ICICI Bank Answers _ IWish-Flexible RD

8/17/2019 ICICI Bank Answers _ IWish-Flexible RD

1/7

12/30/2015 ICICI Bank Answers | iWish-Flexible RD

http://w ww.i ci ci bank.com /Per sonal -Banki ng/faq/detai l.page?i denti fi er =pr od- iw ish- 20132812143031850

Personal Privilege Wealth Private NRI Corporate Business About

Tap here to enter search ter Products Apply Online Payments Connect

Find ATM Branch

Expand All Close All

iWish-Flexible RD

iWish is a unique deposit which allows you to create goals to save for specific wishes and share them with friends andfamily on Facebook. These goals are flexible Recurring Deposits with the added benefit of contributing any amount, atany point of time. You earn better interest rates on your Recurring Deposit just like a Fixed Deposit ( click here for rateof interest)

iWish is available only to existing Savings Account holders of ICICI Bank. iWish can only be operated through your Internet Banking account.

However, please note that iWish is not available for Non Resident Indians (NRIs).

In case you do not have an ICICI Bank Savings Account you can apply online at HERE

In case you do not have your Internet Banking User ID and password, you can get them instantly at this link

No, there is no charge for this product. This product and associated services are being offered free of charge.However, a charge of Rs. 15 + service tax would be levied towards payment gateway charge on friends & familycontributing to your goals.

You earn better interest rates on your Recurring Deposit just like a Fixed Deposit. Click here for interest rates.

No, there are no penalties or charges if you could not deposit money into a goal every month.

In normal Recurring Deposit, you are required to deposit money every month on a fixed day. However, in a flexibleRecurring Deposit like iWish, you can deposit money at your convenience and availability of funds. You can alsochoose not to deposit any money at all for a month. Besides this, if you have more spare money to save, you can

deposit funds multiple times in a month into your account.

Normal Recurring Deposit Flexible Recurring Deposit (iWish)

Personal › ICICI Bank Answers › Detail

Search ICICI Bank Answers FIND

iWish › What is ICICI Bank iWish?

Who is eligible to use iWish?

Is there any charge for this product?

What is the rate of interest?

What if I could not deposit money into a goal in a certain month? Is

there any penalty?

How is iWish different from normal Recurring Deposit?

http://www.icicibank.com/corporate/corp-index.page?http://www.icicibank.com/business-banking/index.page?http://www.icicibank.com/Personal-Banking/account-deposit/iwish/index.page?http://www.icicibank.com/Personal-Banking/account-deposit/iwish/index.page?http://www.icicibank.com/Personal-Banking/apply-online/index.page?http://www.icicibank.com/Personal-Banking/payments.page?http://www.icicibank.com/Personal-Banking/connect.page?http://www.icicibank.com/Personal-Banking/account-deposit/iwish/index.page?http://www.icicibank.com/Personal-Banking/faq/index.pagehttp://www.icicibank.com/index.pagehttp://www.icicibank.com/interest-rates.page?#recurring-iwish-deposits-2http://www.icicibank.com/online-services/generate-password-personal.page?http://www.icicibank.com/Personal-Banking/account-deposit/savings-account/index.page?http://www.icicibank.com/interest-rates.page?#recurring-iwish-deposits-2http://www.icicibank.com/find-atm-branch.page?http://www.icicibank.com/Personal-Banking/connect.page?http://www.icicibank.com/Personal-Banking/payments.page?http://www.icicibank.com/Personal-Banking/apply-online/index.page?http://www.icicibank.com/Personal-Banking/products.page?http://www.icicibank.com/http://www.icicibank.com/aboutus/about-us.page?http://www.icicibank.com/business-banking/index.page?http://www.icicibank.com/corporate/corp-index.page?http://www.icicibank.com/nri-banking/nri-banking.page?http://www.icicibankprivatebanking.com/http://www.icicibank.com/wealth-management/index.page?http://www.icicibank.com/privilege-banking/index.page?http://www.icicibank.com/


2/7



You need to deposit a fixed amount every month ona particular date.

You can deposit any amount as per your convenience and availability of funds. It is notmandatory to deposit money each month.

You can deposit money only once in a month. You can deposit money multiple times in a month.

There are charges for not depositing funds in amonth.

There are no charges if funds are not deposited in amonth.

You earn a higher rate of interest than your Savings Account (typically the applicable Fixed Depositinterest rates of the same tenure).

