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Set goals and achieve them with ease

I want to start saving for

16 Months
December 2023

Yes
Create an iWish

Yes
No

Ensure you Boost your iWish with funds on regular basis to accomplish your goal on time.

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Interest Rate 4.5%

You need to save about 5,600 monthly to achieve your goal in 15 months.

You Save

97,000

Interest Earned

5,600

Interest Rate

4.5%

You invest monthly

5,746

Achieve Goal In

15 months

FAQ's for General iWish

What is ICICI Bank iWish?

iWish is a unique deposit which allows you to create goals to save for specific wishes.

These goals are flexible Recurring Deposits with the added benefit of contributing any amount, at any point of time. You earn better interest rates on your Recurring Deposit just like a Fixed Deposit (click here for rate of interest)

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Who are eligible to open iWish account?

The account can be opened by an resident individual / HUF who have ICICI Bank Retail Net Banking facility and at least one resident savings account linked to his / her ICICI Bank Retail Net Banking account. This Facilty is not available for Kid-e-bank & NRI A/c.

How do I create a goal in iWish?

Please login to your Internet Banking account www.icicibank.com. Click on “iWish” on the top right hand corner.

  • After the iWish page opens, click on “Start Now” from the Goals page.
  • At the time of creating the goal you will be required to enter information relating to the goal (Name, Category, Amount and Tenure) and the Initial Deposit Amount.
  • You may choose to set up a standing instruction and earn 10 reward points for every standing instruction executed successfully towards your iWish goal.
  • You can also choose to share your goal on Facebook.
  • After clicking on "Create Goal" your goal will be created instantaneously. You can transfer funds to your goal as soon as your goal is created. However, the goal balance will be displayed within 4 hours from creation of the goal.
  • Please note the goal will not be created in case
    • There are insufficient funds in your account,
    • Your funding account is in a frozen state,

How can I deposit money into my goal account?

You can deposit money into your goal account through following means:

  • You can transfer money to your goal account from ICICI Bank iWish page.
  • You can set standing instructions on the ICICI Bank iWish page.

What happens if the transaction fails while contributing to my goal?

Like any other transaction, funds if any will be credited to their account within 4-7 working days.

What is the minimum and maximum amount of initial deposit?

The minimum deposit amount is Rs. 500 and the maximum deposit amount is Rs. 49,999.

Is there minimum number of months / years to achieve goals?

You can create goal with the target month you want to achieve it. However goal period can not be less than 6 months and greater than 5 years. Recurring Deposit/s under this Program can be maintained for a minimum tenure of 6 months and further in multiples of 1 month subject to a maximum of 5 years

What is the minimum and maximum amount of a goal?

The minimum amount is Rs. 5,000 and the maximum amount is Rs. 5,00,000.

What is the maximum number of iWish accounts one can avail?

You cannot have more than 25 active goals. So, if you have created 25 goals and all these goals are not yet closed, then you cannot create any further goal. As soon as any goal is closed, you can create new goal against that goal.

How can I manage my goals?

You can see the list of all your goals by clicking on “Goals” on ICICI Bank iWish page. The “Goals” page displays a list of all your Open and Closed goals along with the progress. By clicking on an Open goal you can rename the goal, add funds to the goal, change the sharing settings and close the goal. You will also get SMS alerts when various milestones relating to a goal are achieved such as goal creation, funding of goal, goal closure and goal target progress

Is there any charge for iwish flexible RD product?

No, there is no charge for this product. This product and associated services are being offered free of charge.

However, a charge of Rs. 15 + service tax would be levied towards payment gateway charge on friends & family contributing to your goals.

Is TDS applicable on Recurring Deposits?

According to Finance Bill, 2015, effective June 1, 2015, TDS shall be applicable on the interest earned on recurring deposit/ variable recurring deposits etc. Interest earned from fixed deposit/ recurring deposit / variable recurring deposit shall be clubbed for the purpose of computing the total interest paid/ payable during the financial year and applicability of TDS.

It has also been proposed that banks need to deduct tax on interest credited/ paid or likely to be credited/ paid exceeding Rs. 10,000 to a depositor at bank level as against the existing process of branch level. As per the provisions of Finance Act 2009, w.e.f April 1, 2010, valid PAN is required to be submitted by all customers whose tax needs to be deducted. In the absence of a valid PAN, tax will be deducted at the prevailing rate or 20% whichever is higher. Also, Form 15G/ H shall not be treated as valid, unless PAN is mentioned in such forms.

Can I partially withdraw money from my goal mid way? Will it impact my interest earning?

No. You cannot partially withdraw the money from your iWish goal mid way. You can withdraw money mid way by closing your goal. However in that case, you will earn interest at the rate corresponding to the period the goal is held with the bank. Please note that the applicable penalty will be charged for premature closure of goal. If an iWish Account is prematurely closed, then the interest on it will be earned for the period it is held with the bank minus the premature closure charges of 0.5% if original tenure is less than 1 year and 1% for more than 1 year.

Can I change my goal later in iWish?

You cannot change amount or the period of your goal.

Flexi RD has auto debit facility or not ?

If you want to automatically deposit money every month from a savings account, then you also have the option to set up standing instructions towards your iWish goal. Login to Internet Banking > Exclusive Offerings > Iwish-Flexible RD > Manage your Goal > My Goals > Manage > Edit > Standing Instruction (Optional).

