Fixed Deposit with Monthly Income option
Recurring Deposit with Monthly Income Option
Fixed Deposit (without premature withdrawal facility)
iWish flexible RD
Value Added Products
Tax Saving FD (Fixed Deposit)
Money Multiplier Fixed Deposit
iWish Terms and Conditions
In these Terms the following words and phrases shall have the meaning set herein below, unless the context indicates otherwise, and as may be modified from time to time.
"Account/s" shall mean an ICICI Bank's savings account having valid access to ICICI Bank's internet banking services.
"Debit Card/s" in relation to this Program shall mean such debit card/s including debit cards issued by ICICI Bank which are specified by ICICI Bank , from time to time, as being eligible for making monetary contributions to the Recurring Deposit under this Program.
"Customer/s" shall mean resident Indian individuals / HUF holding an Account.
"iwish/es" shall mean the objectives / targets / purposes chosen by the Customer/s in the form and manner required by ICICI Bank policy/process/terms with respect to which the Customer intends to place the corresponding Recurring Deposit with ICICI Bank under the Program.
"iWish Amount/s" shall mean the amount/s specified by the Customer/s to achieve the iwish/es and for which the corresponding Recurring Deposit shall be placed by the Customer/s under the Program in the manner required by ICICI Bank policy/process/terms.“iWish Page”:
"Maturity Date" shall mean the date on which the Tenure is completed and the Recurring Deposit shall be due for repayment to the Customer/s.
"Program" shall mean ICICI Bank's iWish Program by virtue of which Customer/s may place Recurring Deposit for a specified Tenure, , with ICICI Bank to achieve specified iwish/es, subject to these Terms and ICICI Bank policy/process/terms as prevalent from time to time.
"Recurring Deposit/s" shall mean the deposit/s placed and maintained by the Customer/s under the Program and subject to these Terms and Primary Terms and Conditions.
"Recurring Deposit Account/s" shall mean the account opened under the Program and maintained by ICICI Bank in connection with the Recurring Deposits.
"Tenure" shall mean the period for which the Recurring Deposit/s are placed with ICICI Bank as regards the Goals specified by the Customer/s under the Program. The period shall commence from the date of the deposit of initial funding in the Recurring Deposit and shall continue till such time as specified by the Customer/s at the time of placing the Recurring Deposit.
To participate in this Program, Customer/s shall be required to have valid and subsisting internet banking access to their Account.
After logging in to their Account through the internet banking platform, the Customer/s shall be required to access the iWish Page in the specified manner and subject to the acceptance of the applicable terms. By accessing the iWish Page in the above referred manner, the Customer/s acknowledges that he has read and understood these Terms, undertakes to abide by the same and that these Terms shall constitute a valid and binding contract.
At the time of placing / creating the Recurring Deposit the Customer/s shall be required to choose a specific iWish, iWish Amount and other details required as per ICICI Bank policy/process/terms. All the above activities shall be undertaken by the Customer through the iWish Page/s. Customer/s may only place one Recurring Deposit with ICICI Bank in relation to each iWish created under this Program. Customer/s shall have the option of specifying a maximum of twenty five (25) iWishs and correspondingly may place a maximum of twenty five (25) Recurring Deposits with ICICI Bank under the Program at any given point in time. The Customer/s shall have the option of changing the iWish, (but not the iWish Amount and Tenure), specified by him/her at any time during the Tenure of the corresponding Recurring Deposit in the manner specified by ICICI Bank policy/process/terms , provided that the altered iWish shall be subject to being permitted by the applicable terms and conditions, costs and charges, policies and applicable law. The iWish Amount assigned to a corresponding Recurring Deposit opened under this Program can be for a maximum amount of INR 10,00,000 (ten lakh) and a minimum amount of INR 5000 (five thousand).
The effective date from which the credit shall be given for any funding with respect to the Recurring Deposit shall be the date on which ICICI Bank gets clear funds into the Recurring Deposit of the Customer/s.
