iWish Flexible Recurring Deposit: Interest Rates, Tax Benefits & Advantages
November 29, 2018
Whether you want to save to buy the latest smartphone, go for a vacation with your family, surprise your partner on her birthday with jewellery, or be it for any other goal, iWish flexible RD helps you achieve it effortlessly.
What is iWish?
iWish is an online flexible RD available to all ICICI Bank Savings Account holders at no extra cost. It’s an excellent way to save for a specific goal. You decide your goal, the amount you want to save for it, the time within which you want to achieve your goal and add funds to it, directly from your Savings Account. The biggest draw of iWish flexible RD is that you can add funds to it anytime you want, and there are no restrictions on the amount you add each time.
Let’s take a closer look at a few outstanding benefits of opening an iWish Account.
Save with a specific goal in mind: You can create a specific goal — say travel, gadgets, home improvement, wedding, shopping and more. Once you define your goal, you have to specify the amount you need to reach the goal. By defining your goal and saving specifically for it, you are likely to save faster.
- Highly flexible – Unlike other RDs, where you have to save a specific amount every month, in an iWish flexible RD, you can save any amount at any time. For instance, if you have received your bonus on a particular month and have some extra cash, you can add it to your iWish RD Account to save for your goal. On the other hand, if you cannot spare any cash on a particular month, don’t worry. There are no penalties or other restrictions. You are in full control of how much fund you add to the account and when you add it.
- Track your progress: – The iWish flexible RD Account sends you frequent reminders on how much you have saved and how much of your goal is yet to be completed. This gives you the motivation to reach your goal faster.
- Higher interest rates: The interest rates of iWish flexible RD are higher than what you would earn if you parked your funds in your regular Savings Account.
Check out how much you can save with the iWish RD Calculator
Use the iWish Calculator to figure out the current RD interest rates that you can earn on your savings. This is a simple, easy-to-use calculator that gives you a clear picture of your iWish flexible RD Account in a few minutes.
iWish Calculator fields: :
- What you are saving for: Vacation, electronics, education, wedding, down payment, and others.
- The amount you need: The minimum value is Rs 5000, while the maximum is Rs 5,00,000.
- The tenure of your iWish flexible RD: This specifies the time limit within which you want to achieve your goal. It can be anywhere from six months to five years.
- Specify whether you’re a senior citizen: Senior citizens are offered higher interest rates
- The frequency of your deposits: Specify whether you’ll be depositing once in a month or every fourteen days. Remember, this is just a guideline, and you can deposit whenever you want.
Once you have given all the details, the calculator specifies the interest you earn, how much you need to save every month (or every fortnight), the maturity amount and the interest you earn on it.
Final thoughts: iWish flexible RD, the most convenient way to make your wishes come true The iWish flexible RD from ICICI Bank is an effortless way to realise your goals. Start an iWish flexible RD Account today and enjoy higher interest rates on your savings, monitor your progress, contribute regularly and make all your wishes come true.
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