iWish Flexible Recurring Deposit: Interest Rates, Tax Benefits & Advantages

December 12, 2018

Investing in an RD has always been on the most popular investment methods among conservative investors – who are looking for guaranteed returns with no risks involved.

In an RD, you invest a fixed sum at fixed dates every month, for the entire tenure. The amount invested generates interest, which is added to the principal and at the end of the period, you receive both the principal and interest earned.

But, what if you cannot afford to invest a fixed sum every month? Or what if you wish to invest a bigger amount a particular month?

This is where the iWish flexible RD Account from ICICI Bank comes into picture.

What is iWish RD Account?

The iWish is a recurring deposit that provides users with added flexibility. You can set flexible goal amounts, as well as decide how much you want to deposit every month. Unlike an RD, there are no restrictions on the number of investments you make in a month, and the amount you invest is also flexible. Additionally, there are no penalties for skipping investments in a particular month.

Features and Advantages of the iWish Flexible RD:

  • Flexible Payments

As mentioned above, you are in complete control over the – goal amount, payment dates, and payment amounts. There are no penalties for missing payments, and there’s no limit on the number of payments you can make in a month.

  • Wide range of tenure

iWish flexible RD offers tenure ranging from 6 months to 5 years, thereby making it suitable for both your short-term and long-term goals.

  • High returns

The iWish flexible RD interest rates are higher compared to regular Savings Account. The interest rates range from 3.50% to 5.35% per annum, same as that of regular RD rates. If you are a senior citizen, you can enjoy higher RD interest rates, ranging from 4.00% to 5.85% per annum.

  • Premature withdrawal

Do you need funds to meet an emergency? You can close your iWish flexible RD account and the funds accumulated up till now are credited directly to your Savings Account, immediately. For premature closing, the interest will be calculated based on the time the funds remained in your iWish flexible RD Account. The penalty for premature closing is just 0.5% to 1% of the interest rate.

  • Tax implications of iWish

According to the Finance Bill, passed on June 1, 2015, Tax Deducted at Source (TDS) will be deducted on the iWish flexible RD Account interest rate. The interest earned from all your Fixed Deposits (FDs), RDs and flexible RDs will be combined for tax computations.

  • Use the iWish RD Calculator from ICICI Bank

Interested in starting your iWish deposit? Make sure to check out the iWish flexible RD calculator from ICICI Bank. This automated tool helps you figure out the fund amount you should deposit every month (or fortnight) to reach your goal.

Start an iWish flexible RD Account today and reach your financial goals in a smart and hassle-free way.



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