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2 mins Read | 4 Years Ago

When and who should invest in an iWish RD?

When and who should invest in an iWish RD?

When and who should invest in an iWish RD?

Be it your long cherished dream of owning a car or plans of taking an international vacation, anything is achievable if you plan it right. ICICI Bank is here to help you plan and save for these goals with an iWishGoal Based Savings.

What exactly is iWish?

iWish refers to a Goal Based Savings plan for Millennials and GenZ customers. This facility makes savings an enjoyable process and is available for everySavings Account holder with ICICI Bank. 

For instance, if you are planning to save Rs 1 lakh within two years for your international holiday, then open an iWish Account with a minimum deposit of only Rs 50, a minimum tenure of 6 months and a maximum of 5 years. Deposit funds into this account anytime without any restrictions to achieve your target.

When is the right time to invest in an iWish RD?

You can invest in an iWish Goal Based Savings anytime, whenever required.

Factors to consider while opening an iWish Account:

  • Your savings goal: Are you saving for the latest laptop, mobile phone, bike, car, vacation or others?
  • The savings amount: You can start saving with a minimum deposit of Rs 50 and a maximum of Rs 49,999
  • The savings tenure: How long do you plan to save? 6 months or 5 years?
  • The frequency of deposits: Though there is no specification on when and how frequently you should deposit, it’s a good idea to make a monthly, weekly or fortnightly schedule.

You will get regular reminders about your progress, Just remember to track the progress of your iWish Goal Based Savings.

Who should invest in an iWish Goal Based Savings plan?

As opposed to a conventional Recurring Deposit, iWish doesn’t require you to pay on a specific date. Categorise your savings into specific brackets making it easier to visualise and save money. It is best to see iWish as a way to outline targets and save up for them while paying Recurring Deposit rates. The scheme is more beneficial for the younger generation, still new to the idea of investing. With an iWish, you get higher interest rates than your regular Savings Account.

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