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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
    • Kotak Personal Loan
      "IT WAS OK ."
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      The expereince that I had with KOTAK MAHENDRA PERSONAL LOAN process was OK . It was a kind of faster approval it totally took me something around 5 to 6 days for the whole personal loan process . 3 days it took me for the approval and then other 3 days the bank took for getting the load amount dispersed to my account . it was a fast approval personal loan i kind of liked it.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Kotak Saving Account
      "Not good"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      As a customer of KOTAK MAHINDRA bank i am holding a salary account . It was not that warming exp I am having with the bank . as the net banking is not real user friendly to the customers of KOTAK MAHENDRA bank . It needs to be upgraded iN a better way and also try making the net banking phase bit user friendly .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Kotak Credit Card
      "not good"
      KOTAK MAHINDRA BANK
      0.5 1.0/5 "Really Bad"
      It was not that joyful exp i am having with KOTAK MAHINDRA Bank Credit card . as a customer i say them i will be paying the bill by tomorrow but still they keep on calling me back to back that is kind of nagging the customer to the core .If that is the case then i will cancel the credit card within 2 months . Neither they have a track record of of their cases they just blindly call to the customers that is really nagging.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • ICICI Bank Saving Account
      "Excellent"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have my salary account with ICICI bank. I am quite impressed with their services and responses . It been 10-12 years I have not faced any single issue or inconvenience at all and I have not walked into my home branch also for any services or queries because I am using their mobile app which has all facilities expect preclosure and closing account option. They have many branches so its again another advantage for ICICI customers .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • HDFC Bank Credit Card
      "It's good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Its an amazing experience i am having with HDFC BANK credit card . i received a proper and a good response from the bank side and the payment option was also very good . they bank responses to the customer queries on time and in a proper manner . I am really happy with the services provided from the bank to me as a customer .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Bank Bazaar Personal Loan
      "Good"
      STANDARD CHARTERED BANK
      0.5 4.0/5 "Great!"
      My experience was good with Bank bazaar because I have received an immediate response and they did proper followups also . Their website was very usefull and easy to navigate . The customer service and responses was also up to the mark i would like to rate them 4 out 4 overall.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • HDFC Limited Home Loan
      "i loved it "
      HDFC LIMITED
      0.5 5.0/5 "Blown Away!"
      I am a customer of HDFC BANK and have been holding an account since 15years . As i applied for a home loan in HDFC LTD after checking my eligibility within a month i got the approval and also it was a hassle free loan process and the only thing I am considered was that rate of interest was little bit higher than the others banks for WOMEN it was something around 8.35% where as in HDFC LTD i was getting a rate of interest of 8.50% was all about it . Rest everything was super fine .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Bank Bazaar Home Loan
      "IT WAS GOOD "
      AXIS BANK
      0.5 4.0/5 "Great!"
      It was a great experience with the BANK BAZAAR . The process followed by bank bazaar is so fast its just unbelievable . At night i downloaded the bank bazaar application on my mobile and got myself registered for a home loan and next day morning only i received a call asking me that did u apply a home loan through bank bazaar now that's called a express service and the mobile application is also really user friendly for the first time user .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Standard Chartered Bank Personal Loan
      "Good"
      STANDARD CHARTERED BANK
      0.5 3.0/5 "Satisfactory"
      I have approached STANDARD CHARTED bank for my personal loan . My application was rejected because my Credit score was not up to the mark.Their rate of interest was 11.9% which was bit high comparing to other banks My overall experience was good and would like to rate them 3 out 5.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Axis Bank Home Loan
      "Not good"
      AXIS BANK
      0.5 2.0/5 "Expected more"
      The experience that I had with the AXIS BANK during my home loan process was not at all good . The bank had lot and a lots of rules and restriction for the customers . i applied for a loan amount of 28 L the bank was not ready to give me the exact amount . AXIS bank does not trust its customer and asked for co applicant again that is kind of irritating i have clean banking record of more than 12th years but still they do not trust the customer they also said me the co applicant is mandatory . As other banks it was nothing like that i switched to another bank .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Bank Bazaar Personal Loan
      "Not good not bad"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      My experience with bank bazaar was Okay. They need to improve their customer service but I am pretty fine with their response . They have responded me with 30 minutes of time and processed my application with CITI bank unfortunately it was rejected . I would like to rate 3 out 5 overall.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 18, 2017
    • Punjab National Bank Home Loan
      "Not Happy "
      PNB HOUSING FINANCE LIMITED
      0.5 1.0/5 "Really Bad"
      I was not at all happy with the experience and the services i had with the PNB HOUSING FINANCE LIMITED . As i applied for the home loan in the PNB finance there was that much of proper contact but when they contacted me and said that a rate of interest one time and after that they kept on changing that rate of interest 2 times and also the same they did with processing fee and the charges so that is the reason I was upset and I dropped the plan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 18, 2017
    • HDFC Bank Saving Account
      "It Was Good"
      HDFC BANK
      0.5 4.0/5 "Great!"
