iWish recurring deposit scheme from ICICI Bank – Review

iWish recurring deposit scheme from ICICI Bank – Review

iWish recurring deposit scheme from ICICI Bank – Review

Banks have started offering innovative products to its customers. One of them is iWish recurring deposit scheme from ICICI. In this article we would discuss about its features, negative points and to whom this scheme would be suitable for.

What is iWish recurring deposit from ICICI is all about

iWish is a unique flexible recurring deposit scheme where it allows us to create a goal to achieve for a specific purpose which can be shared with friends and colleagues on your Facebook. It can be say, buying a car in a specific period of time.  This is a flexible recurring deposit scheme where your friends or colleagues can contribute the money to achieve your goal faster.

Features of the iWish scheme of ICICI Bank

  1. iWish is a flexible recurring deposit scheme. The monthly installments need not be same there are no conditions that we should deposit every month. It is like a variable recurring deposit scheme where we can deposit for whatever surplus money we have.
  2. There are no separate charges to join this product
  3. The interest rates offered are from 6.5% to 8.5% p.a. based on the period selected
  4. The minimum amount is Rs 5,000 and maximum is Rs 10 lakhs.
  5. The period ranges from 6 months to 10 years
  6. You can create any number of goals once you create iWish account.
  7. The goals created in ICICI iWish scheme can be opted to show on your Facebook.
  8. Your friends / colleagues can contribute to your iWish scheme by depositing the money to your iWish scheme account. The charges levied at Rs 15 + service charges for them.
  9. There are no penalties in case you have not deposited the amount in any particular month
  10. You can close the goal mid-way and get the maturity amount. However you would not be paid the interest which was promised during goal creation, but it would be paid like any other normal recurring deposit at prevailing bank rates.
  11. If your goal is achieved before the maturity date, you have an option to continue the iWish scheme and you can enjoy the benefits of the scheme

Negative points of iWish scheme

  1. All the goals cannot be shared with friends or colleagues. For e.g. if it is for weight loss, it can be shared on Facebook so that your friends or colleagues can be help you. But if they are financial goals, the amount of surplus money you are depositing need not be shared with friends or colleagues.
  2. The interest rates are in line with any other recurring deposit schemes and not higher.
  3. Pre-closure penalty charges are there for 0.50% to 1% for less than year and 1+ year respectively.
  4. No additional interest rates for senior citizens.

Safety point of view: In iWish scheme only goals are shared in Facebook. However all transactions would be done through ICICI bank only, hence the safety point of view is being taken care.

Conclusion: This scheme would be best suitable for those who have good networking on Facebook and who would continuously share, contribute, and participate in friends group in all activities.  The group of friends can contribute the money and help you in achieving your goal faster. Otherwise, it is like any other flexible/variable recurring deposit scheme.

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iWish recurring deposit scheme from ICICI Bank


  • Ramakrishnan

    we got tax benfits on this i wish deposit or not.
    please guide me.

    • sandeep

      No there is no tax benefit under this scheme, Interest paid amount is subjected to tax if it exceed 10000 depending upon the individual tax bracket.

  • Sudha Rani

    How to close iwish account. My iwish account meturity date is compleated.

  • Manan

    Iwish is the best Investment tool which gives us back interest…

    But it has its own backend disadvantages…Iwish doesn,t work as normal RD as normal RD promises us to give that maturity amount which is projected at the time of investment.

    But Iwish just pays for the amount which is available in a particular time.
    Ex: If you set goal for 20000 for 6 months and pay 10000 initially and dont pay for 2,3,4,5 months and pay another 10000 at 6th month you will get less money than RD standard interest..

    Am I correct? If am wrong please correct me…

  • Navneet

    ICICI Bank Iwish compounded interest is calculated quarterly or how?

  • Avinash

    Hi All,

    Can anyone tell me the procedure to close the iwish RD as the tenure is complete. And I am not able see my RD account no. under service request-> Close existing FD/RD. For my account no. its not showing the RD no. How can I close the iwish account.

  • Vishi


    1. I haven reached the goal before maturity period, Can i close it also will i get all the benfits?? (I mean interest rate which was shown)

    2. Could you please let me know how can I check my closure date, as I have forgotten for how many month I have chosen goal. I could not see any option to check that. 

    please help. 🙂

  • Sherlock


    Can you tell me how I Wish Interest calculation is done? Whatever I deposit within 10th of the month will be considered as monthly contribution or the day from which I have deposited will be considered towards interest calculation. Say, I have deposited INR 8000 on 27th of July, It will be considered for August month interest calculation or it will earn the interest from the day I deposited the amount, 27th here.

