and schemes. As of now, only a few banks and finance companies like Global IME Bank, Laxmi Sunrise Bank and Manjushree Finance are offering this Recurring Deposits Scheme under different names like Goal Savings by Global IME Bank, Goal Saver by Siddhartha Bank. Whatever it is, but here we are focused on Siddhartha Bank’s Siddhartha Goal Saver.

Understanding the Recurring Deposit and How it Works

We all know that a Recurring Deposit is the preset discipline applied in saving with a preset amount in frequency (Monthly, Quarterly or any frequency) for a preset time with fixed Interest on that deposit. We can say it as a hybrid fixed deposit or flexible fixed deposits that are to be done in a systematic way. As like SIP plan, here also one should preset the Monthly (or any frequency) contribution for a fixed time period.

In simple terms, Siddhartha Goal Saver is SIP in Fixed Deposit that needs to be done every month with a fixed preset amount. It’s a mixed savings of both Normal Savings and Fixed Deposit, as it features both savings account and fixed deposit account nature.

In practical, here the users or account holders must plan a Monthly Installment, the number of tenures (In Months and Years), with the given current interest rate by the BFIs.

How Does It Actually Work?

When you open Siddhartha Goal Saver RD at Banks (From Mobile Banking), you agree to deposit a fixed amount of money every month up to a specified (set) tenure, like 5 years. So, here’s a breakdown for easy understanding.

• Fixed Installments: You have to choose a monthly amount (e.g., रू 5,000) that remains constant throughout the term.
• Tenure: The duration usually ranges from 6 months to 5 years.
• Interest Rates: The interest rate is typically locked in at the time of opening. It is usually higher than a standard savings account and often comparable to FD rates.
• Maturity: At the end of the tenure, you receive the Maturity Value, which consists of your total invested principal plus the compounded interest earned.

How are returns calculated? (Interest Calculation)

The core features of RD are interest on Interest. As with normal FD, your money is not held back in the main (primary savings account) when interest is earned from existing FD. But in Recurring Deposits, including this Siddhartha Goal Saver, the earned interests, which are to be credited at every quarterly closing in Nepal, will be added as a principal amount to your existing RD.

Suppose, if you started the RD of Monthly on May 17 2026 (3rd Jestha 2083), Rs 5000 for 5 years with a fixed 3.25% interest rate, then at the end of Ashad or 1st day of Shrawan, you will get an interest of Rs x, and that x will be added to your principal amount, principal +x = Rs new principal. So, this is how your earned interest becomes the principal and starts earning.

Here’s a breakdown:

1. Installment 1 (May 17): Earns interest for approximately 2 months (until mid-July).
2. Installment 2 (June 17): Earns interest for approximately 1 month (until mid-July).

Note: Only on 3rd Shrawan 2083, we have to pay the third installment, so until and as per our calculations, there will be only two monthly installments. So, we are only adding 2 installments here.

Using the simple interest formula for each installment.

The calculation for x

How to Open Siddhartha Goal Saver

Goal Saver is an online-based Recurring Fixed Deposit offered by Siddhartha Bank. Here are the practical steps to be followed to open Goal Saver.

Open Siddhartha Bank XP app in your Mobile Phone or web login in your are iin Mac or Desktop.

Under the Service Request tap on EasyBank,

Tap on Goal Saver, then tap on Open Goal Saver.

Confirm your Email address. If it’s Correct then tap on Yes, it’s correct. If not, then tap on No. Update Email to add a new email for OTP and other verification.

Under the Goal Saver Dashboard, here you will see the different Goals which you have to select as per your requirement.

Choose any goals, like here I am choosing Other Personal Goals. Tap on Set Goal near each goal,

Select the Plan Type: either Plan by Goal Amount or by Plan by Monthly Saving.

A. Plan by Goal Amount

Enter your Future Goal Amount under Total Goal Amount -NPR, like Rs 2,00,000.

Choose the no. of months up to you want to contribute to achieve the Total Goal Amount in Tenure (Months),

Set the Monthly Installment Deduction Date to Yes to set the auto-deduction from your Siddhartha Bank Account and change the deduction date. Set No if you want to start from today and to be deducted in same date in the next month and upcoming months.

Here you will see your Monthly Installment Amount,

Tap on Proceed, Get an OTP in your Mail

Enter the OTP, that’s all.

B. Under Plan by Monthly Saving

Enter the Monthly Installment Amount that you want to save every month, like Rs 5000

Set the Tenure (Months) like 50 months,

Set the Monthly Installment Deduction Date to Yes to set the auto-deduction from your Siddhartha Bank Account and change the deduction date. Set No if you want to start from today and to be deducted in same date in the next month and upcoming months.

Here you will see the Expected Maturity Amount,

Tap on Proceed, Get an OTP in your Mail

Enter the OTP, that’s all.

That’s all about the Siddhartha Goal Saver Recurring Deposit. By getting this tutorial, you will be able to start goal savings features of Siddhartha Bank to start investing without worrying and preset fixed interest rate.