You earn a higher rate of interest than your Savings Account (typically the applicable Fixed Depositinterest rates of the same tenure) with the addedflexibility of being able to deposit any amount at anytime.

You will not earn the interest rate as mentioned at the time of your goal creation. You will earn interest at the ratecorresponding to the period the goal remained with the bank. Beside this, penalty of premature closure of account willbe levied at the applicable rate. Click here for penal interest rates.

To get started, please login to your Internet Banking account www.icicibank.com. Click on “iWish” on the top right handcorner.

Yes, iWish is available only to ICICI Bank Savings Account holders. In case you do not have an account you canapply online at http://www.icicibank.com/Personal-Banking/account-online/savings-account/savings-account.html

Yes. iWish can only be operated through your Internet Banking account. In case you do not have your Internet BankingUser ID and password, you can get them instantly at http://www.icicibank.com/online-services/generate-password-personal.html.

Please login to your Internet Banking account www.icicibank.com. Click on “iWish” on the top right hand corner. After the iWish page opens, click on “Start Now” from the Goals page. At the time of creating the goal you will be required toenter information relating to the goal (Name, Category, Amount and Tenure) and the Initial Deposit Amount. You maychoose to set up a standing instruction and earn 10 reward points for every standing instruction executed successfullytowards your iWish goal. You can 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, thegoal balance will be displayed within 4 hours from creation of the goal. Please note the goal will not be created in case1) There are insufficient funds in your account, 2) Your funding account is in a frozen state, 3) Your funding account isdormant or inactive or 4) If you are an NRI or a corporate customer. If case of technical not-errors, your goal will getactivated within 2 working days.

The minimum amount is ₹ 5,000 and the maximum amount is ₹ 10,00,000.

The minimum tenure is 6 months and the maximum tenure is 10 years.

You can choose to fund your goal through one of the Savings Accounts linked to your ICICI Bank Internet BankingUser ID. These linked Savings Accounts are known as funding sources in iWish.

You can deposit money into your goal account through following means:

You can transfer money to your goal account from ICICI Bank iWish page.

You can set standing instructions on the ICICI Bank iWish page.

What if I close my goal mid way? Is there any penalty?

How do I get started?

Do I need to have a Savings Account with ICICI Bank to use iWish?

Do I need my Internet Banking User ID and password to create a goal?

How do I create a goal?

What is the minimum and maximum amount of a goal?

What is the minimum and maximum tenure of a goal?

What is a funding source?

How can I deposit money into my goal account?

What is the minimum and maximum amount of initial deposit?

http://www.icicibank.com/http://www.icicibank.com/generate-password.page?http://www.icicibank.com/Personal-Banking/account-deposit/savings-account/index.page?http://www.icicibank.com/http://www.icicibank.com/interest-rates.page?#recurring-iwish-deposits-2


3/7



The minimum deposit amount is ₹ 500 and the maximum deposit amount is ₹ 49,999.

You cannot create goals which are prohibitive or illegal. You can create any legitimate goal. For the sake of simplicity,goal categories and sub-categories are defined under which you can create your goal. We have tried to keep thesecategories as broad as possible to cover all areas for individual goals.

Yes, you cannot create more than 10 active goals. So if you have created 10 goals and all these goals are not yet

closed, then you cannot create any further goal. As soon as any goal is closed, you can create a new goal against thatgoal.

No, there are no penalties or charges if money could not be deposited towards your goal every month.

At the time of creating your goal y ou can choose to share y our goal. You can add a description, choose whether youwant to show percentage completion or goal balance and whether you want to auto post when goal milestones arereached. All of these are configurable through the “Sharing” tab on the ICICI Bank iWish page.

To enable friends and family to contribute to your goals, you will need to make your goal public while sharing onFacebook. Friends and relatives can click on your goal on Facebook from where they will be directed to your ICICIBank iWish profile page. From here, they can use any bank's VISA Debit Card to contribute towards your goal.

The goals under iWish are flexible Recurring Deposits with the added benefit of contributing any amount, at any point of time. You can choose to deposit money at your convenience and you can also choose not to deposit any money in amonth. There are no penalties or charges if you could not deposit money into a goal every month. If you have morespare money to save, you can deposit funds multiple times in a month into your account.

In normal Recurring Deposit account, you are required to deposit money every month on a fixed day. However, in aflexible Recurring Deposit like iWish, you can deposit money at your convenience and availability of funds.

