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  • 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

    RD Reviews

  • Page 1 of 50 1 2 3 4 5
    • review Saving Account
      "Average Service"
      BANK OF BARODA
      0.5 3.0/5 "Satisfactory"
      I did not check with Bank of Baroda when I was planning to apply for the loan. Of course I am an old customer of BOB. Though I hold a savings account for fifteen years, I never approached the bank for the loan service. But for the banking service, BOB is good.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 16, 2017
    • SBI Saving Account
      "Moderate Service"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      State bank of India is a leading bank among the public sector banks. But the bank is high in charges like interest rate for the loan process. I have no loans and credit card from SBI. For my savings account, I am getting a moderate service from the bank.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 16, 2017
    • ICICI Bank Saving Account
      "Good to Approach"
      ICICI BANK
      0.5 4.0/5 "Great!"
      In the private banks, ICICI is good bank and as per my experience, it holds second place. I did not face any issues from ICICI bank for my savings account. It is like a hassles free service and the customer service is quite good to say. In all it is a good service.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 16, 2017
    • HDFC Bank Credit Card
      "Norms are high"
      HDFC BANK
      0.5 1.0/5 "Really Bad"
      HDFC bank norms are very high for the credit card service. They have so many criteria to pass. Moreover, the bank is always high in the rate of interest. They used to collect more documents for the card. The annual charges are high as well. So I decided not to take credit card from HDFC bank.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 16, 2017
    • HDFC Bank Personal Loan
      "Charges are high"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      I did not take the personal loan from HDFC bank. As an old customer of HDFC bank, I should prefer HDFC bank for the loans but I preferred Capital first because the interest rate is very high with HDFC bank. Not only the rate of interest, processing fees and other charges also high.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 16, 2017
    • HDFC Bank Saving Account
      "Good "
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Among all the other banks, HDFC is good and approachable for banking services. Otherwise I would not been in the same bank for more than ten years. Yes I am a long term customer of HDFC. Banking services are good for the savings account than the other services like loans and cards too.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Nice Experience"
      CAPITAL FIRST
      0.5 5.0/5 "Blown Away!"
      I am a new customer of bankbazaar. So it is my first experience with them. First impression was really good from bankbazaar. I use mobile application which is comfortable to use, web portal also good. In a simple word to say, it is an excellent service.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 16, 2017
    • review Two Wheeler Insurance
      "Lower company which provides lower premium"
      NEW INDIA ASSURANCE
      0.5 1.0/5 "Really Bad"
      I paid the bike premium of Rs.2200 for brand new vehicle but it met with an accident in 12 days of old. At the time I have reimbursed bill amount 28000 but New India Assurance gave me coverage value of Rs.17000. Bike cost of Bajaj pulsar 200 ns was around four lakhs.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 16, 2017
    • Capital First Personal Loan
      "Happy service"
      CAPITAL FIRST
      0.5 4.0/5 "Great!"
      It had been a month when I took the personal loan from Capital First. I do not have much experience with capital First. But during the loan process, the service was very good from Capital First. They have done everything in a proper way also the interest rate was the lowest one which is around 10.75%.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 16, 2017
    • ICICI Bank Personal Loan
      "Good service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      My personal loan got disbursed form ICICI bank within 4 days of time. The customer service is good with ICICI bank. The rate of interest and the charges are very high when compared with others. The required loan amount has been disbursed and I am satisfied with the service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 16, 2017
    • Royal Sundaram Car Insurance
      "Customer friendly process"
      ROYAL SUNDARAM GENERAL INSURANCE
      0.5 4.0/5 "Great!"
      I think I paid the premium of Rs.8500 for two wheeler insurance with Royal Sundaram for my Maruthi swift desire car. My vehicle around Rs.7.5 lakhs, now its almost around four years hence they gave coverage value of Rs. 4.25 lakhs, Its 60% of vehicle value, I am very fine with Royal Sundram renewal process is so convenient.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      STANDARD CHARTERED BANK
      0.5 5.0/5 "Blown Away!"
      The response is quick and fast with bank bazaar. The moment after giving the requirement in bank bazaar website I got the call form bank bazaar in 5 minutes of time. The website of bank bazaar is easy to use and user friendly . I am satisfied using the bank bazaar webportal.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 16, 2017
    • Standard Chartered Bank Personal Loan
      "Prompt service"
      STANDARD CHARTERED BANK
      0.5 4.0/5 "Great!"
      My profile was not eligible to get the personal loan from Standard Charted Bank so that was the reason I haven't processed with Standard Charted Bank personal loan . The rate of interest was low when compared with others. I would say prompt service from SCB .
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 16, 2017
    • New India Car Insurance
      "low premium high value"
      NEW INDIA ASSURANCE
      0.5 2.0/5 "Expected more"
      I have taken car insurance from New India Assurance, I paid the premium of Rs.15,000 its has the tenure one year. I took Hyundai verna car, vehicle value around Rs.7 lakhs, they gave coverage value of 2 lakhs because my vehicle is around eight years old.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 16, 2017
    • Kotak Saving Account
      "Suitable for common man"
      KOTAK MAHINDRA BANK
      0.5 3.0/5 "Satisfactory"
      I have opened Kotak Mahindra saving account through online, their executive came and collected the documents to verification KYC information. My saving account got generated on the same day. But they wont provide any cheque book or debit card, I could use it only for online transaction, If I want to receive the kit I should pay the amount of Rs.10,000.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 16, 2017
    • Bajaj Allianz Life Life Insurance
      "Very good policy"
      BAJAJ ALLIANZ LIFE INSURANCE
      0.5 4.0/5 "Great!"
      Very recently I got the life insurance policy form BAJAJ ALLIANZ LIFE INSURANCE . This policy has the tenure of 20 years. Through Bajaj web portal I pay the premium . I pay the premium of Rs,50,000 of every year. The plan benefits and the coverages are good with this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • HDFC Bank Credit Card
      "Easy and quick process"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      I got first credit card from HDFC, based on that I have taken another credit card from ICICI, the customer relation with HDFC is awesome. I would do go with HDFC in term all financial experience, even their credit limit is also good. I am happy with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 16, 2017
    • HDFC Bank Credit Card
      "Easy and quick process"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      I got first credit card from HDFC, based on that I have taken another credit card from ICICI, the customer relation with HDFC is awesome. I would do go with HDFC in term all financial experience, even their credit limit is also good. I am happy with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 16, 2017
    • HDFC Bank Personal Loan
      "Recommandable prodcuts"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      Though I don't have relationship with HDFC they gave me good response, I have reached the bank for the personal loan. They came and collected the documents its under process. HDFC lowers interest among all other banks and processing fee is also nominal as per the market.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      The bank bazaar is the best portal which gives very good response in any product . The follow up with bank bazaar is very good. They helped me to get in touch with the bank partner. The website of bank bazaar is easy to use and the mobile application is very user friendly .
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
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