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ICICI iWish claims to offer the freedom to choose when and how much to save. While it is an innovative and flexible product, savers need to understand the fine print related to the upper limit you can save and what happens if you try to save too fast
ICICI Bank has launched iWish, a recurring deposit (RD) offering flexibility of amount you pay monthly, deposit multiple times in a month and have ability to skip an instalment. The product is innovative considering the regular RD accounts expect fixed instalment amount to be paid on the same day of the month. RD gives same interest rate as fixed deposits (FD) for the same period. Offering flexibility of the amount you pay monthly can lead to customers taking advantage in the falling interest rate scenario. Savers need to understand the fine print on the upper limit of your monthly savings.
iWish is an online product for those who already have savings account and internet banking. It is not a product purchased after walking into a branch. It is targeted for younger segment, who need to create life goals and make savings towards realisation of it. These goals can be shared with friends and family on Facebook. The friends and family can choose to contribute to the goal. The saver can monitor the goal and know exactly how much they are ahead of behind in realising the goals.
Central Bank of India had launched a recurring deposit scheme ‘Centswashakti’ for retail depositors. This scheme allows depositors the flexibility to deposit up to 10 times the originally decided minimum amount every month. It does not offer the flexibility of skipping an installment. There are other RD products in the market which appeal to younger customers with goals based investment approach. E.g. YES Bank RD. iWish is more flexible, but you need to understand the fine print.
Here are important points to know about the iWish product:
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