Normal Recurring Deposit Flexible Recurring Deposit (iWish)

You need to deposit a fixed amount every month on

a particular date.

You can deposit any amount as per your

convenience and availability of funds. It is not

mandatory to deposit money each month.

You can deposit money only once in a month. You can deposit money multiple times in a month.

Charges for late payment

Home Loans : 2% per month Home OD : 1.5% of

the outstanding amount subject to minimum of Rs.

500/- & Maximum of Rs.5000/-

There are charges for not depositing funds in a

month.

There are no charges if funds are not deposited in a

month.

You earn a higher rate of interest than your Savings

Account (typically the applicable F ixed Deposit

interest rates of the same tenure).

You earn a higher rate of interest than your Savings

Account (typically the applicable F ixed Deposit

interest rates of the same tenure) with the added

flexibility of being able to deposit any amount at any

time.

iWish allows the flexibility to close your goal mid way. However, you will not earn the interest rate as mentioned at thetime of your goal creation. You will earn interest at the rate corresponding to the period the goal remained with thebank. Beside this, penalty on premature closure of account will be levied at the applicable rate. Click here for penalinterest rates.

Is there any restriction on the type of goal that I can create?

Is there any limit on the number of goals that I can create?

What if I am not able to deposit money towards my goal in a certain

month? Is there any penalty?

How can I share my goal on Facebook?

How can my friends and family contribute to my goal?

What makes iWish flexible?

How is iWish different from normal Recurring Deposit account?

Can I close my goal mid way? Is there any penalty?

What is the rate of interest?

http://www.icicibank.com/interest-rates.page?#recurring-iwish-deposits-2


4/7



You earn better interest rates on your Recurring Deposit just like a Fixed Deposit. Click here for interest rates.

There are no penalties or charges if money could not be deposited towards your goal every month. You will continue toenjoy the rate of interest applicable on your recurring deposit on the funds available in your account.

ICICI Bank does not charge any penalty if a goal is not reached within the goal period. You will enjoy the rate of interest applicable on your recurring deposit on the funds available in your account.

You can continue to keep the amount into your goal account till the end of the period for which goal was originallytargeted to be achieved. You will continue to get a higher rate of interest for the rest of the period.

Yes. You can close the goal mid way even if it is not achieved. In such a case, you will not earn the interest ratementioned at the time of goal creation. You will earn interest at the rate corresponding to the period the goal remainedwith the Bank. Beside this, penalty of premature closure of account will be levied on the applicable rate. Click here for penal interest rates.

You cannot change amount or the period of your goal. However, you can change the name, category and sharingsettings.

You can see the list of all your goals by clicking on “Goals” on ICICI Bank iWish page. The “Goals” page displays a listof all your Open and Closed goals along with the progress. By clicking on an Open goal you can rename the goal, addfunds to the goal, change the sharing settings and close the goal. You will also get SMS alerts when variousmilestones relating to a goal are achieved such as goal creation, funding of goal, goal closure and goal target progress.

You can modify your standing instructions by clicking on the Manage button below the goal. If required, you can alsocreate additional standing instructions. An option to cancel the standing instruction is also provided. If you want tocancel a particular transaction of the standing instruction, you can do so on the trigger date.

Open goals are active goals where money can be deposited into the goal. These are shown with an open lock icon iniWish. Closed goals are where money cannot be deposited into the goal. These are shown with a closed lock icon iniWish.

You have to place a request for closure of your goal account online from ICICI Bank iWish page.

No. Your goal is not auto closed in either of the cases i.e. either if the goal is achieved or if the goal period has ended.In both the cases, you need to place an online request for goal closure.

Your goal deposit will continue to be in your ICICI Bank account and it will be treated as overdue account. You will earnSavings Account rate interest for the period starting from lapse of the goal period (i.e. maturity date) till the date a goalclosure request is made.

What if I am not able to deposit money towards my goal in a certain

month? Will I continue to enjoy better returns?

What if a goal is not achieved by the end of a goal period? Will I

continue to enjoy better returns?

What if I achieve the goal early?

Can I close the goal mid way even if it is not achieved/ achieved early?

Can I change my goal later?

How can I manage my goals?

Can I modify my standing instructions given for transfer of money into

my goal account?

What is an Open/ a Closed goal?

How can I close my goal?

Will my goal be automatically closed if it is achieved or the period of my

goal has come to an end?

