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New Features
New Features

We believe every dream
is just a target away

Our V Target Savings is for dreamers with big ambitions.
With 7% compounded interest per annum, the question for you is how far do you want to go?
Open a Target Savings Account

Because you are committed, we are committed

Open a Target Saving account, and we will match 20% of your first contribution towards the desired target amount.
Target Savings Account

Target Savings Calculator

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HOW TO CREATE A TARGET SAVINGS ACCOUNT

Frequently asked questions

All FAQS

What does 20% of the first contribution mean?
20% of the first contribution is the bonus amount from V depending on the amount invested. E.g if you decide to make a monthly contribution of N10,000 V will give you a bonus of N2,000 in the 1st month. Please note that the 8% interest is applicable on the addition of both the bonus and the amount invested.
Can a parent open his/her child’s target savings account through the app?
Yes, parents should open their children’s accounts on V.
Will an account be opened for the child or the parent’s existing account will be used?
The parent will create the new target savings account under their existing universal account in the form prescribed CDTS /Child’s name/Child’s Age. For example: CDTS / Wale /5years. The monthly installments will also be debited from this account.
When I start with a contribution of N100,000 can I contribute less than N100,000 in subsequent months?
You can contribute any amount to the target saving, however, to earn the Children’s Day Target Savings Bonus at maturity, your monthly installments must be equal or more than your first month contribution.
Can someone pay N1.2m at ago and wait for 365 days to get the N100,000 matching fund plus the 8% compounded?
No, you cannot. To qualify for the CDTS bonus, a monthly deposit of the initial start-up amount must be made. If the monthly contribution of same amount is not received, the CDTS bonus will be reversed and the balance will continue earning interest at 8% p.a compounded monthly.
Is the account creation available on the app?
Yes, the account creation process is available on the app. All you need to do is:
  • Click the “More” button at the bottom of the screen
  • Click “Open Target/Fixed Deposit Account”
  • Select the Target Savings Account option
  • Set a monthly contribution.
  • Target Description should be: CDTS /Child’s name /Child’s Age
Is there an age limit for the children who the target savings account will be created for?
You can create the Children’s Day Target Savings Account for children between 0-18 years of age.
When will the CDTS Bonus be credited?
The bonus will be credited within 24 hours of creating your CDTS
What do I do if I do not receive the CDTS Bonus?
Please log on to the V app and send a short mail via the “contact us” button.
What if I choose a start date that does not fall within the closing date?
The CDTS Bonus will apply to deposits that start on or before 31st May 2020
Is the interest rate flat or annualized?
The 20% bonus is a flat bonus. Your child gets 20% of the initial/first month contribution within 48 hours of setting up the CDTS account. Additionally, an interest rate of 8% per annum accrues monthly and is compounded monthly on the entire balance.
If I break the target savings at any point in time will I lose the interest accrued on the contribution from V in addition to the contribution itself?
If you break your Children’s Day Target Savings Account before 6 months, you lose all the contribution from V, also target saving has a minimum of 6 months tenor, so early liquidation will also lead to a surcharge on accrued interest. However, if you break the Children’s Day Target Savings Account after 6 months, you lose only 50% of the contribution from V but the 8% interest will still stand NB: Only complying deposits for the full period will enjoy full benefits.
Will the interest accrued on the contribution from V also add to my own regular contributions?
The 8% interest rate on the Children’s Day Target Savings Account is applicable to the first contribution in addition to the CDTS Bonus.
Will there be a need to provide my child’s birth certificate when I wish to liquidate the account?
No, there is no need to provide the child’s birth certificate to liquidate or to book your Children’s Day Target Savings Account. Ensure the target description has CDTS/Child’s name/Child Age for easy tracking.
What is the maximum number of children I can create a Target Savings account for to enjoy the CDTS bonus?
You can create a CDTS account for as many children as you want.
If I skip one month’s payment can I pay double my regular contribution the following month without losing the bonus from V?
If you skip a payment before 6 months, then you lose the bonus from V but if you skip a payment after 6 months you only lose 50% of the bonus from V. This does not affect your accrued interest as long as there is no liquidation and pay out from your target saving account.
How do I fund the target saving?
Once set up, your target saving will be funded from your selected primary universal savings account or your individual current account. Your target savings also generates a unique account number and you can fund this account directly from any bank. To fund from other banks, the account name will also be the name of the primary account holder. You can set up direct debits from other banks to this account.
Does the 20% bonus also accrue interest?
Yes, the 20% bonus from V also accrues the 8% interest rate
As a Veelager, how does this benefit me, and will multiple Target Savings accounts count for my active accounts?
The account profile will be counted as one. However, the total balances will be counted towards your balance target requirement. This also helps you ensure all your accounts are active and remain active.
In case of emergency, how do I liquidate the target saving?
Log into your app, click on “contact us” us and leave us a message quoting the account number of the target saving you want to liquidate and the account you want credited.

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