iWish Calculator

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 .

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