ICICI Bank is a popular and leading private sector bank in India. It offers a wide range of banking products and financial services to retail customers. This post discusses everything you need to know about iWish Flexible RD: ICICI iWish Flexible Recurring Deposit.
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ICICI iWish
iWish is a unique flexible RD that allows you to create goals to save for specific wishes. These goals are flexible RDs (Recurring Deposits). You can deposit any amount at any point of time during the opted tenure.
There are no deposit dates so you can deposit funds multiple times in a month. Also, no penalty if you miss the deposit in a particular month within the tenure. You earn better interest rates on iWish Flexible RD just like a Fixed Deposit.
Features and Benefits of iWish Flexible Recurring Deposit
Whether you want to save to buy a vehicle or gadget, go for a dream vacation with your family, a celebration or be it for any other goal, this RD helps you achieve it effortlessly.
The following are the key features and benefits of ICICI Flexi RD.
1. Save with a specific goal in mind. You can save for celebration, vacation, vehicle, education, gadgets, down payment, and others.
2. Wide range of tenures that range from 6 months to 5 years.
3. Save any amount anytime during the opted tenure.
4. No penalty on missing deposits if you don’t invest in a particular month.
5. Premature withdrawal facility available with pre-closure charges.
6. Nomination facility available.
7. Earn interest rate similar to Recurring Deposit (RD).
Eligibility for iWish ICICI
You need to be a resident individual / HUF (Hindu Undivided Family) to open an ICICI Bank iWish. Other than that, you need to have an ICICI Bank Retail Net Banking facility and at least one savings account linked to it. Note that this facility is not available for Kid-e-bank and NRI account. Click here to open an account.
ICICI iWish Interest Rates
ICICI iWish Interest Rate ranges between 3.50% to 5.35% p.a. for the general public. Senior citizens are offered an interest rate of 4.00% p.a. to 5.85% p.a.
See the table below to know the updated ICICI iWish Interest Rates w.e.f. 07.09.2020.
| Tenure | Interest Rate (% p.a.) for General | Interest Rate (% p.a.) for Senior Citizens |
| 6 months | 3.5 | 4 |
| 7 months – 9 months | 4.4 | 4.9 |
| 10 months – 11 months | 4.4 | 4.9 |
| 1 year | 5 | 5.5 |
| 1 year 1 month – 1 year 6 months | 5 | 5.5 |
| 1 year 6 months – 2 years | 5.1 | 5.6 |
| 2 years 1 month – 3 years | 5.15 | 5.65 |
| 3 years 1 month – 5 years | 5.35 | 5.85 |
Note: The interest rates mentioned above are updated from time to time as per the bank’s discretion. Click here for the latest interest rates.
Premature Closure of ICICI Flexi RD
You can close the ICICI Bank iWish account at any time. However, you need to pay pre-closure charges. If you close it prematurely, then the interest on it will be earned for the period it is held with the bank minus the penalty for pre-closure. The penal charges are 0.5% if the original tenure is less than 1 year and 1% for more than 1 year.
| Original Tenure of Deposit | Less than Rs.5 crore | Rs.5 crore and above |
| Less than 1 year | 0.50% | 0.50% |
| 1 year and above but less than 5 years | 1.00% | 1.00% |
| 5 years and above | 1.00% | 1.50% |
Note: The penal rates are subject to revision without further notice.
ICICI iWish Calculator
You can calculate how much you’ll need to save to reach your wish using the ICICI iWish RD calculator. For ICICI Bank iWish Calculator, click here.
Final Thoughts – ICICI iWish Review
iWish Flexible Recurring Deposit is a convenient way to make your wishes come true. The iWish Flexible RD from ICICI Bank is an effortless way to make all your wishes come true. Therefore, start ICICI Flexi RD Account and earn stable returns on your savings.
Also Read: How to invest in Direct Mutual Funds in India?
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