Compare iWish Vs RD Vs FD

A fixed deposit, where one keeps a particular sum of money aside each month is the simplest and most steady way of bolstering your financial position. A Fixed Deposit or FD provides you with a guaranteed amount as return on the amount you have invested in it. A Recurring Deposit (RD) is a useful investment tool for those who cannot make the one-time payment that an FD requires, but deposits a fixed amount every month. The returns form an RD are also significant, and investors are guaranteed a particular percentage as returns.

iWish is a Recurring Deposit product introduced by ICICI Bank. It offers flexibility, allowing you to save and set money aside for the RD when you have the money to do so, and it also offers a more competitive interest rate.

RD Vs FD Vs iWish- Product Structure

Recurring Deposit- A Recurring Deposit (RD) is a financial instrument where a fixed sum of money is deposited every month for a pre-decided duration. They will receive interest on the amount they deposit at the same rate as for Fixed Deposits.

Recurring Deposits offer individuals flexibility in terms of investments since a fixed sum is to be invested each month. The individual can decide on the sum to be deposited, depending on his financial stability and disposable income.

Recurring Deposits offer another advantage in that the interest rate on the sum invested in the same as a Fixed Deposit interest rate. Individuals who opt for an RD stand to earn good returns on their investments even though they are made over a period of time as opposed to a lump sum investment.

In case the individual is in urgent need of funds, he can choose to withdraw or liquidate the holdings in the RD, depending on the terms of the Deposit. However this is to be done only in extenuating circumstances, when the individual has exhausted all other credit avenues.

Fixed Deposit- A Fixed Deposit (FD) is a an instrument offered by banks that provides a high rate of interest. Similar to a Savings Account, a Fixed Deposit is another form of an account wherein investors deposit a fixed sum of money for a particular time period. They receive interest at the end of the tenure of the deposit.

The difference between an FD and a Savings Account is an FD does not allow for easy liquidity. In other words, an individual cannot withdraw money from the Fixed Deposit if he has need of cash. It is for this reason that FD’s offer a higher rate of interest as compared to Savings Accounts as well as Recurring Deposits.

A sum of money is generally deposited into the FD for a fixed period of time- the general times periods are 7, 15 or 45 days. FD’s can also run into years, with the longest tenure being 10 years and the shortest being 1 year. An FD can be renewed if the individual so desires it, and the term can be extended based on the terms of the FD.

The interest earned from the FD is payable either monthly, annually or at the time of maturity of the FD, depending on the individual, allowing for flexibility when it comes to interest payments.

iWish- iWish is a financial product offered by ICIC Bank that combines the benefits of a Recurring as well as a Fixed Deposit. It is a flexible Recurring Deposit scheme that enables investors to invest money in the fund depending on their financial timelines, whenever they have the money to spare. In this regard, iWish is more flexible than a Fixed or even a regular Recurring Deposit.

As the name suggests, iWish was set up as a Recurring Deposit scheme with the aim of helping individuals achieve a financial goal or goals they have set themselves. By steadily making deposits towards it, they would not only be able to achieve it but also get the added boost of attractive interest rates.

In spite of providing such flexibility when it comes to investing money in the scheme, iWish offers the same rates of interest as a Fixed Deposit does, further adding to its appeal. Investors can thus benefit from the high rates of interest offered by the scheme and they can choose when to deposit money in the account.

In another move seen as a benefit, iWish allows you to share the goals you are saving for with family and friends. It also permits these individuals to help contribute to your goals by investing an amount towards their realization.

Compare iWish Vs RD Vs FD

In the below table, a comparison of the three products- Recurring Deposit, iWish and Fixed Deposit are given so individuals can choose the one best suited to their individual needs.

  iWish Flexible Deposit Fixed Deposit Recurring Deposit
What is it? Flexible RD with FD interest rate One time deposit Fixed schedule of deposits
Minimum amount Rs. 500 Rs. 10, 000 Rs. 500
Subsequent deposit amount Any amount Not applicable Multiples of 100
Subsequent deposit date At any time Not applicable Set date each month
Deposits allowed per month Unlimited Not applicable One on set date
Penalty in case of no deposit for a month No penalty Not applicable Yes
Deposit duration 6 months to 10 years 7 days to 10 years 6 months to 10 years
Rates of interest 7 - 7.50 % 4 - 7.50 % 7 - 7.50 %
Can family/friends contribute Yes No No
Multiple goal saving Yes No No

As is seen above, the iWish deposit scheme offers a similar rate of interest along with added benefits like no limit on the number of deposits a month, no penalty charges for not depositing in a particular month etc.

