What is ICICI Bank iWish?
Wish is a unique Goal based savings which allows you to create goals to save for specific wishes.
These goals are Goal based savings 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 a 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 Facility 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. Go to Bank Accounts-> iWish-Goal based savings or Login to iMobile Accounts & Deposits -> iWish Goal Based Savings
- After the iWish page opens, click on “Create iWish” to go to iWish creation form.
- At the time of creating the iWish you will be required to enter information relating to the iWish (Name, Category, Amount, Tenure and the Initial Deposit Amount). You may choose to set up a standing instruction.
- After clicking on "Create iWish" your iWish will be created instantly. You can transfer funds to your iWish as soon as your iWish is created.
- Please note the iWish deposit 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 iWish account?
You can deposit money into your iWish account through following means:
You can transfer money to your iWish account from ICICI Bank iWish page of Internet Banking or iMobile
You can set standing instructions on the ICICI Bank iWish page from Internet Banking or iMobile.
What happens if the transaction fails while contributing to my iWish?
If transaction fails while contributing to your iWish the amount will not be debited from your Savings account. In case amount debited the same will be credited back to your Savings account immediately.
What is the minimum and maximum amount of initial deposit?
The minimum deposit amount is Rs. 50 and the maximum deposit amount is Rs. 49,999.
Is there minimum number of months / years to achieve iWish?
You can create iWish with the target month you want to achieve it. However, iWish tenure cannot 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 iWish?
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 iWish at any point of time. So, if you have created 25 iWish accounts and all these iWish accounts are not yet closed, then you cannot create any further iWish account. As soon as any iWish account is closed, you can create new iWish account.
How can I manage my iWish?
You can see the list of all your active iWish on iWish page by login to Internet Banking or iMobile. The “iWish” page displays a list of all your Open and Closed iWish accounts along with the progress.
Here you can rename the iWish, add funds to the iWish, Set or modify auto debit instruction and close the iWish.
Is there any charge for iWish Goal Based Savings product?
No, there is no charge for this product. This product and associated services are being offered free of charge.
Is TDS applicable on iWish 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. 40,000 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 iWish deposit mid-way? Will it impact my interest earning?
No. You cannot partially withdraw the money from your iWish deposit mid-way. You can withdraw money mid-way by closing your iWish. However in that case, you will earn interest at the rate corresponding to the period the iWish is held with the bank. Please note that the applicable penalty will be charged for premature closure of iWish.
If an iWish deposit 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 iWish target amount and tenure later ?
No, you cannot change amount or the period of your iWish later post creation.
iWish Deposit 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 Deposit.
Login to Internet Banking > Bank Accounts > iWish-Goal based savings > Click on Auto debit toggle button for setting auto debit instruction.
Login to iMobile -> Accounts & Deposit ->
Can I modify my standing instructions given for transfer of money into my iWish Deposit?
You can modify your standing instructions by login to Internet Banking or iMobile.
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 before the instruction execution date.
Can I close my iWish mid-way? Is there any penalty?
Yes, you can close the iWish account at any time. However, pre closure charges applicable. If a iWish Goal Based Savings 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?
You may close your iWish accounts through the below channels.
Login to your Internet Banking Account > Bank Accounts> IWISH-Goal based savings > iWish Dashboard > Select the iWish > Actions > Close iWish.
Login to iMobile -> Accounts & Deposits -> iWish-Goal based savings -> Select the iWish > Close iWish.
You will be unable to partially withdraw the money mid-way. You can withdraw money mid-way by closing your iWish. However in that case, you will earn interest at the rate corresponding to the period the iWish is held with the bank. Please note that the applicable penalty will be charged for premature closure of iWish.
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 transfer money to my iWish account even if iWish target amount is achieved?
No. Once your iWish target amount is achieved, you will not be allowed to deposit money into your iWish account.
What if I do not make a request for closure of the iWish at the end of period for iWish Goal Based Savings?
The iWish 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 iWish 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.
What is the rate at which interest shall be calculated for the overdue iWish 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 Save The Change?
iWish Save The Change 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 Save The Change 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 Save The Change 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 Save The Change?
The ROI will remain the same.
Can I cancel the iWish Save The Change for any particular transaction?
No, you cannot cancel the iWish Save The Change for any transaction. Click here for details of the list of transaction types which are applicable for iWish Save The Change.
What happens to the iWish Save The Change 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 Save The Change.
When will the Save The Change amount be credited to my iWish?
The Save The Change 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 Save The Change option for any iWish? How can I do it?
Yes, you can disable the iWish Save The Change 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 Save The Change?
If your account does not have enough balance for iWish Save The Change, auto credit will be partially executed. For example, if the Save The Change amount is Rs 100 and your account balance is Rs 70, the same will be credited to the iWish enabled for iWish Save The Change service.
How can I modify the round-off amount?
You can disable the Save The Change option for the selected iWish and again enable it with a new round-off amount at any point of time.
How can I view my transactions related to iWish Save The Change?
You can view the transactions related to iWish Save The Change under the ‘Transaction history’ section of that particular iWish enabled for Save The Change by logging in to Internet Banking.
When can iWish Save The Change be enabled?
iWish Save The Change can be enabled immediately after iWish creation or at any point of time post that till the closure of your iWish.
Can I enable Save The Change for multiple iWish?
No, you cannot enable Save The Change 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 Save The Change?
No, once any iWish is enabled for Save The Change with a selected round-off amount, it cannot be modified.
Can I set Standing Instruction and also add funds for iWish enabled for Save The Change?
Yes, you can do both for iWish enabled for Save The Change. You can set a Standing Instruction and also add funds to the iWish which is enabled for Save The Change.
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