iWish Flexible RD is a unique online flexible recurring deposit that lets you save a small amount at a time in order to achieve big dreams later. Unlike regular recurring deposits, you need not invest a stipulated amount in the iWish Flexible RD every month. Any amount can be deposited at any point in time during the opted tenure. Funds can be deposited multiple times in a month. In case no deposits are made in a particular month within the tenure, no penalty is imposed by the bank.
The interest paid by the bank on iWish flexible RD ranges between 6.25% p.a. and 7.50% p.a. for general public. Citizens above the age of 60 years are offered interest at the rate of 6.75% p.a. to 8% p.a.
Interest Rates offered on ICICI iWish Flexible Recurring Deposit
|Tenure||Interest Rate (General)||Interest Rate (Senior Citizens)|
|6 months||6.25% p.a.||6.75% p.a.|
|7 months to 9 months||6.50% p.a.||7% p.a.|
|10 months to 11 months||6.75% p.a.||7.25% p.a.|
|1 year||6.90% p.a.||7.40% p.a.|
|1 year 1 month to 2 years||7.10% p.a.||7.60% p.a.|
|2 years 1 month to 3 years||7.50% p.a.||8% p.a.|
|3 years 1 month to 5 years||7.25% p.a.||7.75% p.a.|
|5 years 1 day to 10 years||7% p.a.||7.50% p.a.|
*The interest rates mentioned above are subject to change a per the bank’s discretion.
Premature Closure of ICICI iWish Recurring Deposit
The amount accumulated in the iWish recurring deposit account can be withdrawn even before the tenure opted for comes to an end. If you wish to do so, you will need to pay a penalty. In case of premature withdrawal from the iWish RD account, penalty will be levied by the bank at the rate mentioned in the table below:
|Tenure of Deposit||Less than Rs.5 crore||Rs.5 crore and above|
|Less than 12 months||0.50% p.a.||0.50% p.a.|
|12 months to less than 60 months||1% p.a.||1% p.a.|
|60 months and above||1% p.a.||1.50% p.a.|
*The rates are subject to change at the discretion of the bank.
Features of iWish Flexible RD
- Wide range of tenures available: ICICI Bank offer you a wide range of tenures to choose from when it comes to opening an iWish Flexible RD. The bank offers tenures that range from 6 months to 10 years.
- Offers attractive interest rates: The interest rates offered for opening an iWish Flexible RD are quite attractive. General citizens are offered interest in the range of 6.25% to 7.50% p.a. Senior citzens who opt to invest in iWish Flexible RDs are offered an additional interest of 0.50%.
- Premature withdrawal facility available: ICICI Bank allows premature withdrawal from the iWish Flexible RD. The bank, however, levies a nominal penalty for doing so.
- Facility to make multiple deposits in a month available: You can make multiple deposits in a month. This facility allows you to plan the expenses of the month and deposit the additional money in the RD account.
- No penalty imposed for missing deposits: ICICI Bank does not impose any penalty if you don’t invest money in a particular month during the tenure.
- Nomination facility available: You can nominate one nominee per iWish Flexible RD. He/she would need acknowledgement as per the nomination rules framed by the country’s central bank i.e., Reserve Bank of India.
- Can I close iWish Flexible RD account using the bank’s net banking facility?
Yes, you can close the iWish Flexible RD account using the bank’s net banking facility. To close the RD account, you need to follow the steps mentioned below:
- Log into the internet banking account
- Go to exclusive offerings
- Click on iWish Flexible RD
- Select ‘Manage your Goals’
- Next, click on ‘Manage’
- Select ‘Close Goal’
In order to open an iWish Flexible RD account, you need to be a resident individual or a member of the Hindu Undivided Family (HUF). Apart from that, you need to have ICICI Bank’s Retail Net Banking facility having at least one savings account linked to it.
No, the interest rates offered on iWish Flexible RD are the same as the ones offered on regular RDs.
Funds can be deposited in the RD account using any of the two options:
- Set standing instructions on the ICICI Bank iWish page.
- Transfer funds to the account from ICICI Bank iWish page.
No, part withdrawal is not allowed. You can, however, withdraw the entire amount before the end the tenure by paying premature closure charges.