2 mins Read | 5 Years Ago

What Is The Best Flexible Recurring Deposit And How It Works

What is the best flexible Recurring Deposit and how does it work?

An RD is one of the easiest ways to start your savings. Unlike a Fixed Deposit (FD), where you need to invest a bulk amount, an RD lets you save small sums of money at fixed intervals. This way, your initial burden reduces and you can set aside a small amount towards your savings goals every month.

An RD may not work for you if your income or expenditures vary every month.

An RD may not work at all times. This is because our expenditures vary every month, like in the case of those who freelance or are into business, as their incomes vary every month.

So what happens if you cannot afford to put aside a particular sum every month? In such cases, a flexible RD scheme may suit you better.

A head-on comparison between the features of a regular RD and a flexible RD, like iWish from ICICI Bank:

Features Recurring Deposit iWish flexible Recurring Deposit
Deposit amount Fixed amount every month Any amount
Deposit frequency Fixed date every month Any time
Penalty for missed payments Yes No
Minimum initial deposit Rs 50 Rs 50
Next deposit amount Any amount in multiples of Rs 100 Any amount
Number of deposits every month One Any number of times

Let’s take a closer look at the features and workings of iWish — ICICI Bank’s flexible RD:

What is iWish flexible RD?

It’s a flexible RD available exclusively to Internet Banking users of ICICI Bank. If you hold an ICICI Bank Savings Account and have activated Internet Banking, you can start using iWish flexible RD at no extra cost.

How to start an iWish flexible RD?

To start an iWish flexible RD, log in to Internet Banking> My Accounts> Deposits> iWish-Flexible RD. Once you click on ‘Start iWish’, you’ll have to provide the following details:

  • Type of Goal: Vacation, Education, Electronics, Shopping, Down payment, etc.
  • Specify the Goal amount and time
  • Specify the initial deposit amount.

Once you transfer the initial deposit amount from your Savings Account, your iWish flexible RD will start.

How does it work?

You can add any amount any time to your iWish flexible RD. There are no restrictions on the amount you add or the time you add the funds. The funds you add to the account generate interest based on your tenure. Though ICICI Bank’s RD interest rates are similar for both ICICI Bank RD and iWish flexible RD for a similar tenure, what varies is the convenience offered by iWish flexible RD.

Here are some of the advantages of iWish flexible RD:

  • No need to set aside a fixed sum every month. The amount you contribute towards the account can vary based on your monthly income and expenditures.
  • Since there’s no fixed amount, you can contribute more when your income levels are high and reduce the amount when you’re running low on cash.
  • No compulsion to fund the RD Account every month. You can skip payments without paying any penalties.
  • You can easily transfer the deposit amount directly from your Savings Account using Internet Banking. And the funds will be transferred directly to your Savings Account at the end of the maturity period.
  • You can fund several iWish flexible RDs at the same time.
  • You can prematurely close your iWish flexible RD Account if you’re in need of cash for emergencies. In such cases, the interest is generated based on the time for which the funds were in your account, and not based on the original tenure.
  • The iWish flexible RD varies from 3.50% to 5.35% depending on the tenure. For senior citizens, the interest rates are 4.00% to 5.85%. To find out the interest rate, you will earn on your savings, use the iWish ICICI RD calculator. This is an automated calculator that gives you all the details about your iWish plan – how much you need to save to achieve your goal, the interest you will earn, and the maturity amount.

iWish — the more convenient RD

If you want to save every month, but don’t want to stick to the conditions imposed by a regular recurring deposit, then you can consider the iWish – the flexible and hassle-free RD from ICICI. Remember that it offers you all the benefits of an RD, with added convenience and control over your savings.



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.

People who read this also read

View All


View All
2 mins Read | 2 Years Ago
iWish by ICICI Bank FAQs

Scroll to top