It works as follows:
1. Identify your goal. Some common goals are bike, home, and emergency fund.
2. Set a saving target for this goal (e.g. Rs. 1500 per month, or Rs. 500 per week).
3. Save money regularly. We will send you reminders, so you dont forget. You can even opt for automatic savings.
WHERE DOES MY MONEY GO?
When you sign up for EasyPlan, we will open a liquid mutual fund account for you with ICICI Prudential. A liquid mutual fund is a very low-risk fund that invests in loans to the government and large companies. Liquid mutual funds tend to grow 7 - 8% per year, which is more than twice what you earn in a regular bank account.
IS IT SAFE?
We analysed the behaviour of ICICI Prudentials liquid fund since the date it was created. In all of its history, the fund has never lost money for investors who kept their money in the fund for at least one week. If you kept your money in the fund for only one day, the maximum loss has been 3 paise on Rs. 100 invested.
As per government regulations, the liquid mutual fund account we open for you is linked to your personal bank account. Therefore, your savings can only be withdrawn back to your bank account. This is an important security measure to ensure that fraudsters do not steal your savings.
CAN I WITHDRAW MY MONEY?
You can withdraw your money instantly, anytime. The amount available for instant withdrawal is Rs. 50,000, or 90% of your total investment amount, whichever is lower. The balance amount is credited to your bank account in 1 - 2 business days. There are no fees or penalties for withdrawing your money.
WHAT IF I MISS MY WEEKLY / MONTHLY SAVINGS?
No worries! EasyPlan is completely flexible, and will never charge you a fee or penalty for missing your weekly or monthly savings. If you dont feel like you can hit your target in a given month, you can simply save a smaller amount, or skip the savings entirely.
IS IT FREE?
EasyPlan is completely free for you to use. When you save with EasyPlan, we earn a small commission (less than 0.1%) from ICICI Prudential. This commission helps us run our business and offer you the best experience possible.