Want us to help you with anything?
Request a Call back
iWish - Goal Based Savings
Can I close my goal midway? Is there any penalty?
Yes, you can close your iWish at any time. However, a pre-closure fee will apply.
If your iWish is closed before the end of the term, the interest will be calculated based on the time the deposit was held, minus the below pre-closure charges:
0.5% if the tenure was less than 1 year
1% if the tenure was more than 1 year
What is the minimum amount to open an iWish Flexibility account?
You can open an iWish goal with a minimum deposit of ₹ 500.
What makes iWish flexible?
iWish goals are flexible Recurring Deposits, allowing you to deposit money towards your goal at your convenience. Here’s what makes iWish unique:
No requirement of a fixed monthly deposit
No penalties for missing a deposit in any month
Multiple deposits can be made within a month if you have extra funds.
Do ICICI Bank employees get an additional interest rate on iWish goals?
Yes, ICICI Bank employees earn an additional 1% interest on iWish goals, effective from 22nd August 2013.
Are there any charges for opening an iWish RD?
No, there are no charges for opening or maintaining an iWish RD.
Who is eligible to open an iWish RD?
iWish can be opened by:
Resident individuals and HUFs
The iWish must be linked to a resident Savings Account
Note: iWish is not available for children’s accounts or NRI accounts.
How is iWish different from a regular Recurring Deposit account?
Normal Recurring Deposit vs iWish Flexible Recurring Deposit:
Feature |
Normal RD |
iWish Flexible RD |
Deposit Requirement |
Fixed amount every month on a set date |
Deposit any amount at any time |
Deposit Frequency |
Only once per month |
Can deposit multiple times in a month |
Charges for Missed Deposits |
Yes, charges apply for missed deposits |
No charges for missed deposits |
Interest Rate |
Fixed, similar to FD rates |
Similar to FD rates |
Flexibility |
No flexibility in timing or amount |
Full flexibility to deposit as per convenience |
What if I can't deposit money in a month? Will I still earn the same returns?
There are no penalties or charges if you are unable to deposit money in a month. You will continue to earn the applicable interest rate on the available funds in your iWish.
Can I close my iWish goal midway, even if it is not achieved or achieved early?
Yes, you can close your iWish goal anytime. However, if you close the iWish before the target is reached (or after achieving it early), the interest will be adjusted based on the time the funds were held. Additionally, premature closure charges will apply. Click here for details on penal interest rates.
