iWish is a unique online flexible Recurring Deposit where you create goals to save for your dreams. It works like a Recurring Deposit which gives you added flexibility of depositing any amount at any point in the tenure.
What if I achieve the goal early?
You can continue to keep the amount into your goal till the end of the period for which the goal was originally targeted to be achieved. Moreover, you will continue to get higher rate of interest for the rest of the period.
Is TDS applicable on Recurring Deposits?
According to Finance Bill, 2015, effective June 1, 2015, TDS shall be applicable on the interest earned on recurring deposit/ variable recurring deposits etc. Interest earned from fixed deposit/ recurring deposit / variable recurring deposit shall be clubbed for the purpose of computing the total interest paid/ payable during the financial year and applicability of TDS.
It has also been proposed that banks need to deduct tax on interest credited/ paid or likely to be credited/ paid exceeding Rs. 10,000 to a depositor at bank level as against the existing process of branch level. As per the provisions of Finance Act 2009, w.e.f April 1, 2010, valid PAN is required to be submitted by all customers whose tax needs to be deducted. In the absence of a valid PAN, tax will be deducted at the prevailing rate or 20% whichever is higher. Also, Form 15G/ H shall not be treated as valid, unless PAN is mentioned in such forms.
What if I am unable to meet my goal?
You can still close the goal. Bank does not charge any penalty if the goal is not reached within the goal period.
You can withdraw money mid way by closing your goal. However in that case, you will earn interest at the rate corresponding to the period the goal remained with the bank. Besides, this applicable penalty will be charged for premature closure of goal.
If an iWish account is prematurely closed, then the interest on it will be earned for the period it is held with the bank minus the premature closure charges and is 0.5% if original tenure is less than 1 year and 1% for more than 1 year.
Can we increase our goal amount?
No. You cannot change the amount and period of your goal once the iWish account has been opened.
What if I am not able to deposit money towards my goal in a certain month? Will I continue to enjoy better returns?
There are no penalties or charges if money could not be deposited towards your goal every month. You will continue to enjoy the rate of interest applicable on your recurring deposit on the funds available in your account.
- TDS will be applicable on the interest earned as per the prevailing rate.
- Rates are subject to change from time to time . For interest rate, please Click Click here .
- For additional terms and conditions please Click Click here .
- Minimum goal amount should be Rs. 5,000.00 and Maximum Rs. 10,00,000.00 .
- Minimum goal tenure is 6 months and maximum is 10 years.
- Minimum deposit amount is Rs. 500.00 and Maximum isRs. 50,000.00 .
The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank.
Such information and the resultant data is provided only for user's convenience and information purposes. ICICI Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. ICICI Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against ICICI Bank. Neither ICICI Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.
Nothing contained herein shall amount to an offer, invitation, advertisement, promotion or sponsor of any product or services of ICICI Bank/third party and is not intended to create any rights or obligations. The use of this information is subject to the terms and conditions governing such products, services and offers as referred herein above and specified by ICICI Bank/third party from time to time and applicable laws .The information contained / data generated herein may be subject to change, updation, revision, verification and amendment without notice and such information/data generated may change materially. User cannot distribute, modify, transmit, reuse, report, or use the contents available for public or commercial purposes, including the text without ICICI Bank's written permission. The information and/ or intellectual property contained herein is strictly confidential, meant solely for the selected recipient, and may not be altered in any way, nor transmitted copied or distributed in part or in whole to any other person or to the media, or reproduced in any form without prior written consent of ICICI Bank or the relevant owner of the intellectual property as the case may be. "ICICI Bank" and "I-man" logos are the trademark and property of ICICI Bank Limited.
Sorry, but the page you were trying to view does not exist.
It looks like this was the result of either:
- a mistyped address
- an out-of-date link