  • Sahanul

    My iWish goal will be completed on 16/08/2014 but now the balance is Rs. 100/= less than the maturity  amount.

    I have got the last interest on 30/06/2014. So at that date Can I get the less amount at the time of maturity ?

  • Kohila

    For FD after Rs.10000 interwst TDS is deducted, what about the I wish,what is the minimum value for No taxation,or every ruppes shall be taxed

  • Priscilla


    I would like to enrol for Iwish scheme, but I dont have ICICI account…what to do ?

  • bani

    Hi, I have started an I wish account of target amout of 20,000/- and the maturity period is 6 month. 

    the starting date is Febuary 01 can you please tell on which date i can withdraw the money including all the benifits. Is that after 6 month from the start date or after 6 month once it achives the total 20,000? 

  • Jitender

    Please let me know from where should I get my money into my actual account. I have trapped 5000 in some VRD account and now it is not avaiable in my actual account to withdraw. 

    Please help 

  • Deepak

    Need to be careful with iWish.. Amount deducted from SB accounts dont reflect in IWISH statement. I got a lower amount credited than the amount that was debited. And funny thing is ICICI is not able to track on what happened on the amount that was debited from SB account but not credited into iWISH.

  • Hi,

    I have 2 questions,

    1.I just want to know is there any processing fee once my goal is completed and close the goal??How much processing fee they would charge?? 

    2.What would be the processing fee if i close my goal mid-way? 

    • Hi Nalini, This is like any other FD scheme. There are no processing charges at maturity. But when you close mid-way there are pre-penalty charges. You can check the site for latest info on this.

  • HD

    For RD, interest is not taxable. What about iWish RD ? Website is not stating that, but ICICI Cust care says, that its not taxable? how to sort this out?

    • Hi HD, Whether FD or RD, the interest is taxable. Many investors come back stating this is not taxable , but later IT sends them notice that they need to pay tax on RD interest. Iwish is not excluded from this.

  • sabari

    I have two questions

    1. If i reach the goal before the maturity period , then how it works ? can u pls explain ?
    2. If my goal is not achieved within the maturity period ? what will happen?

    • Hi Sabari, I thought I have explained in this schekme, 1) If your goal is achieved before the maturity date, you can withdraw or continue the same and enjoy all benefits 2) The maturity period is 10 years and I think if your goal is not achieved, it would get closed in 10 years.

  • Pritam

    I agree with your statement that the interest rate offerred in NOT more than any other Recurring Deposit scheme. But its very flexible. If someone deposits a good amount in the beginning (e.g 50,000 (Upper Limit), he/she will get the interest for that amount till maturity surplus the amount that you deposit in preceding months and the interest earned on them.

    Please correct me if I am wrong, this is like a Fixed deposit + Recurring deposit scheme. In conventional RD, if you start with 50,000 as your initial deposit. You HAVE to deposit the same amount in the preceding months till the maturity which is difficult. But in iwish you can start with 50, 000 thinking that its like a FD till maturity and then in coming months deposit less amount like RD. 


    • Pritam, There are several VRD (Variable recurring deposits). The naming could be different. You can deposit any amount any time with a minimum agreed amount. You would get interest at the agreed rate during VRD opening. Some features like your friends from facebook can add amounts is the only unique feature for this.

  • Sonal

    It says a charge of Rs. 15 + service tax would be levied towards payment gateway charge on friends & family contributing to your goals.Can you please clarify how much is the service tax.

  • Jasmeet Kaur

    I had scheduled the standing instruction date as 5th of every month. So, ideally the amount should get deducted on 5th from my savings account and added to the iwish RD account. But its showing pending in the RD account. Customer care ppl were not able to help me out.

    • Jasmeet, ICICI Bank customer care is good. Please try one more time. If you have opened iwish RD account through one of your branch, you can also consult them.

  • Deepasree

    How to cancel the Iwish RD account through Net Banking. My transaction is still under pending status. 

  • akash


    Is the inevestment in iWish tax free under section 80C of Income tax?


    • Hi Akash, Majority of FD’s whose maturity is 5+ years would quality for 80C deduction. Since the period of iWish starts from 6 months, it would not fall under 80C

  • amit


    Can you pls clarify that TDS is deducted or not on interest earned on iwish scheme??

  • Prathap Raj

    Site not working!

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