What if I do not make a request for closure of the goal at the end of goal

period?

HIDE

http://www.icicibank.com/interest-rates.page?http://www.icicibank.com/Personal-Banking/offers/offer-index.page?http://www.icicibank.com/customer-care.page?http://www.icicibank.com/Personal-Banking/apply-online/index.page?http://www.icicibank.com/interest-rates.page?#recurring-iwish-deposits-2http://www.icicibank.com/interest-rates.page?#recurring-iwish-deposits-2


5/7



For the overdue period the interest is calculated as per the prevailing Saving Account Interest Rate. However, theinterest shall be credited / deposited in the Recurring Deposit Account (“Account”) as per the applicable rate of interestat the end of each calendar quarter. At the time of closure of the Account the rate of interest for the overdue periodshall be revised as per the prevailing Saving Account Interest Rate and any excess interest credited for the overdueperiod shall be adjusted at the time of closure of the Account.

You can still close the goal. ICICI Bank does not charge any penalty if a goal is not reached within the goal period.

Yes. You can close the goal mid way even if it is not achieved. In such a case, you will not earn the interest ratementioned at the time of goal creation. You will earn interest at the rate corresponding to the period the goal remainedwith the Bank. Beside this, penalty of premature closure of account will be levied on the applicable rate. Click here for penal interest rates.

You can continue to keep the amount into your goal account till the end of the period for which goal was originallytargeted to be achieved. You will continue to get a higher rate of interest for the rest of the period.

No. You cannot partially withdraw money from your goal mid way. You can withdraw money mid way by closing your goal. However in this case, you will earn interest at the rate corresponding to the period the goal remained with ICICIBank. Besides this, an applicable penalty will be charged for premature closure of goal.

No. You cannot transfer money from one goal account to another goal account.

No. Once your goal amount is achieved, you will not be allowed to deposit money into your goal account.

No. There is no such linkage between a goal category and the number of years during which the goal should beachieved. You can create a goal for the period as per your need.

You will need to enable sharing from the “Settings” tab on the ICICI Bank iWish page and connect your iWish accountto your Facebook account. Once you connect the facebook, the app iWish from ICICI Bank will be added to your applist. You can then share your goal at the time of creation or later from the “Settings” tab. You can add a description,choose whether you want to show percentage completion or goal balance and whether you want to auto post when goalmilestones are reached.

If you are unable to view your goals on Facebook despite sharing it, please check the Auto-post settings on Facebook.In case the issue persists, please try disconnecting your Facebook account and re-connecting under iWish Sharingsettings.

Sharing you goals is completely secure. Sharing goals on Facebook is just a post on your wall. Facebook users do nothave any access to your ICICI Bank iWish goals. Any contribution towards goals is made from your ICICI Bank iWishpublic profile page and not from Facebook.

What is the rate at which interest shall be calculated for the overdue

Recurring Deposits (“RDs”) and how shall the interest be credited?

What if a goal is not achieved by the end of a goal period?

Can I close the goal mid way even if it is not achieved?

What if I achieve the goal early?

Can I partially withdraw money from my goal mid way? Will it impactmy interest earning?

Can I transfer money from one goal to another goal account?

Can I transfer money to my goal account even if goal amount is

achieved?

Is there a minimum tenure to achieve the goal? Is the period of a goal

linked to goal categories?

How can I share my goal on Facebook?

How secure is sharing goals on Facebook? Can it compromise my

Savings Account?

What exactly will be shared when I choose to share my goals on

Facebook?

http://www.icicibank.com/interest-rates.page?#recurring-iwish-deposits-2


6/7



Explore Rates and Charges Share this Page Other ICICI Bank Website

If you choose to share a goal, you can add a description, choose whether you want to show percentage completion andwhether you want to auto post when goal milestones are reached. All of these are configurable through the “Sharing”tab on the ICICI Bank iWish page.

At the time of connecting y our ICICI Bank iWish account with your Fac ebook acc ount, you can choose the individualswith whom the posts will be shared. You can also modify the settings later on by going to Facebook >> App Centre >>Your apps >> iWish from ICICI Bank and clicking on Settings.

Yes. You can selectively share your goal. You can choose to share the goal at the time of creation or later through the“Sharing” tab on the ICICI Bank iWish page. You can also modify the people with whom the goals will be shared bygoing to Facebook >> App Centre >> Your apps >> iWish from ICICI Bank and clicking on Settings

Yes. It is necessary to share your goals if you want your friends or relatives to contribute to your goal. If you choose tomake your goal public, friends and relatives can visit your ICICI Bank iWish profile page and contribute towards your goals.

