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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
    • SBI Saving Account
      "Good Bank"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have very long relation with SBI, its best bank in the market. Its a nationalized and traditional bank for my family. Its was my zero balance account. It has many branches and ATM all over my area. I am very much fine and happy to hold SBI account.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • SBI Education Loan
      "Its Excellent"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have taken the education loan in SBI around Rs. 3.25 lakhs with the interest rate of 13% for the tenure of five years, now my tenure has been increased and my EMI got reduced. I am very much fine with SBI, my whole family is using SBI service always.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Love to Use Bank Bazaar website"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I am happy with Bank Bazaar, whatever the coordination which they gave is great. I love Bank Bazaar website always to use. Its very convenient to use and access. It has all options to check on financial needs. But I would like to suggest, Bank Bazaar executives should be more clear with their process.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Response part has to be improved"
      ICICI BANK
      0.5 2.0/5 "Expected more"
      Due to improper coordination from ICICI, the loan application got closed. From Bank end there was no response on right time. They reached me after three days of my request and collected the documents finally it got closed without any intimation.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • IndusInd Bank Credit Card
      "Best card to use"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I am having Indus Ind credit card for the past 1 year. The benefits like rewards points cash back offers and online offers are available with this card. I am happy with the credit limit. The interest rate is nominal with this card. The best the thing is free movie ticket reward points, and the low interest rate on cash transactions. I am happy to use this card.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • IndusInd Bank Saving Account
      "Customer friendly account"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I have a facility to choose my account number, locker number any thing I want with Indusind savings account. Its applicable for each and every Indusind customer. It is basically introduced because customer will bot forget there account or locker number. I am using this savings account for past 3 years. The service with INDUS IND bank is really good. The benefits like net banking and the mobile application is easy to use and user friendly and simplified to use as customer convenient. In most of the bank We have to visit the branches if we block the net banking or debit card. But with Indusind we have a option called unblock the net banking or the debit card , we have a option in the ATM machine itself.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Credit Card
      "Overall good"
      STANDARD CHARTERED BANK
      0.5 4.0/5 "Great!"
      I hold a credit card with Standard Chartered bank and the offers are good. I earn reward points but I am unable to redeem the points. The credit limit is of 32k, but I am needing a better limit on the card. The customer services and response is good and satisfactory.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • review Other Loan
      "Best trading account"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I was not able to carry out the ICICI bank trading, so that was the reason I have closed this demat account, It is a best platform in the brokerage field and still the brokerage is very high in the market compared to others. I was not able to trade much that was the reason I have closed it. I have used this account for past 2 years. The rate of brokerage is very high with ICICI Bank .
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • review Saving Account
      "Satisfied with the services"
      STANDARD CHARTERED BANK
      0.5 4.0/5 "Great!"
      I hold a savings account with Standard Chartered Bank and the banking services are good. The overall experience has been satisfactory and the phone banking is also good and easy to connect with. I do not get charged for any of the facilities I use.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • ICICI Bank Saving Account
      "Better savings account to use"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I am having ICICI bank savings account and the service is really good. Its only bank which provides EMI option on its debit card itself. There debit card facilities are the premiums in the market in terms of their services and the facilities. I am using this savings account for past 6 years. The rate of interest is high with ICICI bank.
      Was this review helpful? 1
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Credit Card
      "Good to Use"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I am using Diner club credit card, whenever I go for any tie up restaurant with the HDFC they are providing some cash back and also I get some reward points. I am happy with credit card service of HDFC. Bill are very transparent and clear about the transaction.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • ICICI Bank Credit Card
      "Better card to use"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have never used this ICICI CORAL credit card properly . I hold this ICICI coral card for past 3 years. When I was using this card I got the reward points, cash back offer and the payback card which is attached with this card. For every transaction I will be some loyalty points which is added to the payback card. I am happy about the credit limit. I am satisfied using this card .
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Credit Card
      "Better card to use"
      HDFC BANK
      0.5 4.0/5 "Great!"
      The HDFC bank All miles credit card carries benefits like reward points and cash back offers. The reward points can be redeemed as air tickets, which is very good offer. I am happy about the credit limit. The rate of interest is nominal with this card. I am satisfied using this card.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Saving Account
      "Good account to use"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am having HDFC bank account around past 4 years. Based on this savings account I got a instant personal loan with HDFC bank. I use net banking with HDFC bank which is really great and simplified way of working . I can change the E-mail I'd and mobile phone number with the help of HDFC bank portal.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • review Consumer Durable Loan
      "Convenient to buy Home appliances"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I went to nearest showroom and purchase LG TV 49" worth Rs. 1.1 lakhs, I just paid the down payment Rs.26,500 remaining amount convert into an EMI with Bajaj Finserv then I got Bajaj EMI card with some credit limit its good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Instant loan "
      HDFC BANK
      0.5 4.0/5 "Great!"
      They have started a new process with the HDFC personal loan. We can apply the Personal Loan through net banking and we just need to apply the documents in the portal and within 15 hours they have provided me a credentials id & password where I have tracked my personal loan application . The loan got approved within 24 hours of time. The banking service is really good and giving instant service to the customers. I am happy about the loan amount. The required amount has been given by HDFC bank. The Value added service like vouchers and online purchasing offers were given. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Customer oriented service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "They be clear about the percentage"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC charged me 14.75% of interest for the amount of Rs.5 lakhs it is higher side compared to other competitor. But Initially they committed they were providing around 11% but finally it was processed it for 14.75%, But I am happy with their service, they done fast loan. process. I would like to suggest them, to clear information about the interest rates.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      ICICI BANK
      0.5 4.0/5 "Great!"
      The customer services are good and very much satisfactory at Bankbazaar. I was contacted instantly and the process is smooth. The website is overall good, it would be better if there are more options of banks on the portal to choose from with a lesser rate of interest.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Below average service"
      ICICI BANK
      0.5 1.0/5 "Really Bad"
      I haven't got any kind of response from the ICICI bank . It was me who took initiative and made a follow up with the ICICI bank executives to get the personal loan but still no one gave proper responsefrom ICICI bank, that was the reason I haven't proceed my personal loan application with ICICI bank. The rate of interest is bit high , when compared with others. I would say it was a below average service.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
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