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iWish - Goal Based Savings
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.
What is the minimum amount with which I can open iWish Flexibility account?
You can open goal with minimum of Rs. 500.
What makes iWish flexible?
The goals under iWish are flexible Recurring Deposits with the added benefit of contributing any amount, at any point of time.
You can choose to deposit money at your convenience and you can also choose not to deposit any money in a month. There are no penalties or charges if you could not deposit money into a goal every month. If you have more spare money to save, you can deposit funds multiple times in a month into your account.
Will the ICICI Bank Employees will get the additional rate of interest on iWish goal?
ICICI Bank employees can now earn 1% additional interest rate on opening an iWish goal wef 22nd August 2013.
Is there any charge for iWish product or service?
There is no charge for this product or service. This product and associated services are being offered free of charge.Â
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 is iWish different from normal Recurring Deposit account?
In normal Recurring Deposit account, you are required to deposit money every month on a fixed day. However, in a flexible Recurring Deposit like iWish, you can deposit money at your convenience and availability of funds.
| Normal Recurring Deposit | Flexible Recurring Deposit (iWish) |
|---|---|
You need to deposit a fixed amount every month on a particular date. | You can deposit any amount as per your convenience and availability of funds. It is not mandatory to deposit money each month. |
You can deposit money only once in a month. | You can deposit money multiple times in a month. |
There are charges for not depositing funds in a month. | There are no charges if funds are not deposited in a month. |
You earn a higher rate of interest than your Savings Account (typically the applicable Fixed Deposit interest rates of the same tenure). | You earn a higher rate of interest than your Savings Account (typically the applicable Fixed Deposit interest rates of the same tenure) with the added flexibility of being able to deposit any amount at any time. |
