Here’s how much you’ll need to save to reach your wish
What is ICICI Bank iWish?
iWish is a unique deposit which allows you to create goals to save for specific wishes.
These goals are flexible Recurring Deposits with the added benefit of contributing any amount, at any point of time. You earn better interest rates on your Recurring Deposit just like a Fixed Deposit (click here for rate of interest)
Who are eligible to open iWish account?
The account can be opened by an resident individual / HUF who have ICICI Bank Retail Net Banking facility and at least one resident savings account linked to his / her ICICI Bank Retail Net Banking account. This Facilty is not available for Kid-e-bank & NRI A/c.
How do I create a goal in iWish?
Please login to your Internet Banking account www.icicibank.com. Click on “iWish” on the top right hand corner.
- After the iWish page opens, click on “Start Now” from the Goals page.
- At the time of creating the goal you will be required to enter information relating to the goal (Name, Category, Amount and Tenure) and the Initial Deposit Amount.
- You may choose to set up a standing instruction and earn 10 reward points for every standing instruction executed successfully towards your iWish goal.
- You can also choose to share your goal on Facebook.
- After clicking on "Create Goal" your goal will be created instantaneously. You can transfer funds to your goal as soon as your goal is created. However, the goal balance will be displayed within 4 hours from creation of the goal.
- Please note the goal will not be created in case
- There are insufficient funds in your account,
- Your funding account is in a frozen state,
How can I deposit money into my goal account?
You can deposit money into your goal account through following means:
- You can transfer money to your goal account from ICICI Bank iWish page.
- You can set standing instructions on the ICICI Bank iWish page.
What happens if the transaction fails while contributing to my goal?
Like any other transaction, funds if any will be credited to their account within 4-7 working days.
What is the minimum and maximum amount of initial deposit?
The minimum deposit amount is Rs. 500 and the maximum deposit amount is Rs. 49,999.
Is there minimum number of months / years to achieve goals?
You can create goal with the target month you want to achieve it. However goal period can not be less than 6 months and greater than 5 years. Recurring Deposit/s under this Program can be maintained for a minimum tenure of 6 months and further in multiples of 1 month subject to a maximum of 5 years
What is the minimum and maximum amount of a goal?
The minimum amount is Rs. 5,000 and the maximum amount is Rs. 5,00,000.
What is the maximum number of iWish accounts one can avail?
You cannot have more than 25 active goals. So, if you have created 25 goals and all these goals are not yet closed, then you cannot create any further goal. As soon as any goal is closed, you can create new goal against that goal.
How can I manage my goals?
You can see the list of all your goals by clicking on “Goals” on ICICI Bank iWish page. The “Goals” page displays a list of all your Open and Closed goals along with the progress. By clicking on an Open goal you can rename the goal, add funds to the goal, change the sharing settings and close the goal. You will also get SMS alerts when various milestones relating to a goal are achieved such as goal creation, funding of goal, goal closure and goal target progress
Is there any charge for iwish flexible RD product?
No, there is no charge for this product. This product and associated services are being offered free of charge.
However, a charge of Rs. 15 + service tax would be levied towards payment gateway charge on friends & family contributing to your goals.
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.
Can I partially withdraw money from my goal mid way? Will it impact my interest earning?
No. You cannot partially withdraw the money from your iWish goal mid way. 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 is held with the bank. Please note that the 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 of 0.5% if original tenure is less than 1 year and 1% for more than 1 year.
Can I change my goal later in iWish?
You cannot change amount or the period of your goal.
Flexi RD has auto debit facility or not ?
If you want to automatically deposit money every month from a savings account, then you also have the option to set up standing instructions towards your iWish goal.
Login to Internet Banking > Exclusive Offerings > Iwish-Flexible RD > Manage your Goal > My Goals > Manage > Edit > Standing Instruction (Optional).
Can I modify my standing instructions given for transfer of money into my goal account?
You can modify your standing instructions by clicking on the Manage button below the goal. If required, you can also create additional standing instructions. An option to cancel the standing instruction is also provided. If you want to cancel a particular transaction of the standing instruction, you can do so on the trigger date.
Can I close my goal mid way? Is there any penalty?
Yes, you can close the Iwish account at any time. However, pre closure charges applicable. If a iWish RD 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.
How can I close my iWish goal?
You may close your iWish goal through the below channels.
Login to your Internet Banking Account > Exclusive Offerings > IWISH-Flexible RD > Manage your Goals > Manage > Close Goal.
