Interest Rates for ICICI iWish Flexible Recurring Deposit
|7 months - 9 months||6.25||6.75|
|10 months - 11 months||6.5||7|
|12 months only||6.75||7.25|
|13 months - 24 months||6.75||7.25|
|25 months - 3 years||6.5||7|
|37 months - 5 years||6.5||7|
|5 years 1 day - 10 years||6.5||7|
Recurring Deposit schemes have always been one amongst the best investment options for the Indians who expect good returns with no risk. In a recurring deposit scheme, the investor has to make deposits of fixed amount every month for a predefined period of time. The amount in the account will gather interest which will be paid back at the end of tenure. But, what if a customer wants to deposit a higher amount during a particular month or wants to withdraw the amount before the maturity? As an answer to such concerns comes ICICI iWish flexible RD.
ICICI iWish Flexible Recurring Deposit offers customers the flexibility of depositing an amount whenever possible and setting flexible goal amounts. If the customer does not make deposit for a month, no penalty is imposed by the bank. Also, there is no cap on the number of times a customer can make deposits during month. What more, the interest rate for iWish flexible RD varies from 6.25% to 7.00%.
Features and Benefits of ICICI iWish Flexible Recurring Deposit
A unique Recurring Deposit scheme that is designed for wise investors. ICICI iWish Flexible Recurring Deposit scheme also brings with it an array of features and benefits. Here are some of the advantages that come with iWish RD.
- Flexibility Like Never Before
ICICI Bank customers have the option of setting flexible goals in the form of flexible recurring deposits, where any amount can be put in at any time. Customers may or may not make deposits for a month, according to their convenience. ICICI Bank does not impose any penalty if the customer does not make any deposit for a month. Also, there is no cap on the number of times a customer can make deposits during a month. Customers can close their goals or recurring deposits any time they want.
- Convenient Tenure Options
Customers can choose a convenient tenure option ranging from a minimum of 6 months to up to 10 years.
- Returns from iWish
The interest rate earned on ICICI iWish recurring deposit account ranges from 6.25% to up to 7.00%, depending on the tenure of the deposit. If a customer chooses to close an iWish recurring deposit account halfway through the tenure then the interest rate earned will according to the tenure the deposit has been there with ICICI Bank. For premature closures, ICICI Bank might also levy a penal interest rate. In case an account holder does not achieve his goals, the interest rate is not affected. If the goal is achieved before the end of the tenure, the deposit can be retained till the end of the tenure at higher interest rates.
- Facebook Sharing
Customers can share their Recurring Deposit Goals on social media and get contributions from their loved ones to realize the goals.
- ICICI iWish RD Calculator
ICICI Bank customers can use the iWish RD Estimator to understand how much funds they have to deposit each month to reach their goals. The inputs required for the calculator are goal amount, deposit tenure, interest rates and the savings required.
Premature Closure of ICICI iWish Recurring Deposit
Customers can opt for withdrawal of their iWish RD amount even before the end of tenure. In such cases, the interest will be calculated depending on the rate applicable for the tenure in which the deposit has actually been in the ICICI iWish RD account. The penalty for premature withdrawal of iWish RD account is as follows.
|Original Tenure of Deposit||Less than Rs. 5.0 crore||Rs. 5.0 crore & above|
|Less than 1 year||0.50%||0.50%|
|1 year & above but less than 5 years||1.00%||1.00%|
|5 years and above||1.00%||1.50%|
Advantages of ICICI iWish Flexible Recurring Deposit
Do you have some extra money parked in your account? Register for ICICI iWish Recurring Deposit and enjoy earning interest on that extra money. Here are some of the advantages that come with ICICI iWish Flexible Recurring Deposit.
- Unbeatable Interest Rates
Depending on the deposit amount and the tenure, the interest rates for ICICI iWish Flexible Recurring Deposit goes up to 7.90% per annum. In fact, the flexible RD from ICICI gives the same interest rate as fixed deposit.
- Total Flexibility
Customers can contribute any amount anytime and can also choose the deposit amount. If your finances tighten up during a particular month, you can also choose not to deposit any amount for that month.
- Multiple Deposits
Unlike the normal recurring deposit scheme where only one deposit can be made in a month, customers can make multiple deposits in ICICI iWish Flexible Recurring Deposit account in a month. There is no cap on the number of deposits that can be made in a month.
- No Penalty for Missed Deposit
If a customer chooses not to make deposits during a month, no charges are levied in ICICI iWish Flexible Recurring Deposit. Customers are free to make a deposit any time they wish over the tenure.
- Social Sharing
ICICI iWish Flexible Recurring Deposit customers can post their goals on Facebook to get support from their friends and family. Whenever a contribution is made, you can share it on Facebook to get some cheer.
- Get Contributions
You can also get contributions from your friends or family for your goal. Friends and family members can directly click on your goal from Facebook share and contribute a deposit amount.
FAQs for ICICI iWish Flexible Recurring Deposit
Will I incur any penalty if I close my ICICI iWish Flexible Recurring Deposit before the end of tenure?
Yes, a nominal fee will be levied as penalty for premature closure of the account. Also, you will only earn interest at the rate applicable to the period for which the amount remained in the ICICI iWish Flexible Recurring Deposit account.
What if I deposit the required money for my goal well in advance of the tenure completion?
In ICICI iWish Flexible Recurring Deposit account, if you achieve the goal early, you can continue investing the amount every month till the period for which the goal was initially targeted. You will continue to enjoy interest rate benefits for the period of tenure originally selected.
I was unable to make a deposit into my ICICI iWish Flexible Recurring Deposit account last month. Will I be levied any penalty?
There are no charges or penalty if you fail to make a deposit. Also, you will continue enjoying the interest rate applicable on your recurring deposit amount in the account.
My friend wishes to contribute towards my goal in ICICI iWish Flexible Recurring Deposit account. Is it necessary for him to have an ICICI bank account to make a deposit in iWish?
No, for friends or relatives to contribute to your ICICI iWish Flexible Recurring Deposit account, they just need to have a valid VISA debit card.
Is it compulsory to share my ICICI iWish Flexible Recurring Deposit goals on Facebook?
No, sharing your goal on Facebook is just a feature intended to make savings more fun and it is not mandatory to share your iWish goals on Facebook.