The Customer/s shall be mandatorily required to provide initial funding in the form and manner required by ICICI Bank policy/process/terms , at the time of placing the Recurring Deposit/s of a minimum amount of INR Rs 50 (Fifty) and subject to a maximum amount of INR. 49999 (forty nine thousand nine hundred ninety nine).
After opening of the Recurring Deposit/s under this Program, Customer/s may subsequently deposit funds into the Recurring Deposit Account/s at any time during the Tenure of the Recurring Deposit/s in the form and manner permitted by ICICI Bank policy/process/terms . Funding of the Recurring Deposit/s by Customer/s may be done either through the ICICI Bank internet banking or mobile banking facility or such other modes / means as may be made available by ICICI Bank from time to time and subject to such terms as may be specified by ICICI Bank from time to time. Funding of the Recurring Deposit/s opened under this Program through cash or cheque is not permitted.
After opening of the Recurring Deposit/s under this Program, Customer/s may subsequently deposit funds into the Recurring Deposit Account/s at any time during the Tenure of the Recurring Deposit/s in the form and manner permitted by ICICI Bank policy/process/terms in this regard. Funding of the Recurring Deposit/s by Customer/s may be done either through the ICICI internet banking or mobile banking or such other modes / means as may be made available by ICICI Bank from time to time and subject to such terms as may be specified by ICICI Bank from time to time. Funding of the Recurring Deposit/s opened under this Program through cash or cheque is not permitted.
After the Recurring Deposit is created then at any time prior to achieving the iWish Amount it shall be possible to deposit funds in the Recurring Deposit such that the total funds lying therein reaches 120% of the iWish Amount. Once the iWish Amount is achieved or exceeded it would not be possible to further fund the Recurring Deposit, however, the Recurring Deposit shall continue for the Tenure.
In case the funds transferred by the Customer/s are not credited to the Recurring Deposit maintained by Customer/s due to any reason, then such amount shall be refunded back to the corresponding account of the Customer/s from which the funds had been transferred subject to such terms as may be specified by ICICI Bank from time to time.
DURATION OF DEPOSIT:
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 10 years.
PAYMENT OF INTEREST :
Interest on the Recurring Deposit/s opened under this Program shall be credited / deposited in the Recurring Deposit at the end of each calendar quarter, at the applicable rates as communicated to the Customer/s at the time of opening of the Recurring Deposit/s. Such interest rates shall be in accordance with the RBI directives issued from time to time. For the Recurring Deposits which become overdue, the interest rate applicable shall be the rate of interest given on the savings account. However, in each calendar quarter for the overdue Recurring Deposits , while the interest shall credited at the applicable rates communicated to the Customer at the time of the opening of the Recurring Deposits, the excess interest credited during the overdue period shall be adjusted at the time of closure of the Recurring Deposits.
iWish Chhota Savings
iWish Chhota Savings is an enabler which helps customers to reach their target amount faster by rounding off day-to-day transactions and auto investing the amount in their Chhota Savings enabled iWish . Customer can enable Chhota Savings for any one iWish at a time.
There are now three round off options available - Rs50, Rs100 & Rs500.
Chhota Savings can be enabled and disabled at any point of time by the customer.There is a maximum per day limit for every round off value.
The Chhota Savings amount for a particular day will be credited to the customer’s iWish on the next working day. In case of holidays or weekends, it will be credited the day after one working day.
If a new iWish account is created on a particular day and enabled for Chhota Savings on the same day, the Chhota Savings amount will start getting credited 2 days after the account creation date.
Click Here to see the list of transactions which will be considered for calculating Chhota Savings amount for day to day transactions from Internet Banking and iMobile.
Transactions successful at ICICI bank’s end and failed at third party’s end (to be reversed back to customer’s account at a later point in time) will also be considered for Chhota Saving contribution for that day.
