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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

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    • Citibank Credit Card
      "Conveneint card"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      I have taken Indian oil credit card with CITI BANK with the credit limit of 72K. They charge annual fee as Rs 500, which I am not happy. The special advantage is they provide 10% cash back on online purchase. The customer service and response was good. I have just done one transaction on this card.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2017
    • Bank Bazaar Credit Card
      "Satisfactory"
      SBI CARDS
      0.5 4.0/5 "Great!"
      The services at Bankbazaar is overall good and there are no hassles in the process. They were quick to contact to me and provide me with the necessary details. It was a helpful process as I did not have to visit the bank in person. Every feature was online.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 21, 2017
    • ICICI Bank Credit Card
      "Platinum credit card"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I am holding a platinum credit card with ICICI bank. I used to get reward points.I have redeemed my points to buy products from the ICICI website. The customer service and response with the bank is good. the annual charge is 500 rupees.The application is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 21, 2017
    • SBI Cards Credit Card
      "Nice experience"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      State Bank of India was a fairly good experience for the credit card. The process was on time and the credit limit is good. I have also used the card and I faced no hassles while using it. There was a annual fee of 500rs for the first year. Overall I have no complaints.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 21, 2017
    • SBI Car Loan
      "Car loan with SBI"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have taken a car loan from State bank of India. The approved loan amount was 9 lakhs. The monthly EMI is 14000 and the tenure is for 7 years. The rate of interest was 8.7%. The process and the documentation with the bank done well. Its approchable.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 21, 2017
    • ICICI Lombard Car Insurance
      "Car insurance with ICICI LOMBARD"
      ICICI LOMBARD GENERAL INSURANCE
      0.5 4.0/5 "Great!"
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      Was this review helpful? 0
      , chennai
      Reviewed on Nov 21, 2017
    • Bharti Axa Two Wheeler Insurance
      "BHARTI AXA Two Wheeler Insurance"
      BHARTI AXA GENERAL INSURANCE
      0.5 4.0/5 "Great!"
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      Was this review helpful? 0
      , chennai
      Reviewed on Nov 21, 2017
    • Bank Bazaar Credit Card
      "Satisfactory"
      SBI CARDS
      0.5 4.0/5 "Great!"
      It is not my first time with bank bazaar. It has been suggested my friend. The website is easy to compare the financial products and its gives lot of bank choices and the best options. The website was user friendly. The customer service and response was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 21, 2017
    • Bank Bazaar Credit Card
      "Satisfactory"
      HSBC BANK
      0.5 4.5/5 "Excellent!"
      Bankbazaar is overall good in the services. They were on time to respond back after I registered my details. The portal is a good platform to check the variety of cards that the bank offers. It is convenient to choose the best one. It would be better if an email is sent with the detailed features of the credit card to the customer as the customer will not be able to remember the features always.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 21, 2017
    • SBI Cards Credit Card
      "Better"
      SBI CARDS
      0.5 3.0/5 "Satisfactory"
      It was very nice experience with SBI Bank. They offered me a SIMPLY SAVE CARD. The credit limit was not satisfactory. The customer service and response was not up to the mark. They need to improve the service. Overall its better
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 21, 2017
    • HSBC Bank Credit Card
      "Overall good"
      HSBC BANK
      0.5 4.0/5 "Great!"
      It was a good experience with HSBC for the credit card and it was a on time process. The customer services are good and they been responsive too. The rewards are good and the credit limit is also to my satisfaction. Overall no hassles with the bank process.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 21, 2017
    • review Saving Account
      "Excellent banking service"
      DBS BANK
      0.5 5.0/5 "Blown Away!"
      I hold a savings account with DBS bank from last 1 year. The banking services provided by DBS bank is one of the best when compared to all other banks. It was great experience so far with DBS bank and i did not face any issues till date. Customer service was the best and they responded on time. I use net banking for all the services i require. The best part i found in this bank is, there no charges if we exceed the number of transaction for withdrawal and also they transfer Rs 250 for recommending friends. There are no hidden charges and this is a zero balance savings account.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 21, 2017
    • Bank Bazaar Credit Card
      "Excellent service"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      Bankbazaar provides good services when compared to all other sources in the market. I know bankbazaar.com from last 7-8 months and it was overall a good experience so far. The customer service was good and their response was prompt. I am using the bankbazaar website, it is easy to access and it is user friendly.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 21, 2017
    • SBI Cards Credit Card
      "Excellent card to use"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
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      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 21, 2017
    • review Saving Account
      "Good service"
      ANDHRA BANK
      0.5 3.0/5 "Satisfactory"
      I have got the savings account with Andhra bank for more than a year. The customer support is Good with Andhra bank. I rarely use this account and the banking service is goo with Andhra bank. I would say andhra bank savings account is good to use.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2017
    • SBI Cards Credit Card
      "Below Average card to use"
      SBI CARDS
      0.5 1.0/5 "Really Bad"
      Recently I have got the Fbb sbi credit card and I have got very low credit limit with this card. The customer support is not helping me to increase the credit limit and I have tired cancelling this credit card but they never gave any response towards this card and they are sending text message saying to pay the credit card bill. They have given the credit limit f Rs,16,000.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2017
    • SBI Cards Credit Card
      "Good card to use"
      SBI CARDS
      0.5 2.0/5 "Expected more"
      The credit card service is not up to the mark with State bank of India. The customer support is not helping me to increase the credit limit with Platinum Visa credit card. The rate interest and the charges are average with State bank credit card. I have used this card for past 5 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2017
    • review Saving Account
      "Satisfactory"
      RATNAKAR BANK
      0.5 4.0/5 "Great!"
      Ratnakar Bank provide good banking features. I can do all my banking online and it works well for me. It is a savings account and the banking process is fine. The customer services are good and there are no issues when I contact them. They respond well.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 21, 2017
    • SBI Saving Account
      "Good account to use"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      Banking service is good with State bank of India. I am using the salaried account with State bank of India for past 12 years. The customer support is good with the State bank of India. I use the net banking of State bank is very much easy to use and user friendly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2017
    • SBI Saving Account
      "Nice experience"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      State Bank of India is overall good in the customer services for the savings account. The portal is good and there are no hassles to complete my transactions on it. The process is fast and there are no issues or extra charges taken for the same.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 21, 2017
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