iWish-Flexibility FAQs

What makes iWish flexible?


The goals under iWish are flexible Recurring Deposits with the added benefit of contributing any amount, at any point of time. You can choose to deposit money at your convenience and you can also choose not to deposit any money in a month. There are no penalties or charges if you could not deposit money into a goal every month. If you have more spare money to save, you can deposit funds multiple times in a month into your account.

How is iWish different from normal Recurring Deposit account?


In normal Recurring Deposit account, you are required to deposit money every month on a fixed day. However, in a flexible Recurring Deposit like iWish, you can deposit money at your convenience and availability of funds.

Normal Recurring DepositFlexible Recurring Deposit (iWish)

You need to deposit a fixed amount every month on a particular date.

You can deposit any amount as per your convenience and availability of funds. It is not mandatory to deposit money each month.

You can deposit money only once in a month.

You can deposit money multiple times in a month.

There are charges for not depositing funds in a month.

There are no charges if funds are not deposited in a month.

You earn a higher rate of interest than your Savings Account (typically the applicable Fixed Deposit interest rates of the same tenure).

You earn a higher rate of interest than your Savings Account (typically the applicable Fixed Deposit interest rates of the same tenure) with the added flexibility of being able to deposit any amount at any time.

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


iWish allows the flexibility to close your goal mid way. However, you will not earn the interest rate as mentioned at the time of your goal creation. You will earn interest at the rate corresponding to the period the goal remained with the bank. Beside this, penalty on premature closure of account will be levied at the applicable rate. Click here for penal interest rates.