The Recurring Deposit/s placed by Customer/s under this Program shall be closed and be due for repayment on the Maturity Date. Customer/s shall have to apply for closure of the Recurring Deposit/s through the ICICI Bank net banking or mobile banking facility or such other modes / means as may be made available by ICICI Bank from time to time and subject to such terms as may be specified by ICICI Bank from time to time . In case application for closure of the Recurring Deposit/s is not made by the Customer in the manner specified by ICICI Bank from time to time, the funds in the Recurring Deposit/s shall continue to lie with ICICI Bank in an overdue state and shall earn interest at the prevalent savings bank account interest rate till closure of the Recurring Deposit/s in the specified manner by the Customer/s. Also the overdue recurring Deposit/s can be closed by the ICICI Bank any time after the maturity date in case the same is not closed by customer in the manner specified by ICICI Bank.
REPAYMENT BEFORE MATURITY :
Customer/s can apply for premature closure of the Recurring Deposit/s placed under this Program through the ICICI Bank net banking or mobile banking facility or such other modes / means as may be made available by ICICI Bank from time to time and subject to such terms as may be specified by ICICI Bank from time to time. However, in such cases, the Recurring Deposit/s shall be subject to premature withdrawal charges as applicable and communicated by ICICI Bank to the Customer from time to time. On premature closure of the Recurring Deposit/s, interest to be paid on the Recurring Deposit/s shall be calculated at the rate corresponding to the period for which Recurring Deposit/s remained placed with ICICI Bank and the amount accumulated in the Recurring Deposit Account/s up to the date of application for premature closure by the Customer/s with such interest less the amounts payable (like premature closure charges etc) by the Customer/s to ICICI Bank shall be paid to the Customer/s in the form and manner specified by ICICI Bank policy/process .
CLOSURE OF ACCOUNTS :
The iwish/es specified by the Customer/s under this Program should be specified in the form and manner required by ICICI Bank policy/process/terms and should only be for a purpose considered lawful as per applicable laws. ICICI Bank reserves the right to close the iwishes/s and the corresponding Recurring Deposit/s opened/placed under this Program by the Customer/s if it is found that the Goal specified by the Customer/s is illegitimate, unlawful or prohibited. In such cases, the Recurring Deposit/s will be closed forthwith and the amount accumulated in the Recurring Deposit/s up till the date of closure shall be transferred to the Customer’ss’ Account. In case of closure of the Recurring Deposit/s in the manner specified by this term, the Recurring Deposit/s shall be subject to premature withdrawal charges as applicable and specified by ICICI Bank from time to time. On closure of the Recurring Deposit/s in the manner specified in this term, interest to be paid on the Recurring Deposit/s shall be calculated at the rate corresponding to the period for which Recurring Deposit/s remained placed with ICICI Bank. Intimation of the same shall be given to the Customer/s through SMS on the mobile number registered with ICICI Bank with respect to the Recurring Deposit/s.
Nomination facility is available for the Recurring Deposit/s opened under this Program in the names of individuals. Customer/s shall have to visit the branch to register a nominee with respect to the Recurring Deposit/s. Only one nominee is permissible per Recurring Deposit and the nomination is to be made by the Customer/s .If the Customer/s affixes his thumb impression on the nomination form, then the same needs to be attested by two witnesses. No witnesses are required in case the Customer/s signs the nomination form. The Customer/s should ensure that (s) he gets / is given the acknowledgment as per the nomination rules framed by RBI. The Customer/s is/are at liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the Tenure of the Recurring Deposit/s with ICICI Bank.
CHANGE IN TERMS:
ICICI Bank expressly reserves the right, at any time and without prior notice to the Customer/s, to add to and /or alter, modify, change or vary all or in part, the Terms related to this Program.
Any tax or other liabilities or charges payable to the government or any other statutory authority/body or any participating establishment, which may arise or accrue to the Customer/s due to provision of the Program shall be to the sole account of the Customer/s. Tax deducted at source, if any, on the Recurring Deposit/s shall be payable by the Customer/s.