Login to iMobile -> Accounts & Deposits -> iWish-Flexible RD -> Manage your Goals > Manage > Close Goal. The funds will be immediately credited to your savings account.
You will be unable to partially withdraw the money mid way. 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 is held with the bank. Please note that the 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 of 0.5% if original tenure is less than 1 year and 1% for more than 1 year.
What if I do not make a request for closure of the goal at the end of goal period for iWish flexible RD?
On the maturity date I wish goal will be automatically closed and amount will be credited back in your savings account.
Can I transfer money to my goal account even if goal amount is achieved?
No. Once your goal amount is achieved, you will not be allowed to deposit money into your goal account.
What is the rate at which interest shall be calculated for the overdue Recurring Deposits (“RDs”) and how shall the interest be credited?
For the overdue period the interest is calculated as per the prevailing Saving Account Interest Rate. However, the interest shall be credited / deposited in the Recurring Deposit Account (“Account”) as per the applicable rate of interest at the end of each calendar quarter. At the time of closure of the Account the rate of interest for the overdue period shall be revised as per the prevailing Saving Account Interest Rate and any excess interest credited for the overdue period shall be adjusted at the time of closure of the Account.
What is iWish Chhota Savings?
iWish Chhota Savings is an enabler which helps you reach the target amount faster by rounding off your day-to-day transactions and auto investing the amount in your respective iWish. You can enable this for any one iWish. There are now three round-off options available — Rs 50, Rs 100 and Rs 500.
For example, if you enable Chhota Savings for iWish with a round-off amount of Rs 50, and then you do a fund transfer transaction of Rs 5,020 using Internet Banking and a bill pay transaction of Rs 610 using iMobile app, the amount of these transactions (Rs 5,020 and Rs 610, respectively) will be rounded off to the nearest Rs 50, which is Rs 5,050 and Rs 650, respectively. The next day the Chhota Savings amount of Rs 70 (Rs 30 from Rs 5,020 and Rs 40 from Rs 610) will be debited from your Savings Account and the same will be credited to your iWish (iWish name)
What Rate of Interest (ROI) will I get for iWish enabled for Chhota Savings?
The ROI will remain the same.
Can I cancel the iWish Chhota Savings for any particular transaction?
No, you cannot cancel the iWish Chhota Savings for any transaction. Click here for details of the list of transaction types which are applicable for iWish Chhota Savings.
What happens to the iWish Chhota Savings if I reach my iWish target before maturity date?
In case your iWish reaches the target amount, it will not be considered for auto credit for iWish Chhota Savings.
When will the Chhota Savings amount be credited to my iWish?
The Chhota Savings amount for the particular day will be credited to your iWish on the next working day. In case of holidays or weekends, it will be credited the day after one working day.
Can I disable the Chhota Savings option for any iWish? How can I do it?
Yes, you can disable the iWish Chhota Savings option any time from the iWish dashboard by logging in to Internet Banking.
What will happen if my account doesn’t have enough balance for auto credit to iWish Chhota Savings?
If your account does not have enough balance for iWish Chhota Savings, auto credit will be partially executed. For example, if the Chhota Savings amount is Rs 100 and your account balance is Rs 70, the same will be credited to the iWish enabled for iWish Chhota Savings service.
How can I modify the round-off amount?
How can I modify the round-off amount?
How can I view my transactions related to iWish Chhota Savings?
You can view the transactions related to iWish Chhota Savings under the ‘Transaction history’ section of that particular iWish enabled for Chhota Savings by logging in to Internet Banking.
When can iWish Chhota Savings be enabled?
iWish Chhota Savings can be enabled immediately after iWish creation or at any point of time post that till the closure of your iWish.
Can I enable Chhota Savings for multiple iWish?
No, you cannot enable Chhota Savings for multiple iWish. It can be enabled for only one active iWish at any point of time.
Can I modify the round-off amount selected for iWish Chhota Savings?
No, once any iWish is enabled for Chhota Savings with a selected round-off amount, it cannot be modified.
Can I set Standing Instruction and also add funds for iWish enabled for Chhota Savings?
Yes, you can do both for iWish enabled for Chhota Savings. You can set a Standing Instruction and also add funds to the iWish which is enabled for Chhota Savings.
In these Terms the following words and phrases shall have the meaning set herein below, unless the context indicates otherwise, and as may be modified from time to time.
- "Account/s" shall mean an ICICI Bank's savings account having valid access to ICICI Bank's internet banking services.
