2 mins Read | 3 Years Ago

5 benefits of investing in iWish

5 benefits of investing in iWish

What is ICICI Bank iWish RD?

iWish is a Recurring Deposit offered by ICICI Bank. iWish is quite an innovative take on the classic Recurring Deposit. It offers customers the flexibility to customise the amount paid as well as the option to skip an instalment. A traditional Recurring Deposit expects a fixed instalment to be paid out each month on the same day. Recurring Deposits typically offer the same interest rate as a Fixed Deposit. However, with the iWish flexible RD feature, customers can also take advantage of the falling interest rates this year.

Compared to other online products, iWish offers its users both a Savings Account and the benefit of internet banking. While it is targeted towards the younger segment of individuals with the goal of creating a savings corpus, iWish can be used by elders alike to create a corpus for creating an emergency savings corpus. Hence, iWish is a tool to help you attain your financial goals. 

Key benefits of ICICI Bank iWish Recurring Deposit:

1. Attractive interest rate

There are two iWish interest rates, one rate for Senior Citizens and the other for younger account holders. iWish offers its younger customers a 4.9% interest rate per annum. For Senior Citizens, the iWish interest rate is 5.4% per annum.

2. Set multiple financial goals

With iWish, one has the option to set financial goals and build a Recurring Deposit. One can set a maximum of ten financial goals at a time. This offers enough range to develop and attain one’s financial goals. Hence, the goal amount can be set to a maximum limit of Rs 10 lakh. The term for ICICI Bank iWish Recurring Deposit can range from six months to a whopping ten years. You can easily set the duration of the goal for anywhere during this time, making your goals easily achievable. 

3. Flexible Monthly Instalment

The maximum initial deposit amount for your ICICI Bank iWish Recurring Deposit is Rs 49,999. In your monthly instalment, you can choose to pay more or less as per your wishes amount, as per your needs. However, once the goal amount is reached, you cannot pay beyond this limit. With iWish, you receive no penalty for skipping your deposit. Hence, you have the option to pay later or skip a deposit in case of financial emergencies. You can increase or decrease the number of payments you want to make each month. This way you can easily make up for any missed out payments.

4. Partial Withdrawal Option

By closing your ICICI Bank iWish Recurring Deposit earlier than your goal is achieved, you have the option to withdraw the money you saved. This is an option that can be used if you run into any financial emergencies. The interest earned will correspond to the time in which you had remained invested prior to withdrawal. A penalty for premature closure of your account will be levied. However, this is a minimal cost. Even once your goal is achieved, your iWish Recurring Deposit will not automatically close. To close your ICICI Bank iWish Account, you will need to place a request online or through the ICICI Bank mobile app. 

5. Achieving goals early

One of the core advantages of iWish flexible RD is that since you can vary your contributions to your recurring deposit each month, many people are able to attain their financial goals earlier than planned. Your money is not locked in for longer periods this way. The set duration is for your convenience but you can easily attain your goal prior to this time reaching maturity. As long as you leave your funds in your iWish Account till maturity, the rate of interest you earn on it will be guaranteed to you. Let’s assume you reach your financial target prior to maturity of your ICICI Bank iWish RD. As long as you choose to keep these funds in that account till maturity, you will receive interest on them.


iWish is a convenient deposit to help you attain your financial goals. In case you are interested in starting your own iWish Deposit, do ensure you take advantage of the iWish calculator here. Using the iWish calculator, you can easily plan your investments, the duration for which you want your deposit to run, and how long it will take for you to save up the amount you wish to save.Click here for the iWish calculator and learn more about this savings tool by ICICI Bank. 




The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

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