It also offers the same duration as a regular Recurring Deposit, as well as the option to allow friends and family to contribute towards the deposit goal.

Recurring Deposit - Sitemap

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RD Reviews

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  • review Personal Loan
    "Need to decrease interest rate "
    BAJAJ FINANCE LIMITED
    0.5 4.0/5 "Great!"
    BAJAJ FINANCE has offered a pre approved personal loan offer and I accepted for the same. I have taken this loan 2 months back. The process was smooth and submitted required docuemtns within 1.5 hrs amount was credited to my account with 1.64L with tenure period of 4 years. The rate of interest is 18% which is high. Fee was deducted of 9K. There is pre closure option after 30 days with charge of 4%. EMI need to pay the amount of 4K. The best which I would like to say is online process was done with short term.
    Was this review helpful? 5
    , chennai
    Reviewed on Mar 21, 2020
  • ICICI Bank
    ICICI Bank Personal Loan
    "Good service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    The tenure for ICICI personal loan is for 3 years, I have taken the loan for some personal purposes. I got my loan statements on time but the interest rate of the loan is 12% which is bit high for me. I wish the bank can reduce it up to 10%. Otherwise everything is good about the loan.
    Was this review helpful? 5
    , hyderabad
    Reviewed on Mar 21, 2020
  • RBL Bank Credit Card
    "Easy to convert for EMI "
    RATNAKAR BANK
    0.5 4.0/5 "Great!"
    I got RBL card offer from BAJAJ Finance. I have been using this card past 10 months which is a life time free card. The credit limit is sufficient of 55K. EMI conversion is avail and I can convert via mobile app whenever required with nominal charge. I use this card for general purpose. Based on usage I get points but not yet redeem it.
    Was this review helpful? 6
    , chennai
    Reviewed on Mar 21, 2020
  • SBI Cards Credit Card
    "Good service"
    SBI CARDS
    0.5 4.0/5 "Great!"
    SBI credit card have offers and reward points but I have not redeem them yet, this is a domestic card, the credit limit is of 50000 which I am very much satisfied as per my need. I got my statement on time. I used this card for personal purposes.The card is very user friendly.
    Was this review helpful? 6
    , hyderabad
    Reviewed on Mar 21, 2020
  • SBI Cards Credit Card
    "Ok service"
    SBI CARDS
    0.5 5.0/5 "Blown Away!"
    I am using SBI credit card for more than three months, there are some reward points and offers in the card. I used this card for online shopping, fuel surcharge and groceries.The credit limit of the card is sufficient and I like the most about the card is that it is a life time free card and very good to use.
    Was this review helpful? 3
    , hyderabad
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Ok service"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    The bank agent suggest me to take credit card from INDUSIND and I have taken it because it doesn't have any annual fee. The offer and reward points are available in the card are good. I am satisfied with the limit of the card. I used the card for general purposes. But it will be nice, if the offers and reward points will be more.
    Was this review helpful? 6
    , jaipur
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Good service"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I am using INDUSIND credit card for 3 months. The card have no offers available and also there is no rewards. The only benefit is that its a life time free card and the credit limit is only for 75000 I am not that satisfied as i expected to get around 1.5 lakh. Apart from the limit over all experience is good.
    Was this review helpful? 3
    , chennai
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Excellent card"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I have got INDUSIND credit card few months ago and I have used it for two months now ,the credit limit of the card is Rs.70000 which is a life time free card. The bank have informed me every details about the reward points and offers but I have not got any time check it. I am satisfied with their card service.
    Was this review helpful? 5
    , hyderabad
    Reviewed on Mar 21, 2020
  • ICICI Bank Credit Card
    "Good service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    Am having ICICI credit card for two years, I feel good and have not face any issues. The best part about the card is its a life time free card. I used to get my card statement on time. I used this card for shopping, groceries and for many other personal purposes.I am using the bank mobile app which function smooth and simple.
    Was this review helpful? 4
    , faridabad
    Reviewed on Mar 21, 2020
  • SBI Cards Credit Card
    "Good service"
    SBI CARDS
    0.5 5.0/5 "Blown Away!"