- "Debit Card/s" in relation to this Program shall mean such debit card/s including debit cards issued by ICICI Bank which are specified by ICICI Bank , from time to time, as being eligible for making monetary contributions to the Recurring Deposit under this Program.
- "Customer/s" shall mean resident Indian individuals / HUF holding an Account.
- "iwish/es" shall mean the objectives / targets / purposes chosen by the Customer/s in the form and manner required by ICICI Bank policy/process/terms with respect to which the Customer intends to place the corresponding Recurring Deposit with ICICI Bank under the Program.
- "iWish Amount/s" shall mean the amount/s specified by the Customer/s to achieve the iwish/es and for which the corresponding Recurring Deposit shall be placed by the Customer/s under the Program in the manner required by ICICI Bank policy/process/terms.“iWish Page”:
- "Maturity Date" shall mean the date on which the Tenure is completed and the Recurring Deposit shall be due for repayment to the Customer/s.
- "Program" shall mean ICICI Bank's iWish Program by virtue of which Customer/s may place Recurring Deposit for a specified Tenure, , with ICICI Bank to achieve specified iwish/es, subject to these Terms and ICICI Bank policy/process/terms as prevalent from time to time.
- "Recurring Deposit/s" shall mean the deposit/s placed and maintained by the Customer/s under the Program and subject to these Terms and Primary Terms and Conditions.
- "Recurring Deposit Account/s" shall mean the account opened under the Program and maintained by ICICI Bank in connection with the Recurring Deposits.
- "Tenure" shall mean the period for which the Recurring Deposit/s are placed with ICICI Bank as regards the Goals specified by the Customer/s under the Program. The period shall commence from the date of the deposit of initial funding in the Recurring Deposit and shall continue till such time as specified by the Customer/s at the time of placing the Recurring Deposit.
- To participate in this Program, Customer/s shall be required to have valid and subsisting internet banking access to their Account.
- After logging in to their Account through the internet banking platform, the Customer/s shall be required to access the iWish Page in the specified manner and subject to the acceptance of the applicable terms. By accessing the iWish Page in the above referred manner, the Customer/s acknowledges that he has read and understood these Terms, undertakes to abide by the same and that these Terms shall constitute a valid and binding contract.
- At the time of placing / creating the Recurring Deposit the Customer/s shall be required to choose a specific iWish, iWish Amount and other details required as per ICICI Bank policy/process/terms. All the above activities shall be undertaken by the Customer through the iWish Page/s. Customer/s may only place one Recurring Deposit with ICICI Bank in relation to each iWish created under this Program. Customer/s shall have the option of specifying a maximum of twenty five (25) iWishs and correspondingly may place a maximum of twenty five (25) Recurring Deposits with ICICI Bank under the Program at any given point in time. The Customer/s shall have the option of changing the iWish, (but not the iWish Amount and Tenure), specified by him/her at any time during the Tenure of the corresponding Recurring Deposit in the manner specified by ICICI Bank policy/process/terms , provided that the altered iWish shall be subject to being permitted by the applicable terms and conditions, costs and charges, policies and applicable law. The iWish Amount assigned to a corresponding Recurring Deposit opened under this Program can be for a maximum amount of INR 10,00,000 (ten lakh) and a minimum amount of INR 5000 (five thousand).
- The effective date from which the credit shall be given for any funding with respect to the Recurring Deposit shall be the date on which ICICI Bank gets clear funds into the Recurring Deposit of the Customer/s.
- The Customer/s shall be mandatorily required to provide initial funding in the form and manner required by ICICI Bank policy/process/terms , at the time of placing the Recurring Deposit/s of a minimum amount of INR Rs 50 (Fifty) and subject to a maximum amount of INR. 49999 (forty nine thousand nine hundred ninety nine).
- After opening of the Recurring Deposit/s under this Program, Customer/s may subsequently deposit funds into the Recurring Deposit Account/s at any time during the Tenure of the Recurring Deposit/s in the form and manner permitted by ICICI Bank policy/process/terms . Funding of the Recurring Deposit/s by Customer/s may be done either through the ICICI Bank internet banking or mobile banking facility or such other modes / means as may be made available by ICICI Bank from time to time and subject to such terms as may be specified by ICICI Bank from time to time. Funding of the Recurring Deposit/s opened under this Program through cash or cheque is not permitted.
