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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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

RD Reviews

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  • ICICI Bank Saving Account
    "Excellent "
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    The bank experience is good and they are providing transparent information. I am getting proper alert messages while doing transaction , In case if they take any charges also they provide proper information and details from bank end. Overall good and easy.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 24, 2019
  • review Other Loan
    "Very good"
    PAYTM PAYMENTS BANK LTD
    0.5 4.0/5 "Great!"
    The services which has been provided through this paytm is fine. It is good service . Mostly i use this services for shopping, traveling. Booking tickets I have been using PAYTYM services three month back. Customer service i have interacted with them till date but I did not got cash back still now ,
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • ICICI Bank Saving Account
    "Good"
    ICICI BANK
    0.5 3.0/5 "Satisfactory"
    I have ICICI bank this is saving account last four years , and I never face any problem any in this bank,and their net-banking and mobile banking is also good , but never call is going customer care , this service is not good , and here is maintain 1k ,
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • SBI Saving Account
    "Very good"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    This is my saving account and company NEFT my state bank of India bank , last two years I have this account , here I maintain 5k, and their customer service is good , but nothing offer provide , and I am satisfied with state bank of India and their service ,
    Was this review helpful? 1
    , new delhi
    Reviewed on Apr 24, 2019
  • Bank Bazaar Credit Card
    "Got my free credit card through Bank bazaar"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I got my new credit card from Bank bazaar based on my credit score . When I am checking free credit score in their portal , I got a call from the sales team . Based on my score there was a life time free card is available . Then I decided to go with this card .
    Was this review helpful? 0
    , coimbatore
    Reviewed on Apr 24, 2019
  • Bank Bazaar Credit Card
    "Excellent service"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have been using bank bazaar service for first time, i came to know about this bank bazaar service through on line,i am happy with their service and i have applied for credit card from them, i have not faced any issue or difficulty in that getting my credit card, whole process when smoothly and i have used mobile application it is easy to access.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • Axis Bank Personal Loan
    "Good"
    AXIS BANK
    0.5 4.0/5 "Great!"
    From AXIS bank I took personal loan, the experience was good and they taken processing fee it was nominal.The customer service was supportive in terms of loan process and i got the loan on time. The rate of interest is nominal. I am fine with loan experience.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 24, 2019
  • Punjab National Bank Credit Card
    "Good"
    PUNJAB NATIONAL BANK
    0.5 3.0/5 "Satisfactory"
    I have one more credit card last two years from punjab national bank , this is free card , but I am not satisfied with credit limit just 10k after using 1.6years then increase only 10k , now credit limit is 20k , and their customer service is good ,
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • RBL Bank Credit Card
    "Very good"
    RATNAKAR BANK
    0.5 4.0/5 "Great!"
    Their customer service is not good I try but every time call is not going , I have taken one RBL credit card here is credit limit is 45k not much happy ,last one years I have this credit card , I am not getting any offer , and I dont know this is charges or free , but I am satisfied with this credit card ,
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • review Other Loan
    "Very good"
    INDIABULLS
    0.5 4.0/5 "Great!"
    India bulls is instant approval , I took only 3k last 2month back emi is 1k and tenure is 3 month no any processing fee and no any rate of interest , I like this type of loan , and I am happy this loan when need instant got amount , never any problem I know last 5 years this service ,
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • HDFC Bank Credit Card
    "Average card"
    HDFC BANK
    0.5 3.0/5 "Satisfactory"
    I have been applied for HDFC BUSINESS MONEYBACK credit card for recently, they have not charged me annual fee as it is life time free credit card, the credit limit which they have given to me was okay, the card came on time there was no delay or issue in getting card.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • YES Bank Credit Card
    "Not upto the expectation"
    YES BANK
    0.5 3.0/5 "Satisfactory"
    Yes bank has not given me the expected credit limit when I was promised before buying this credit card . I am not received any promotional offers for this card . But the executive has given big hype about having and using this card . There will be huge credit limit and so many offers will be available .
    Was this review helpful? 0
    , coimbatore
    Reviewed on Apr 24, 2019
  • review Personal Loan
    "Not satisfied"
    HOME CREDIT INDIA FINANCE PRIVATE LTD
    0.5 1.0/5 "Really Bad"
    My loan is approval 1.50L but I take only 25K from home credit , because rate if interest is very high I took this loan emergency purpose , and tenure is 12 month last 1 month back I took this loan , EMI amount is 2649K , after 4 month I want closed this loan , I am not satisfied this personal loan ,
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • Bank Bazaar Personal Loan
    "Average"
    UJJIVAN SMALL FINANCE BANK LTD
    0.5 3.5/5 "Pretty good"
    I know bank bazaar last three years , and their customer service is good and response is also good , but I want gave one suggest if my customer is ability good bank offer provided and no much time take documentary process , but I am satisfied with bank bazaar,
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • ICICI Bank Saving Account
    "Excellent Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I am using the ICICI Bank Savings account for the last three to four years, the services from the branch had been good. There has to be a minimum balance of 5000 which has to be maintained with this account and i am using the account for my day to day transactions. They had been taking some small charges for the banking services.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • ICICI Bank Personal Loan
    "Good Experience"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I have personal loan with ICICI bank, the experience was good. As per my expectation the rate of interest was 11% , the processing fee is normal, while applying the loan customer service was supportive in terms of loan process. I am fine with loan experience.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 24, 2019
  • Bank Bazaar Credit Card
    "Average service"
    AMERICAN EXPRESS BANKING CORPORATION
    0.5 3.0/5 "Satisfactory"
    I came to know about bank bazaar service through on line, this is my first time i have been availing their service, their website is good, but one thing i would like to suggest them is that stop doing too much of spamming call, i use to get too much of call from them.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 24, 2019
  • review All Products
    "Not satisfied"
    UJJIVAN SMALL FINANCE BANK LTD
    0.5 2.0/5 "Expected more"
    If I visit branch then I know about my personal loan , I want to take loan 4to 5L but customer service told me 1L provided and rate of interest is very high so I did not take UJJIVAN small finance personal loan ,so I did not take this personal loan ,
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • review Saving Account
    "Good service"
    YES BANK
    0.5 3.0/5 "Satisfactory"
    I am using the YES BANK Savings account for the last two to three months where the services of them has been good. It has been my salary account where i had not been using it for regular transactions. The Internet banking and mobile banking services of them has been good as well. There hasn't been any hassle faced with the banking services of them.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
  • SBI Education Loan
    "Very Good Service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I had taken an Educational Loan from STATE BANK OF INDIA a long time back and the experience had been good. The process in getting the loan did not took much time. The loan amount has been as per the expectations, and the interest rate with them had been nominal. The services from the branch and the response has been pretty good.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 24, 2019
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