iWish by ICICI Bank Exclusives
January 02, 2022
The iWish Flexible Recurring Deposit account brought forth by ICICI Bank gives a great spin to recurring deposits and allows for savvy investors such as yourself to achieve financial goals. Although the reasons owing to which one might create a recurring deposit might vary, the underlying idea that governs an interest in recurring deposits is the fact that they allow for flexible and easy savings to be carried out. Read on to understand what makes iWish by ICICI Bank stand out in comparison to other recurring deposits available in the market along with generic fixed deposits.
What is a Recurring Deposit?
A recurring deposit refers to a financial instrument that has limited risks associated with it. This financial tool can allow for the creation of wealth provided account holders continue to make deposits into the account on a regular basis. The interest rate applicable to recurring deposits exceeds the interest rate that applies to ordinary savings accounts which is why it is looked on favourably. Recurring deposits allow you to cultivate a habit to save as they are dependent upon regular contributions.
What is a Fixed Deposit?
Fixed deposits can be understood to be low-risk financial instruments that allow individuals to accumulate wealth over time. This is done by investing a certain amount of money to which a fixed rate of interest is applicable. This rate of interest exceeds the rate of interest applicable to savings accounts which is why it is a possible investment tool. Not only does it provide you with a safe way in which to deposit your money, but it also allows you to fulfil both, short and long-term financial goals.
What are the Exclusives Available under an iWish Account?
Set against the backdrop of recurring deposits, and fixed deposits, the iWish Flexible Recurring Deposit stands out for a number of reasons owing to its exclusive features available under it. Each of these has been discussed below.
Unlike fixed deposits that require only a single fixed investment and regular recurring deposits that require compulsory investments of small sums, the iWish Flexible Recurring Deposit account entitles account holders to invest their funds on a flexible basis and allows for goal-based savings. You create your iWish account with a certain goal in mind and work towards achieving it.
Penalties not applicable to missed deposits
While penalties might not hold true for fixed deposits as they are reliant on a sole deposit at the time the account is created, regular recurring deposits charge a penalty in the event that the account holder fails to or misses making a deposit into their account. With the iWish Flexible Recurring Deposit account, however, no penalties are charged in the event that you are unable to make a deposit.
Interest rates rival recurring deposits and fixed deposits
The rate of interest applicable to the iWish Flexible Recurring Deposit account rivals the interest rates applicable to fixed deposits and regular recurring deposits. This is evident in the fact that iWish has an interest rate that ranges from 3.5 per cent to 5.35 percent which is akin to that of a regular recurring deposit that ranges from 3.5 per cent to 5.50 percent. Fixed deposits have an interest rate that ranges from 2.50 to 5.50 per cent.
Save whatever figure you would like
What makes the iWish Flexible Recurring Deposit account truly stand out is the fact that you are entitled to save whatever sum of money you would like to save and the minimum deposit amounts to INR 50 which is in stark contrast to the INR 500 deposit required in a regular recurring deposit or the INR 10,000 required for a fixed deposit. You can put in any amount for each consecutive deposit whereas in a regular recurring deposit the amount you must contribute must be a multiple of 100. While fixed deposits don’t require more than one deposit at the time the account is created, regular recurring deposits require you to submit your deposit at a particular date each month. With the iWish Flexible Recurring Deposit account, there is no fixed date applicable and you are entitled to make a deposit as and when you would like. Furthermore, should you like, you can make multiple deposits to your iWish account which is in contrast to the single deposit allowed each month for a regular recurring deposit.
Always read the fine print prior to starting a fixed deposit or regular recurring deposit. An iWish account might work best for you as it is strategically designed to allow for goal-based savings.