How Can I Cancel or Liquidate a Northquest Finance Savings Plan?
Northquest Finance offers different types of savings plans, each with specific rules for cancellation or liquidation. This guide explains the options available for flexible and fixed savings plans, as well as the steps to access your funds.
Types of Savings Plans
Flexible Plans: Includes Qflex and AutoSave plans. These plans allow you to liquidate and withdraw funds at any time without penalties or restrictions. Liquidating a plan stops future automatic deductions.
Fixed Plans: Includes Qlock and strict savings plans. These plans are fixed-term and cannot be liquidated or withdrawn early. Funds remain locked until the plan reaches maturity, at which point the principal and accrued interest become available for withdrawal.
Rules for Flexible Plans
Flexible plans, such as Qflex and AutoSave, can be liquidated at any time. This allows you to access your funds immediately and stops any future deductions.
To liquidate a flexible plan, use the Northquest Finance app. Open the Plan section, select your savings plan, and tap Liquidate. Follow the prompts to confirm the amount to withdraw. The funds will be transferred to your wallet, from which you can withdraw them to your linked bank account.
Rules for Fixed Plans
Fixed plans, such as Qlock and strict savings plans, cannot be liquidated or withdrawn early, even in emergencies. These restrictions are outlined in the plan’s terms and conditions.
Funds in fixed plans become accessible only after the plan matures. At maturity, the principal and accrued interest (minus any upfront interest already received) will be available in your wallet for withdrawal.
FAQs
What if I accidentally set up a one-year savings plan?
If the plan is flexible (Qflex or AutoSave), you can liquidate it at any time to access your funds.
If the plan is fixed (Qlock or strict), you must wait until maturity to access the funds.
Can I withdraw funds for an emergency?
Flexible plans allow immediate withdrawal without penalties.
Fixed plans do not permit early withdrawal, even in emergencies.
How do I withdraw funds after liquidating a flexible plan?
Open the Northquest Finance app, tap Withdraw next to Add Money on the dashboard, and follow the prompts to transfer the funds to your linked bank account.
By understanding the rules and processes for each type of savings plan, you can make informed decisions about managing your savings with Northquest Finance.