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.

RD Reviews

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  • Axis Bank Credit Card
    "Good card to use"
    AXIS BANK
    0.5 5.0/5 "Blown Away!"
    The best about AXIS BANK NEO CREDIT CARD is offer. They are providing so much discounts on online purchase. They have offered me a credit limit of Rs. 45000 and i'm not excited about it. I have not interacted with the call centre bank. The service of the card is really good. I have not faced any transaction related issues as such.
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Dec 14, 2018
  • Citibank Credit Card
    "Good card"
    CITIBANK
    0.5 4.0/5 "Great!"
    I'm using the credit card for last 1 months. They have given me a credit limit of Rs. 70000 but i was expected around Rs. 1 lakhs and i used the credit limit upto Rs. 63000. When i swipe that time, i have received the message stating that there is overdue usage charges. I'm yet to call the customer care people regarding this issue. This is a rewards card, if i use a purchase of Rs. 30000 in a year the annual charges are not applicable. I'm very much interested to use the CITI bank card. I have converted my purchase into EMI and there is a separate charges for EMI conversion.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
  • RBL Bank Credit Card
    "GOOD"
    RATNAKAR BANK
    0.5 4.0/5 "Great!"
    I have started using the RATNAKAR BANK credit card where the card is good. The process of getting the card is very good and easy process. I have been using this card seldom so i don't have much experience with this credit card. I am not aware of the offers with this card.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
  • Bank Bazaar Credit Card
    "Good Customer Service"
    INDUSIND BANK LTD
    0.5 3.0/5 "Satisfactory"
    Bank Bazaar told it was on line process but bank collected some paper then they processed and I got the card its fine. I have taken Indusind credit card through Bank Bazaar portal. I came to know thorough online, the customer team is good and prompt.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 14, 2018
  • ICICI Bank Credit Card
    "GOOD"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I am holing the credit card with the ICICI BANK but i sue this card seldom with this credit card because the reason is that the credit limit what they have offered is very lower with this credit card. The offers also i get seldom which is lower with this card.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
  • IndusInd Bank Credit Card
    "Easy to avail"
    INDUSIND BANK LTD
    0.5 5.0/5 "Blown Away!"
    Indusind offers are good, I have not used it, the credit limit is sufficient there is no inconvenient faced on the documentation. But the process got delay, they have taken the around 25 days to dispatched the card to my place that is the issue.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 14, 2018
  • review Credit Card
    "GOOD"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    The credit card with the STATE BANK OF INDIA is very good as they give the lower rate of interest while converting into EMI option with this credit card. The credit limit what they have offered is satisfactory added on that the offers also good with this card.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
  • HDFC Bank Credit Card
    "GOOD"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
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    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
  • review Other Loan
    "EXCELLENT"
    PAYTM PAYMENTS BANK LTD
    0.5 5.0/5 "Blown Away!"
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    Was this review helpful? 0
    , hyderabad
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  • SBI Cards Credit Card
    "Good Card"
    SBI CARDS
    0.5 4.5/5 "Excellent!"
    I have SBI Tata card, they gives offers on Tata products, the card is very good , the credit limit is also satisfactory. I could convert the points into Tata purchase. The payment gateway is good and my payment reflect immediately on their end.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 14, 2018
  • HSBC Bank Credit Card
    "Offers should be increased"
    HSBC BANK
    0.5 4.0/5 "Great!"
    I have purchased this credit card around 2 years back, the reward points is not upto the mark and the offers are less on my spends. As I customer I suggest them to give attractive offers, the card limit is fine for me. Its not worth to recommend its not value for money.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 14, 2018
  • Bank Bazaar Personal Loan
    "EXCELLENT"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
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    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
  • American Express Credit Card
    "Charges should be reduced"
    AMERICAN EXPRESS BANKING CORPORATION
    0.5 4.5/5 "Excellent!"
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    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 14, 2018
  • HDFC Bank Personal Loan
    "GOOD"
    HDFC BANK
    0.5 4.0/5 "Great!"
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    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
  • Bank Bazaar Credit Card
    "Its Excellent"
    AXIS BANK
    0.5 4.5/5 "Excellent!"
    Through internet I came to know about the Bank Bazaar, around two years I am using this site. Last year I have taken Amex card and very recently I have taken Axis credit card its very convenient portal to apply for any kind of card, it has all the card details.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 14, 2018
  • Axis Bank Credit Card
    "Limit should be enhanced"
    AXIS BANK
    0.5 4.5/5 "Excellent!"
    I got the basic credit card from Axis bank, which has annual fee around Rs.499 for basis charges, they are providing reward point sand cash back on my spend. The customer service is low it would enhanced the credit limit, any way its fine for me.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 14, 2018
  • review Saving Account
    "GOOD"
    STANDARD CHARTERED BANK
    0.5 5.0/5 "Blown Away!"
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    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • ICICI Bank Credit Card
    "GOOD"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I am holding the credit card with the ICICI BANK from past four years as the card is easy also it is user friendly to access. The credit limit what they have offered is satisfactory with this card added on that the service is very good with this card.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • review Other Loan
    "Charges should be reduced for the transactions"
    PAYTM PAYMENTS BANK LTD
    0.5 5.0/5 "Blown Away!"
    The paytm is good its accessible everywhere even I get the cash back, the customer support is responded well. They wont give any interest on the wallet maintenance, whenever I transfer amount wallet to bank they take 3 to 4% of interest its huge.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • review Other Loan
    "GOOD"
    PAYTM PAYMENTS BANK LTD
    0.5 5.0/5 "Blown Away!"
    I use the PAYTM PAYMENTS BANK LTD services from past few years as i am using it for the multiple purpose like the recharges, shopping, billing, etc, i use this. i get the cash backs with this portal as i use this for the usages. The application is easy to use.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
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