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2 mins Read | 2 Years Ago

Getting the Most Out of Your iWish Goal Based Savings

Getting the Most Out of Your iWish Goal Based Savings

A Recurring Deposit (or RD) serves as a unique term deposit that is offered by most Indian banks, including ICICI Bank, where it is called an iWish Goal based savings. It is important that you always create feasible fiscal goals for yourself, such that you don’t overextend yourself and/or end up being disappointed. With an RD, it is possible to fulfil realistic goals, provided you make deposits on a regular basis. Read on to understand what a Recurring Deposit is, what are the benefits of an iWish by ICICI Bank, what are the interest rates on an iWish and more.

What is a Recurring Deposit?

A recurring deposit (or RD) is an investment tool that allows you to make deposits on a regular basis and earn a fair amount of return on the sum invested. Owing to the fact that this involves both, a regular deposit and interest, it affords you a fair deal of flexibility and ease in terms of making investments.

It is important to understand that RD’s differ from fixed deposits. This is primarily owed to the fact that RDs are far more Goal based savings. account holders have the liberty to invest a fixed amount, each month and can accrue a reasonable interest on the same. In this regard, RDs make for an ideal savings and investment instrument.

Creating an iWish Goal Based Savings:

Creating an RD such as iWish by ICICI Bank has never been easier.

  • You must begin by setting a target amount that you would like to earn
  • Following this, you must set a tenure or time frame, during which you would like to attain this fiscal goal
  • Provide the Bank with an initial deposit amount, such that you can get started on the process
  • Select an amount that you would like to have automatically debited into your iWish Account.

Understanding all that iWish Goal Based Savings entails:

ICICI Bank’s RD named ‘iWish’ offers a wide range of advantages. These include:

  • With this RD, you can carry forth goal-based savings
  • Should you fail to deposit for any reason, you aren’t penalised for the same
  • iWish interest rates are at par with those available for other RDs or Fixed Deposits
  • You are entitled to save any amount you would like to, at any point in time.

Managing your iWish Goal Based Savings has never been easier, as is made clear below:

  • With iWish, it is possible to track your goals
  • You have the authority to fund your iWish Account, as and when you can. Thus, there is no pressure on you to pay a certain amount on a monthly basis
  • You can change instructions pertaining to Auto Debit, as per your preference
  • Viewing each of your transactions has never been easier.

iWish interest rates are at par with those on offer by competitors, offering other RDs and Fixed Deposits.

For the general public, the interest rate applicable amounts to 3.50% for a tenure of 6 months. For senior citizens, this interest rate amounts to 4% for a tenure of 6 months.

iWish Calculator

In order to understand the true potential of an iWish Goal Based Savings by ICICI Bank, it is important to consider making use of the iWish calculator.

  • Visit the ICICI Bank iWish calculator website
  • Fill out the reasons on why you are saving your funds
  • Use the slider to indicate what your end goal is and indicate the time frame within which you’d like to see this fulfilled
  • Select the appropriate category you fall under i.e., general or senior citizen
  • Make clear the frequency with which you would like into make a deposit to your iWish Account
  • The iWish calculator will then indicate how much money is needed to be saved each month, in order for your financial goal to be attained.


Each iWish deposit takes you a step closer to attaining your financial goals. RD made available by ICICI Bank is a smart investment and saving tool that financially savvy individuals, such as you, dear reader, ought to take advantage of.


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