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

Suresh KP


    1. 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.

  1. 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…

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