Can I modify my standing instructions given for transfer of money into my goal account?

You can modify your standing instructions by clicking on the Manage button below the goal. If required, you can also create additional standing instructions. An option to cancel the standing instruction is also provided. If you want to cancel a particular transaction of the standing instruction, you can do so on the trigger date.

Can I close my goal mid way? Is there any penalty?

Yes, you can close the Iwish account at any time. However, pre closure charges applicable. If a iWish RD Account is prematurely closed, then the interest on it will be earned for the period it is held with the bank minus the premature closure charges and is 0.5% if original tenure is less than 1 year and 1% for more than 1 year.

How can I close my iWish goal?

You may close your iWish goal through the below channels.

Internet Banking:

Login to your Internet Banking Account > Exclusive Offerings > IWISH-Flexible RD > Manage your Goals > Manage > Close Goal.

iMobile:

Login to iMobile -> Accounts & Deposits -> iWish-Flexible RD -> Manage your Goals > Manage > Close Goal. The funds will be immediately credited to your savings account.

You will be unable to partially withdraw the money mid way. You can withdraw money mid way by closing your goal. However in that case, you will earn interest at the rate corresponding to the period the goal is held with the bank. Please note that the applicable penalty will be charged for premature closure of goal.

If an iWish Account is prematurely closed, then the interest on it will be earned for the period it is held with the bank minus the premature closure charges of 0.5% if original tenure is less than 1 year and 1% for more than 1 year.

What if I do not make a request for closure of the goal at the end of goal period for iWish flexible RD?

On the maturity date I wish goal will be automatically closed and amount will be credited back in your savings account.

Can I transfer money to my goal account even if goal amount is achieved?

No. Once your goal amount is achieved, you will not be allowed to deposit money into your goal account.

What is the rate at which interest shall be calculated for the overdue Recurring Deposits (“RDs”) and how shall the interest be credited?

For the overdue period the interest is calculated as per the prevailing Saving Account Interest Rate. However, the interest shall be credited / deposited in the Recurring Deposit Account (“Account”) as per the applicable rate of interest at the end of each calendar quarter. At the time of closure of the Account the rate of interest for the overdue period shall be revised as per the prevailing Saving Account Interest Rate and any excess interest credited for the overdue period shall be adjusted at the time of closure of the Account.

FAQ's for Chhota Savings

What is iWish Chhota Savings?

iWish Chhota Savings is an enabler which helps you reach the target amount faster by rounding off your day-to-day transactions and auto investing the amount in your respective iWish. You can enable this for any one iWish. There are now three round-off options available — Rs 50, Rs 100 and Rs 500.

For example, if you enable Chhota Savings for iWish with a round-off amount of Rs 50, and then you do a fund transfer transaction of Rs 5,020 using Internet Banking and a bill pay transaction of Rs 610 using iMobile app, the amount of these transactions (Rs 5,020 and Rs 610, respectively) will be rounded off to the nearest Rs 50, which is Rs 5,050 and Rs 650, respectively. The next day the Chhota Savings amount of Rs 70 (Rs 30 from Rs 5,020 and Rs 40 from Rs 610) will be debited from your Savings Account and the same will be credited to your iWish (iWish name)

What Rate of Interest (ROI) will I get for iWish enabled for Chhota Savings?

The ROI will remain the same.

Can I cancel the iWish Chhota Savings for any particular transaction?

No, you cannot cancel the iWish Chhota Savings for any transaction. Click here for details of the list of transaction types which are applicable for iWish Chhota Savings.

What happens to the iWish Chhota Savings if I reach my iWish target before maturity date?

In case your iWish reaches the target amount, it will not be considered for auto credit for iWish Chhota Savings.

When will the Chhota Savings amount be credited to my iWish?

The Chhota Savings amount for the particular day will be credited to your iWish on the next working day. In case of holidays or weekends, it will be credited the day after one working day.

Can I disable the Chhota Savings option for any iWish? How can I do it?

Yes, you can disable the iWish Chhota Savings option any time from the iWish dashboard by logging in to Internet Banking.

What will happen if my account doesn’t have enough balance for auto credit to iWish Chhota Savings?

If your account does not have enough balance for iWish Chhota Savings, auto credit will be partially executed. For example, if the Chhota Savings amount is Rs 100 and your account balance is Rs 70, the same will be credited to the iWish enabled for iWish Chhota Savings service.

How can I modify the round-off amount?

How can I modify the round-off amount?

How can I view my transactions related to iWish Chhota Savings?

You can view the transactions related to iWish Chhota Savings under the ‘Transaction history’ section of that particular iWish enabled for Chhota Savings by logging in to Internet Banking.

When can iWish Chhota Savings be enabled?

iWish Chhota Savings can be enabled immediately after iWish creation or at any point of time post that till the closure of your iWish.

Can I enable Chhota Savings for multiple iWish?

No, you cannot enable Chhota Savings for multiple iWish. It can be enabled for only one active iWish at any point of time.

Can I modify the round-off amount selected for iWish Chhota Savings?

No, once any iWish is enabled for Chhota Savings with a selected round-off amount, it cannot be modified.

Can I set Standing Instruction and also add funds for iWish enabled for Chhota Savings?

Yes, you can do both for iWish enabled for Chhota Savings. You can set a Standing Instruction and also add funds to the iWish which is enabled for Chhota Savings.