Comment on Introducing Balance - Clever ways to save

Balance commented on 05 May 2017, 12:31 AM

Hi Abhishek,

Thanks you for using Balance, we are indeed a new concept and looking to make saving up easier for all. 🙂

Here are the answers to your queries:

1. There are no pay-in or pay-out charges. Balance is a free to use app. Absolutely free, with no charges at all.

2. You can withdraw as little as Rs 1.

3. There is no exit load for withdrawal before completion of goal. For all goals, apart from tax saving there is no lock-in period, your savings are completely liquid. The tax saving goal comes with a 3 year lock in period.

4. Saves in all goals apart from Tax saving are invested in the ICICI Prudential Money Market Fund- Growth- which has no exit load and no lock in. Savings through the tax saving goal are invested in ICICI Prudential Long Term Equity Fund- Growth, which comes with a 3 year lock-in period and zero exit load.

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