      i have been holding a salary account in HDFC BANK the services provided by them, could have been a bit better . the contacting point of the bank is real slow and as a customer if i rise any query the bank contacts me after 3 days saying that i asked a query neither they response that well to the customers . rest all services from the bank side is real good also and website is quite a user friendly and there are so minimal fee charges for transaction .
      Was this review helpful? 0
      , chandigarh
      Reviewed on Sep 18, 2017
    • Citibank Personal Loan
      "Not satisfied"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      I have approached CITI bank for my personal loan. They have rejected my application because their representative collected my documents and processed it but later they have denied saying that I don't have a land line number to contact so I would not recommend it to others .However their rate of interest was 12.59% per annum which was not bad comparing to other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 18, 2017
    • Bank Bazaar Home Loan
      "It Was Good"
      HDFC LIMITED
      0.5 4.0/5 "Great!"
      The overall experience that I had with BANK BAZAAR was all good . i felt it great that bank bazaar gave me various option of the bank after comparing them based on me info given, and i need not run around from one bank to other get the info and compare it by my self all this is done by the website itself that's the best part about bankbazaar.com.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Sep 18, 2017
    • HDFC Limited Home Loan
      "It Was Good"
      HDFC LIMITED
      0.5 4.0/5 "Great!"
      I was really not happy with the exp i had with the HDFC LTD for the home loan services i applied for .the bank executive called me occassionally .The person who called me didn't have a idea that about that product i availed for after he said he will be arranging a call back from the senior person and after all that some personal problem came up so only i did not opt for the loan .
      Was this review helpful? 0
      , chandigarh
      Reviewed on Sep 18, 2017
    • HDFC Bank Saving Account
      "Good"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have my salary account with HDFC bank. They have offered me TITANIUM MASTER card and I am using this for about 2 years. Their customer service and responses was up to the mark.The daily withdrawal limit was 20,000 which is an added advantage here.
      Was this review helpful? 0
      , siliguri
      Reviewed on Sep 18, 2017
    • IndusInd Bank Saving Account
      "Very bad"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Its been quite a long i am holding a salary account in INDUSIND and i not that happy with the experience i had . The bank took 4000 rupees for my debit card upgrade i mean which bank does that to their regular who has been holding an account for quite a while . also i never got good offers from the bank side so only i am not that happy with over all experience that I had with the Bank .
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 18, 2017
    • HDFC Bank Credit Card
      "Good"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have taken credit card with HDFC bank. I am using it for 4 about years. My experience was fantastic and till date i have no remarks or issues faced with their services. I would like to rate HDFC bank 4 out 5 in all aspects. and would recommend it to others also.
      Was this review helpful? 0
      , siliguri
      Reviewed on Sep 18, 2017
    • Axis Bank Home Loan
      "Not good"
      AXIS BANK
      0.5 1.0/5 "Really Bad"
      It was a horrible experience i had with AXIS BANK Housing finance services . They had a real delay in contacting me and they told me to keep ready all documents required for applying it took me 2 hour away from my busy scheudle for keep ready all the docs but no one turned up from the bank side . This happened with me like 2 times . then i applied through aadahr housing financier for a rate of interest 11% and and processing fee of 3% which is higher as it was an urgency.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 18, 2017
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