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The Benefits of a Flexible Recurring Deposit
Submitted by Alisha Shah
Thu, 4 Jul 2013
Recurring Deposit (RD) is a special kind of term deposit offered by banks in India. It helps people to deposit a fixed amount every month and thereby helping him to accumulate savings with uniformity. The recurring deposit interest rates are same as the fixed deposit interest rates. The tenure and amount of investment in an RD account are decided by the customer at the time of opening the account. Any deviation from the pre-determined amount and a late investment reduce the RD interest rate, compromising the efficiency of the account.
Now, wouldn't it be really good if the RD account was flexible and one could deposit any amount every month? With iWish, it's possible! iWish is a flexible recurring deposit offered by ICICI Bank to all its savings bank account holders. ICICI Bank is the only bank in India offering the option of a flexible RD to customers.
By opening an iWish account, customers have the flexibility of contributing any amount, at any point of time without having to worry about additional charges or liabilities. If you have more spare money to save, you can deposit funds multiple times in a month into your account. Customers earn a higher rate of interest than a savings account (typically the applicable fixed deposit interest rates of the same tenure) with the added flexibility of being able to deposit any amount at any time.
It also allows you to create goals to save for specific wishes and share them with friends and family on Facebook. You can also choose to share your goals with family and friends on Facebook and let them be a part of your dreams. What's more, friends and family can choose to contribute to your goals from any bank account helping you achieve them faster.
Important things to remember:
• You need to have a savings account with ICICI Bank to be eligible to apply for an iWish account
• You need to activate your internet banking account before opening an iWish account
• You can create a goal by logging onto the ICICI Bank website and clicking on the iWish page. At the time of creating the goal, you will be required to enter information related to the goal (Name, Category, Amount and Tenure) and the initial deposit amount. You may choose to set up a standing instruction and also choose to share your goal on Facebook. After clicking on "Create Goal" your goal will be created instantaneously.
• You can transfer funds to your goal as soon as your goal is created. However, the goal balance will be displayed within 4 hours from creation of the goal. Please note that the goal will not be created in case 1) There are insufficient funds in your account, 2) Your funding account is in a frozen state, 3) Your funding account is dormant or inactive or 4) If you are an NRI or a corporate customer. If case of technical errors, your goal will get activated within 2 working days.
• The minimum amount of investment is Rs. 5,000 and the maximum amount is Rs. 10,00,000.
The primary goal of an iWish account is to make savings fun and flexible. To understand how to set up an iWish account, you may view: http://bit.ly/12nWfD8.
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