    I have used SBI credit card for 2-3 months, but I have not got any time to check about the offers available in the card. The limit of the card is 38000 and I am satisfied because its a life time free card. I used to get my card statement on time and the net banking is also working very well.
    Was this review helpful? 7
    , faridabad
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Good service "
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    Since it is a life time free card offer from INDUSIND so I chosen it and applied through online. I received a call on time and they have done the verification process. Hence I received the card by 7 days, the credit limit is okay for me. Its easy to use for all purposes.
    Was this review helpful? 4
    , chennai
    Reviewed on Mar 21, 2020
  • Citibank Credit Card
    "Good "
    CITIBANK
    0.5 4.0/5 "Great!"
    CITI has provided good offers and benefits on 2 months before. So I chosen this card and applied through online. It is annual fee chargeable of 500 rupees bu there is waiver off option if I spend 30K within a year. The credit limit is 65K. There is EMI conversion avail for this card.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Mar 21, 2020
  • HDFC Bank Credit Card
    "very good"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have used credit card from HDFC bank for 1 year which is very good and also very comfortable, its a life time free card and lots of offers are available in the card. This card was suggested to me by my colleague. Mobile banking also functions very smooth.
    Was this review helpful? 6
    , bangalore
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Average service"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    INDUSIND bank credit card have an credit limit of of Rs.75000, there is no offers available in the card and it also have a charges of 3000 along with GST. I hardly receive any remainder messages for my bill payment due to that some time I could not pay my bill on time. I would advise them send my bill on time before the due date.
    Was this review helpful? 3
    , bangalore
    Reviewed on Mar 21, 2020
  • Axis Bank Car Loan
    "Average"
    AXIS BANK
    0.5 4.0/5 "Great!"
    Through showroom got suggestion to take a car loan from AXIS bank. I taken this loan on 3 years back. I got the loan amount of 4L with tenure period of 4 years. The rate of interest was okay. I done the down payment of around 1.5L. EMI need to pay of 10,500 rupees. The car model is Swift Dzire. I taken for commercial purpose based on amount which I get on monthly doing the EMI payment.
    Was this review helpful? 1
    , kolkata
    Reviewed on Mar 21, 2020
  • ICICI Bank Credit Card
    "Need to increase the credit limit "
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have been using ICICI card for more than one year. They have provided an annual fee chargeable card and waiver off option is applicable. The credit limit is okay of 50K. Since I need to do purchase about 45K on some of the month so this limit is not sufficient. I swipe the card for travel, shopping and fuel purposes. I have not opted for EMI conversion.
    Was this review helpful? 3
    , kolkata
    Reviewed on Mar 21, 2020
  • Axis Bank Credit Card
    "Good card"
    AXIS BANK
    0.5 4.0/5 "Great!"
    I have been using AXIS bank credit card for 3 years, Its a life time free card so I applied the card through bank. The agent have informed me everything about the card. I used to get offers of 10% on petrol bunk and shopping.The limit of the card is Rs.45000 and I used to pay my bill directly through bank.I am also using their net banking which is very good.
    Was this review helpful? 5
    , kolkata
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Good service"
    INDUSIND BANK LTD
    0.5 4.0/5 "Great!"
    I got INDUSIND credit card from few months ago.The card have an EMI conversion. I used the card for multi purposes like shopping, online payment, ticket booking. This is annually chargeable card, I am not satisfied with the credit limit of Rs.75000 as I am expecting more than than 1 lakh.
    Was this review helpful? 4
    , kolkata
    Reviewed on Mar 21, 2020
  • IndusInd Bank Credit Card
    "Excellent"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    I got a life time free card offer from INDUSIND bank hence applied through online on three months back. I received the call on time and the process was done on smooth. I got the card on exact time frame. The credit limit is sufficient and they provided good offers and benefit as well.I use this card for shopping and travel purpose.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 21, 2020
  • RBL Bank Credit Card
    "Average service"
    RATNAKAR BANK
    0.5 1.0/5 "Really Bad"
    RBL credit card is a chargeable card, I always have to go to Bajaj Finance to pay my credit card bill. I am not satisfied with the customer service which has to be improved. I used this card when ever needed for shopping, fuel surcharge and bill payment.The limit of the card is fine.
    Was this review helpful? 6
    , ranchi
    Reviewed on Mar 21, 2020
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