- After opening of the Recurring Deposit/s under this Program, Customer/s may subsequently deposit funds into the Recurring Deposit Account/s at any time during the Tenure of the Recurring Deposit/s in the form and manner permitted by ICICI Bank policy/process/terms in this regard. Funding of the Recurring Deposit/s by Customer/s may be done either through the ICICI internet banking or mobile banking or such other modes / means as may be made available by ICICI Bank from time to time and subject to such terms as may be specified by ICICI Bank from time to time. Funding of the Recurring Deposit/s opened under this Program through cash or cheque is not permitted.
- After the Recurring Deposit is created then at any time prior to achieving the iWish Amount it shall be possible to deposit funds in the Recurring Deposit such that the total funds lying therein reaches 120% of the iWish Amount. Once the iWish Amount is achieved or exceeded it would not be possible to further fund the Recurring Deposit, however, the Recurring Deposit shall continue for the Tenure.
- In case the funds transferred by the Customer/s are not credited to the Recurring Deposit maintained by Customer/s due to any reason, then such amount shall be refunded back to the corresponding account of the Customer/s from which the funds had been transferred subject to such terms as may be specified by ICICI Bank from time to time.
DURATION OF DEPOSIT:
- Recurring Deposit/s under this Program can be maintained for a minimum tenure of 6 months and further in multiples of 1 month subject to a maximum of 10 years.
PAYMENT OF INTEREST :
- Interest on the Recurring Deposit/s opened under this Program shall be credited / deposited in the Recurring Deposit at the end of each calendar quarter, at the applicable rates as communicated to the Customer/s at the time of opening of the Recurring Deposit/s. Such interest rates shall be in accordance with the RBI directives issued from time to time. For the Recurring Deposits which become overdue, the interest rate applicable shall be the rate of interest given on the savings account. However, in each calendar quarter for the overdue Recurring Deposits , while the interest shall credited at the applicable rates communicated to the Customer at the time of the opening of the Recurring Deposits, the excess interest credited during the overdue period shall be adjusted at the time of closure of the Recurring Deposits.
iWish Chhota Savings
- iWish Chhota Savings is an enabler which helps customers to reach their target amount faster by rounding off day-to-day transactions and auto investing the amount in their Chhota Savings enabled iWish . Customer can enable Chhota Savings for any one iWish at a time.
- There are now three round off options available - Rs50, Rs100 & Rs500.
- Chhota Savings can be enabled and disabled at any point of time by the customer.There is a maximum per day limit for every round off value.
- The Chhota Savings amount for a particular day will be credited to the customer’s iWish on the next working day. In case of holidays or weekends, it will be credited the day after one working day.
- If a new iWish account is created on a particular day and enabled for Chhota Savings on the same day, the Chhota Savings amount will start getting credited 2 days after the account creation date.
- Click Here to see the list of transactions which will be considered for calculating Chhota Savings amount for day to day transactions from Internet Banking and iMobile.
- Transactions successful at ICICI bank’s end and failed at third party’s end (to be reversed back to customer’s account at a later point in time) will also be considered for Chhota Saving contribution for that day.
- The Recurring Deposit/s placed by Customer/s under this Program shall be closed and be due for repayment on the Maturity Date. Customer/s shall have to apply for closure of the Recurring Deposit/s through the ICICI Bank net banking or mobile banking facility or such other modes / means as may be made available by ICICI Bank from time to time and subject to such terms as may be specified by ICICI Bank from time to time . In case application for closure of the Recurring Deposit/s is not made by the Customer in the manner specified by ICICI Bank from time to time, the funds in the Recurring Deposit/s shall continue to lie with ICICI Bank in an overdue state and shall earn interest at the prevalent savings bank account interest rate till closure of the Recurring Deposit/s in the specified manner by the Customer/s. Also the overdue recurring Deposit/s can be closed by the ICICI Bank any time after the maturity date in case the same is not closed by customer in the manner specified by ICICI Bank.
REPAYMENT BEFORE MATURITY :
- Customer/s can apply for premature closure of the Recurring Deposit/s placed under this Program through the ICICI Bank net banking or mobile banking facility or such other modes / means as may be made available by ICICI Bank from time to time and subject to such terms as may be specified by ICICI Bank from time to time. However, in such cases, the Recurring Deposit/s shall be subject to premature withdrawal charges as applicable and communicated by ICICI Bank to the Customer from time to time. On premature closure of the Recurring Deposit/s, interest to be paid on the Recurring Deposit/s shall be calculated at the rate corresponding to the period for which Recurring Deposit/s remained placed with ICICI Bank and the amount accumulated in the Recurring Deposit Account/s up to the date of application for premature closure by the Customer/s with such interest less the amounts payable (like premature closure charges etc) by the Customer/s to ICICI Bank shall be paid to the Customer/s in the form and manner specified by ICICI Bank policy/process.
