• 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
    • Bank Bazaar Credit Card
      "Good service"
      CITIBANK
      0.5 4.0/5 "Great!"
      It has been a very good service which they have been providing so far has been very good. There has been good follow ups from the customer service team and it has been a good response from their side. I has been using their mobile application and it had been good with it. The only improvement they should make in the website is that there should be an option if the customer requires a call from the customer service team for any new offers.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • review Saving Account
      "Good service"
      BANK OF BARODA
      0.5 5.0/5 "Blown Away!"
      I have been holding this account for almost three and a half years. The services which they have been providing has been good. There has been frequent transactions made with this account and there has been a monthly 1000 minimum balance to be maintained which is nominal.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • HDFC Bank Credit Card
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have been holding this card for almost one and a half years. The services had been pretty good with the card. The credit limit had been very good and was more than my existing card. There has been good reward points and cash back offers with the card as well. I have been using the card for most of the purposes and online purchases and most of the purposes.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • HDFC Bank Credit Card
      "Average Card"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      The card is not valid in many of the websites like amazon,flipkart. I'm not able to use the card in online transactions. I can able to use this card merchants to use the POS machines its easy. Their are no service charges and annual fee for this card. I have not contact the customer care service so far. If i use this card Rs. 150 then i will get Rs. 10. So far i dint receive the reward points. It is not highly recommendable card. I plan to close this card.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 24, 2018
    • Citibank Credit Card
      "Good service"
      CITIBANK
      0.5 4.0/5 "Great!"
      The overall experience i had with them had been very good, there has been good benefits an features with the card and i am yet to use the features. The credit limit had been okay so far, there has not been any kind of issues faced so far. The card even have good bonus points which i am yet to receive.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • review Other Loan
      "Good for Recharges"
      PAYTM PAYMENTS BANK LTD
      0.5 4.0/5 "Great!"
      I will use Paytm for all my recharges. I have paytm app in my mobile. I have been using this paytm account for past six months. I have received cashback offers in Paytm. Nowadays, i have issues with their kyc documents page. They are asking kyc for every transaction.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • SBI Saving Account
      "Very good service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      It has been very good service which they have been providing so far, i have been using this account for almost 8 years, and there has not been any issues so far. I have been using the account for most of my transactions. There has not been any minimum balance which they have asked to keep or any extra charges.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 24, 2018
    • HDFC Bank Saving Account
      "Excellent Bank Account"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am holding this HDFC salary account for past 1 year. There is no charges for ATM services charges and NEFT transaction. Customer care service is good. Netbanking very safe and secure. Whenever i'm withdrawing a cash i used to get a notification immediately.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • SBI Cards Credit Card
      "Excellent service"
      SBI CARDS
      0.5 5.0/5 "Blown Away!"
      I have been holding this card for the last one year, the services which they have been providing so far had been good. The credit limit had been good with the card, and also there has been good features and benefits with the card too. There has been good offers in the fuel recharges, and i have been using it for shopping and in hotels and in all other purposes.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 24, 2018
    • review Saving Account
      "Best banking service"
      CENTRAL BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have opened a zero balance savings account with Central Bank of India from last 5 years. I am happy with the banking services and the facilities they provide. Customer service is good and they responded well to the queries. I have no issues with the branch services of CBI.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • SBI Saving Account
      "Best banking service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      SBI provides one of the best banking services when compared to all other nationalized banks. I am a customer of this bank from last 5 years and i hold a salary account with this bank. Customer service is fine and their response is on time. I use net banking services for all my transactions.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • Axis Bank Credit Card
      "Good Card to Use"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      I have been using this axis bank credit card for past 3 years. I will use this card for shopping, purchasing a cloths and groceries. I will get extra 5% cashback on this axis bank credit card. They are providing some good cashbacks if i use this card in online purchase.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • Bank Bazaar Home Loan
      "Best Service"
      INDIABULLS
      0.5 5.0/5 "Blown Away!"
      It was a good experience with bankbazaar so far, they provide good services when compared to all other sources in the market. Customer service was good with bankbazaar and they responded on time. I am using bankbazaar website from last 2 years, it is easy to access and is user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • Indiabulls Home Loan
      "Needs to improve"
      INDIABULLS
      0.5 1.0/5 "Really Bad"
      My experience with Indiabulls home loan was not good, the application was closed because there was no proper response from the customer service of Indiabulls and follow up was not done. The rate of interest of 8.4% is high when compared to others in the market..
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • ICICI Bank Saving Account
      "Good banking service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have a salaried account with ICICI bank from last 1.5 years, the banking services and their facilities are good when compared to other banks. Customer service is good, they responded on time and there is no delay in the services. Net banking is convenient to use in this bank.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2018
    • Bank Bazaar Credit Card
      "Good Website"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is offering a very good credit card and giving the credit score for all your transaction. They are providing all kind of financial products which is available in the market. I came to know bankbazaar about Television advertisements.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
    • Bank Bazaar Home Loan
      "Good service"
      HDFC LIMITED
      0.5 4.0/5 "Great!"
      I am using the services of bankbazaar from last 1 year, my experience was good so far with bankbazaar. The service provided by bankbazaar is good when compared to all other sources in the market. Customer service is good and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2018
    • HDFC Limited Home Loan
      "Good service"
      HDFC LIMITED
      0.5 4.0/5 "Great!"
      My home loan application was approved by HDFC LTD and the experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to others. The process took 1 month to complete and the documents were collected on time.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2018
    • Bank Bazaar Credit Card
      "Very good service"
      CITIBANK
      0.5 5.0/5 "Blown Away!"
      I have been using the services for the last four months. I have been using the mobile application and has been very easy using it. The customer service had been very good where there has been good follow ups and had been good. I have not faced any issues so far.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 24, 2018
    • HDFC Bank Credit Card
      "Very Good Card"
      HDFC BANK
      0.5 4.0/5 "Great!"
      They have offered me a Credit card for my salary account. The executive called me to take the credit card from the HDFC Bank. I have got a credit limit of Rs. 35000 it is very less credit limit. They have to give me 2* credit limit of the salary. Zero annual fee card and life time free card.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2018
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