ICICI Bank i wish – a flexible recurring deposit

by Manikaran Singal on April 4, 2013 Total Views: (528)


ICICI bank I wish is a very interesting recurring deposit product of ICICI bank available for its saving bank account customers who use internet banking.  The interesting part of this product is you can create and manage your short and long term goals (in terms of money you want to accumulate) with these savings and also can share it with your friends and family on Facebook. By sharing it with others you can also ask for their contribution in this deposit to help you achieve your goal or fulfil your wish faster.

The uniqueness of this recurring deposit product is in the feature of flexibility. Unlike regular recurring deposits , in this flexible product there is no compulsion on the part of depositor to make a month on month contribution into it. You can also make multiple deposits in a particular month. This product can only be invested through internet banking. In this article I will be covering the basic details of “icici bank i wish” and try to figure out the pros and cons of this.

i wish

Manikaran Singal

Founder and Chief Financial Planner at Good Moneying Financial Solutions
He’s MBA ( Finance) gold medalist, a CERTIFIED FINANCIAL PLANNER and SEBI Registered Investment adviser. An ex banker , having a decade long experience in financial services industry he manages clients across the globe. He’s an active member of Financial Planners’ Guild India ( An association of practicing SEBI registered Investment advisers). He's very passionate in the financial planning space and with a view to spread financial literacy among masses he writes blog articles and also contributes and quoted in various media publications like Money control, Indian express, Business Bhaskar, Dainik Bhaskar, Money mantra magazine etc. He also delivers training on Various personal finance topics to various corporate houses. You may get in touch with him at info@goodmoneying.com

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{ 17 comments… read them below or add one }

Gaurav April 8, 2013 at 4:29 am

Hi, In my view “i-Wish” doesn’t cover the fundamental of disciplined saving . It is not better than saving through regular RD. Anyways some minor flexibility it does provides but as far as I think it is of no use. On the other short term saving instruments I am still not sure about the use of MF over Debt deposits.

Reply

Manikaran Singal April 10, 2013 at 9:34 am

Gaurav, this is a normal RD product with flexibility in deposits. Its upto the user how he wants to use it…through regular deposits or irregular. I have shared a link in the article where you can see the comparison between debt mutual funds and bank deposits. You can have a look at that.

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sid May 1, 2013 at 5:03 am

Hi,

just wanted to know, on goal completion can we transfer the amount to the linked savings account or is it a physical procedure like getting a cheque or something???
Good article.. Thanks for sharing!

Reply

Manikaran Singal May 7, 2013 at 5:41 am

Thanks Sid.
On goal or tenure of RD completion you can transfer the amount in your linked savings account.

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Chetan August 2, 2013 at 1:20 am

Nice article. Thanks for sharing..

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Nas August 29, 2013 at 3:55 pm

I want to know that suppose let it be I wish my goal amount to 50,000.. could I save more than this 50,000 in the same goal?

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Pradeep August 31, 2013 at 3:10 pm

As per bank terms its not possible,but you can create another Goal.Once goal amount is reached you cant add extra amount to it.Wait for tenure to complete and en-cash.

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Nas September 3, 2013 at 3:53 pm

Thanks Pradeep. It was a great help! anyway another simple doubt. What if I could not reach my goal amount in the specified tenure?

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Thiagarajan December 24, 2013 at 9:25 am

Hi,

How long will it take for the goal amount be credited to the account on closing or on pre-closure?

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Manikaran Singal December 27, 2013 at 12:47 pm

As it is a normal recurring deposit product, so i think it should not take more than 24 hrs. Infact 24 hrs is also a long time for this.

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shruti December 26, 2013 at 10:41 am

does anyone has any experience of hidden charges\deductions?
As I see in the site itself its written, “On pre-mature withdrawal of the deposit:
– interest will be calculated at the rate applicable for the period the deposit has actually remained with ICICI Bank”

I am afraid by the words ” rate applicable”.
Does it mean if the rate is 7.75 for 6 months, on premature withdrawl at 3 months we get prin +7.75 % for 3 months?
Or is it at icici’s decretion :S

Reply

Manikaran Singal December 27, 2013 at 12:53 pm

Shruti…there’s nothing hidden, but you have to read everything :)
rate applicable is the rate for the tenure for which deposit has remained with the bank. If for 6 months deposit rate is 7.75% and for 1 year rate is 10%, and you kept the money for 6 months only, then you will get 7.75% p.a for 6 months, means effectively 3.875%. Rates mentioned are always on annual basis.

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Madhan January 25, 2014 at 9:10 am

A very good Article!!

Is the amount taxable?

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Manikaran Singal January 25, 2014 at 1:45 pm

Yes, it is. ICICI Bank I wish is taxable like a normal recurring deposit

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mady March 6, 2014 at 12:34 pm

is that possible to take loan from the amount?

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Ankush March 10, 2014 at 12:33 pm

What is process of after completion of tenure.
Will the amount automatically transferred to my account or I need to manually request for it in the ICICI bank branch?

Reply

Manikaran Singal March 18, 2014 at 8:35 am

Ankush you have to request for the closure. You can do it online too

Reply

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