CLOSURE OF ACCOUNTS :
- The iwish/es specified by the Customer/s under this Program should be specified in the form and manner required by ICICI Bank policy/process/terms and should only be for a purpose considered lawful as per applicable laws. ICICI Bank reserves the right to close the iwishes/s and the corresponding Recurring Deposit/s opened/placed under this Program by the Customer/s if it is found that the Goal specified by the Customer/s is illegitimate, unlawful or prohibited. In such cases, the Recurring Deposit/s will be closed forthwith and the amount accumulated in the Recurring Deposit/s up till the date of closure shall be transferred to the Customer’ss’ Account. In case of closure of the Recurring Deposit/s in the manner specified by this term, the Recurring Deposit/s shall be subject to premature withdrawal charges as applicable and specified by ICICI Bank from time to time. On closure of the Recurring Deposit/s in the manner specified in this term, interest to be paid on the Recurring Deposit/s shall be calculated at the rate corresponding to the period for which Recurring Deposit/s remained placed with ICICI Bank. Intimation of the same shall be given to the Customer/s through SMS on the mobile number registered with ICICI Bank with respect to the Recurring Deposit/s.
- Nomination facility is available for the Recurring Deposit/s opened under this Program in the names of individuals. Customer/s shall have to visit the branch to register a nominee with respect to the Recurring Deposit/s. Only one nominee is permissible per Recurring Deposit and the nomination is to be made by the Customer/s .If the Customer/s affixes his thumb impression on the nomination form, then the same needs to be attested by two witnesses. No witnesses are required in case the Customer/s signs the nomination form. The Customer/s should ensure that (s) he gets / is given the acknowledgment as per the nomination rules framed by RBI. The Customer/s is/are at liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the Tenure of the Recurring Deposit/s with ICICI Bank.
CHANGE IN TERMS:
- ICICI Bank expressly reserves the right, at any time and without prior notice to the Customer/s, to add to and /or alter, modify, change or vary all or in part, the Terms related to this Program.
- Any tax or other liabilities or charges payable to the government or any other statutory authority/body or any participating establishment, which may arise or accrue to the Customer/s due to provision of the Program shall be to the sole account of the Customer/s. Tax deducted at source, if any, on the Recurring Deposit/s shall be payable by the Customer/s.
- Disputes, if any, arising out of or in connection with, or as a result of this Program or otherwise shall be subject to the laws of India and the exclusive jurisdiction of the competent courts/tribunals in Mumbai only.
SET-OFF AND LIEN:
- ICICI Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on all account/deposits of the Customer/s with the Bank, whether in single name or joint name(s), to the extent of all outstanding dues to ICICI Bank. For such purposes, ICICI Bank may at its sole discretion close the Recurring Deposit/s prematurely and apply a penal rate of interest in respect of the same. The lien shall be valid and binding on the Customer/s and operative until repayment in full of all monies due to the ICICI Bank from the Customer/s. The lien conferred on ICICI Bank as recorded and expressed herein shall be irrevocable and shall be a continuing one and shall remain in full force and effect till such time the deposit holder/s repays/retires all amounts due and payable and remain unpaid to the ICICI Bank in respect of any monies due to ICICI Bank from the Customer/s.
Indemnity and Limitation of liability :
- The Customer/s hereby agrees that the Customer/s shall, at his/her/its own expense, indemnify, defend and hold harmless ICICI Bank from and against any and all liability or any other loss that may be incurred by ICICI Bank, arising from or relating to the Customer/s use of this Program or operation of the Recurring Deposit/s or breach, non-performance or inadequate performance by the Customer/s of any of these Terms or the acts, errors, representations, misrepresentations, misconduct or negligence of the Customer/s in performance of his/her its obligations.
- The Customer/s agrees and acknowledges that ICICI Bank shall in no way be held responsible or liable if the Customer/s/ third party incurs any loss/damage etc as a result of any information being shared by the Customer/s with any person and the Customer/s shall fully indemnify and hold harmless ICICI Bank for any loss / damage / claim etc resulting to / against ICICI Bank in respect of the same.
