iWish from ICICI bank: A flexible Recurring deposit


One of the leading private banks in India, ICICI bank is offering a very good option of Flexible Recurring deposit by the name iWish.

This is really a great concept and offers a great flexibility to user. Biggest plus point of iWish is use of Goal based saving and use of Social networking to share the goals and wishes with family and friends. User can see their savings as the percentage of goal achieved, this gives an added push for the user to save more and achieve goal.

Now the first question, who can open an iWish account? Anyone having a savings account with ICICI bank and having net-banking activated can open a savings account.

Process of opening an iWish account

1.    Login to your account using ICICI net-banking.  (http://www.icicibank.com/)


   

2.    Go to Exclusive offerings à iWish – flexible RD




3.    Click on Start Now and create a new goal



Now you are all set to rock and roll.

Now comes one more important question when we have traditional RD why we should go for iWish?



Details about iWish flexible RD:

a.    For a goal; Minimum amount is Rs 5 thousand and Maximum amount is Rs 10 lakh.
b.    Minimum tenure is 6 months and Maximum tenure is 10 years.
c.    Initial deposit can range from Rs 500 to Rs 49,999/-
d.    You cannot create more than 10 active goals.
e.    There is no penalty if money is not deposited in account every month.
f.     To close any of your goals, you need to raise an online request.
g.    If you share your goals publicly, then your family and friends can also deposit money for your goal using the gateway of ICICI bank.

Rate of Interest earned on iWish account 


as on 16th July 2016 . Interest rates are subject to change, please check ICICI website for confirmation on existing rates.

What makes iWish better than traditional FD and RD?


Till now we have discussed mostly about positives of iWish, now time to check the shortcomings.

Disadvantages of iWish:

1.    Not available for regular public which do not use online net-banking facility.
2.    No penalty for missing monthly contribution is double edged sword it gives the leeway to let customer skip come contributions.
3.    Online request is necessary to close a goal. No automatic facility available on reaching a target goal.

Verdict time


In my opinion, iWish is a great instrument provided by ICICI bank. If you have any plan to go for a recurring deposit, you should definitely opt for iWish for its unmatched flexibility and ease of transactions. Do try and let me know your views on the same.

Disclaimer : Images, interest rates and comparisons are used from ICICI bank website. All these are used only for review purpose and any kind of ownership is not claimed.

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