Disputes, if any, arising out of or in connection with, or as a result of this Program or otherwise shall be subject to the laws of India and the exclusive jurisdiction of the competent courts/tribunals in Mumbai only.
SET-OFF AND LIEN:
ICICI Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on all account/deposits of the Customer/s with the Bank, whether in single name or joint name(s), to the extent of all outstanding dues to ICICI Bank. For such purposes, ICICI Bank may at its sole discretion close the Recurring Deposit/s prematurely and apply a penal rate of interest in respect of the same. The lien shall be valid and binding on the Customer/s and operative until repayment in full of all monies due to the ICICI Bank from the Customer/s. The lien conferred on ICICI Bank as recorded and expressed herein shall be irrevocable and shall be a continuing one and shall remain in full force and effect till such time the deposit holder/s repays/retires all amounts due and payable and remain unpaid to the ICICI Bank in respect of any monies due to ICICI Bank from the Customer/s.
Indemnity and Limitation of liability :
- The Customer/s hereby agrees that the Customer/s shall, at his/her/its own expense, indemnify, defend and hold harmless ICICI Bank from and against any and all liability or any other loss that may be incurred by ICICI Bank, arising from or relating to the Customer/s use of this Program or operation of the Recurring Deposit/s or breach, non-performance or inadequate performance by the Customer/s of any of these Terms or the acts, errors, representations, misrepresentations, misconduct or negligence of the Customer/s in performance of his/her its obligations.
- The Customer/s agrees and acknowledges that ICICI Bank shall in no way be held responsible or liable if the Customer/s/ third party incurs any loss/damage etc as a result of any information being shared by the Customer/s with any person and the Customer/s shall fully indemnify and hold harmless ICICI Bank for any loss / damage / claim etc resulting to / against ICICI Bank in respect of the same.
- The Customer/s agrees and acknowledges that any loss, damage, liability caused or suffered by the Customer/s due to disclosure of any information of a confidential nature and such loss/damage/liability shall be borne by the Customer/s without transferring any liability or responsibility towards ICICI Bank.
- The Customer/s agree and acknowledge that ICICI Bank shall in no way be responsible or liable in relation to funds transferred by a third party to the Recurring Deposit in the name of the Customer/s and the Customer shall fully indemnify and hold harmless ICICI Bank and its affiliates in respect of any loss / damage / claims arising out of or in relation to the same.
- Under no circumstances shall ICICI Bank be liable to the Customer/s for any indirect, incidental, consequential, special or exemplary damages incurred by the Customer/s in connection with the Program.
- ICICI Bank shall not be liable for any failure to perform any obligation contained in these Terms or for any loss or damage whatsoever suffered or incurred by the Customer/s howsoever caused and whether such loss or damage is attributable (directly or indirectly) to any dispute or any other matter or circumstances whatsoever.
- The Customer/s shall keep ICICI Bank indemnified at all times against, and save ICICI Bank harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgement) and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in resolving any dispute relating to the Customer's Recurring Deposit/s with ICICI Bank or in enforcing ICICI Bank's rights under or in connection with these Terms and conditions contained herein, or which may have arisen either directly or indirectly out of or in connection with ICICI Bank performing its obligations hereunder.
- If any sum due and payable by the Customer/s is not paid on the due date, including without limitation any monies claimed under this paragraph, the Customer/s shall be liable to pay interest (both after as well as before any judgement) on such unpaid sum at such rate or rates as ICICI Bank may from time to time stipulate from the date payment is due up to the date of payment.
- The Customer/s shall solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdictions in connection with availing of the Program from ICICI Bank and shall indemnify and keep indemnified ICICI Bank from all actions, proceedings claims, losses, damages, costs and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in connection with any failure to comply with any such applicable laws/regulations.
- The indemnities as aforesaid shall continue notwithstanding the termination of the Account/s and/or Recurring Deposit Account/s.
USE OF EXTERNAL SERVICE PROVIDERS AND AGENTS :
ICICI Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/services.
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