- The Customer/s agrees and acknowledges that any loss, damage, liability caused or suffered by the Customer/s due to disclosure of any information of a confidential nature and such loss/damage/liability shall be borne by the Customer/s without transferring any liability or responsibility towards ICICI Bank.
- The Customer/s agree and acknowledge that ICICI Bank shall in no way be responsible or liable in relation to funds transferred by a third party to the Recurring Deposit in the name of the Customer/s and the Customer shall fully indemnify and hold harmless ICICI Bank and its affiliates in respect of any loss / damage / claims arising out of or in relation to the same.
- Under no circumstances shall ICICI Bank be liable to the Customer/s for any indirect, incidental, consequential, special or exemplary damages incurred by the Customer/s in connection with the Program.
- ICICI Bank shall not be liable for any failure to perform any obligation contained in these Terms or for any loss or damage whatsoever suffered or incurred by the Customer/s howsoever caused and whether such loss or damage is attributable (directly or indirectly) to any dispute or any other matter or circumstances whatsoever.
- The Customer/s shall keep ICICI Bank indemnified at all times against, and save ICICI Bank harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgement) and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in resolving any dispute relating to the Customer's Recurring Deposit/s with ICICI Bank or in enforcing ICICI Bank's rights under or in connection with these Terms and conditions contained herein, or which may have arisen either directly or indirectly out of or in connection with ICICI Bank performing its obligations hereunder.
- If any sum due and payable by the Customer/s is not paid on the due date, including without limitation any monies claimed under this paragraph, the Customer/s shall be liable to pay interest (both after as well as before any judgement) on such unpaid sum at such rate or rates as ICICI Bank may from time to time stipulate from the date payment is due up to the date of payment.
- The Customer/s shall solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdictions in connection with availing of the Program from ICICI Bank and shall indemnify and keep indemnified ICICI Bank from all actions, proceedings claims, losses, damages, costs and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by ICICI Bank in connection with any failure to comply with any such applicable laws/regulations.
- The indemnities as aforesaid shall continue notwithstanding the termination of the Account/s and/or Recurring Deposit Account/s.
USE OF EXTERNAL SERVICE PROVIDERS AND AGENTS :
- ICICI Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/services.
Partner iWish is an iWish created under special Partner offers. This Partner iwish offer is an additional offer to our existing/new iWish customer provided by different Partners at the time of creation of iWIsh .
All the terms and conditions as applicable to open an Iwish recurring deposit (Terms and Conditions) as available on the ICICI Bank website shall govern and apply to the Customer/s under this Partner iWish Offer.
(All capitalized terms used but not defined herein shall bear the same meaning as ascribed to it in the Terms and Conditions.)Offer Construct:
Partner iWish Creation :
Partners are provided different offers for iWish and the offer value depends upon the tenure and Target Amount .Customers will be offered respective offer as per the iWIsh Category ,Target amount and tenure selected while iWish creation . Partner Offer will be applied on the basis of instruction given by customer.
Partner iWish funding :
Auto Debit is mandatory for the Partner iWish and the amount will be set by default as per the Target amount and Tenure. Auto Debit amount is non editable.
The Partner offer can be disabled any point of time during the tenure before maturity.
Once customer disable the Partner offer the Partner iWish will work as regular iWish and customer can modify the auto debit instruction.
Additional Manual funding can be done by customer any point of time from Internet Banking or iMobile to reach the goal faster.
Partner iWish Closure :
On closure of Partner iWish if the iWish deposit amount reached to any of the offer slab of respective Partner and consent for availing the offer is available then the deposit amount will be transferred to respective Partner account post the amount got credited to Savings account from iWIsh Account.
i)Premature Closure :
In case of premature closure, customer can provide consent whether to avail offer or need fund in Savings account on closure. In case the deposit amount is not reached to Target amount then on closure the applicable offer might change as per the final closure amount.
ii) Closure on Maturity:
On Maturity the proceeds will be credited to the customer’s saving account and from there it will be transferred to Partner current account. (this will be done on the basis of consent taken from the customer during the creation of iWish). The customer will be intimated on maturity that the funds have been transferred to the Partner account via sms.
Customer can avail the additional offer from Partner on this as per the applicable offer criteria.
Once the funds are transferred to Partner account on closure of Partner iWish as per customer consent, it can not be refunded back to customer .
Post Closure of Partner iWish and deposit amount transfer to Partner account, respective Partner Will communicate the same to customer and help customer to further availing the offer. In case customer faces any issue with Partner customer can call to ICICI Bank customer care.