What is a Pension Plan and How It Works?
High inflation and lack of social security initiatives in the country are two of the biggest reasons why one should invest in pension plans.
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It looks like this was the result of either:
One time fixed investment
Regular Recurring Deposit
A Regular but a compulsory investment of small amounts
iWish Flexible Recurring Deposit
Regular investment with flexibility to save large or small amounts as per fund availability
|Goal based planning|
|Minimum Deposit amount||₹10,000||₹500||₹50|
|Next Deposit amount||Not allowed||Multiples of 100||Any amount|
|Next Deposit date||Not Applicable||Fixed date every month||Any time|
|No penalty for missed deposits||Not Applicable||Penalty charged||No penalty|
|No. of deposits allowed in a month||Not Applicable||Once a month||Any number of times|
|Duration||7 days to 10 years||6 months to 10 years||6 months to 10 years|
|Rate of interest||3.25%-5.75%||4.25%-5.75%||4.25%-5.75%|
For a particular tenure, interest rate is same in all three products
iWish flexible RD 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. For the rate of interest, click here.
iWish is a unique flexible Recurring Deposit which allows you to create goals to save for specific wishes.
You get 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. To know the existing iWish interest rates, click here.
You can add money in your iWish Account through iMobile app and Internet Banking:
You can also enable auto debit to set up Standing Instruction for the iWish of your choice.
You can withdraw money mid way (premature) from iWish 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 and 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.
It’s time to catch up, celebrate and bond with your friends and family. It’s time to exchange gifts. If you find yourself having a little extra amount of money, received as gifts, why not put it to better use, than having it lying around in your drawer?
Very often investors get confused in picking the right investment method: a FD, a RD or a flexible RD. Here, we compare and contrast the features of these three popular investment methods, so that you can pick the right one that suits your financial goals.