No. It is not mandatory to have a Facebook account for creating a goal. If you don't have a Facebook account, you willnot be able to use sharing features.

No. It is not mandatory to share goals through Facebook. It is an additional feature and optional.

No. Currently you can share your goals only on Facebook.

Yes. You can choose to unshare later on, through the “Sharing” tab on the ICICI Bank iWish page.

To enable friends and family to contribute to your goals, you will need to make your goals public while sharing onFacebook. Friends and relatives can then click on your goal on Facebook from where they will be directed to your ICICIBank iWish profile page. From here, they can use any bank's VISA Debit Card to contribute to your goal. You can viewyour profile page from “My Sharing Page” on the left hand side of the iWish page.

No. It is not necessary for your friends or relatives to have account with ICICI Bank. However, they need to have avalid VISA Debit Card issued by any bank in India. The transfer to your account will be effected online through theDebit Card payment gateway. Please note a flat fee of Rs.15 + service tax is levied for each transaction done throughthis channel.

In case you have received a contribution from friends/ family, they will be shown as pending transfers until they havebeen credited to your goal. Pending transfer also include initial goal deposit amount till the time your goal is createdand activated. Further standing instructions are also displayed in pending transactions.

Like any other transaction, funds if any will be credited to their account within 4-7 working days.

With whom will the goals be shared on Facebook?

Can I selectively share my goals?

Is it necessary to share goals for friends and relatives to contribute?

Is it mandatory to have a Facebook account for creating a goal?

Is it mandatory to share goals that I have created on Facebook?

Can I share my goals on other social media site like twitter, google+

etc.?

I opted to share my goal earlier. Can I later on change the setting to

unshare?

How can my friends or family deposit money into my goal?

Do my friends or family need to have an account with ICICI Bank for

contributing to my goal ?

What are pending transfers?

What happens if the transaction fails while contributing to my goal?


7/7



Investor Relations

ICICI Bank Answers

Credit Card

Safe Banking

Initiatives

Social Initiatives

(ICICI Foundation)

Go Green

Awards

2015

2014

2013

Interest Rates

Gold Rate Today

Service Charges and Fees

Tools and Calculators

Others

Customer Care

Form Center

Media Gallery

Notice Board

Feedback

Sitemap

About Us

Regulatory Disclosure Section

Tweet This Page

Follow us

ICICI Facebook Page

ICICI Twitter Page

ICICI Linkedin Page

Visit Us

ICICI Bank Country Websites

Terms & Conditions | Do Not Call Registry | Disclaimer | Multilingual Disclaimer | Code of Commitment | Group Code of Business Conduct and Ethics | Use of Unparliamentary Language by

Customers | Privacy | USA Patriot Act Certification | Fair Practice Code for Lenders

Select ICICI Website

Select Country
http://www.icicibank.com/managed-assets/docs/personal/general-links/bank-fair-practices-code.pdfhttp://www.icicibank.com/usa-patriot-act-certification.page?http://www.icicibank.com/privacy.page?http://www.icicibank.com/unparliamentary-language-by-customers.page?http://www.icicibank.com/managed-assets/docs/personal/general-links/code_of_business_conduct_ethics.pdfhttp://www.icicibank.com/code-of-commitment.page?http://www.icicibank.com/multilingual-disclaimer.page?http://www.icicibank.com/disclaimer.page?http://www.icicibank.com/do-not-call.page?http://www.icicibank.com/terms-condition/terms-and-conditions.page?https://in.linkedin.com/company/icici-bankhttps://twitter.com/icicibankhttps://www.facebook.com/icicibankhttp://www.icicibank.com/regulatory-disclosure.page?http://www.icicibank.com/aboutus/about-us.page?http://www.icicibank.com/sitemap.page?tabname=personalhttp://www.icicibank.com/feedback.page?http://www.icicibank.com/notice-board.page?http://www.icicibank.com/media-gallery/media-gallery.page?http://www.icicibank.com/form-center.page?http://www.icicibank.com/customer-care.page?http://www.icicibank.com/calculator/index.page?http://www.icicibank.com/service-charges/service-charges.page?https://infinity.icicibank.co.in/BANKAWAY?Action.Gold.NLI=Yhttp://www.icicibank.com/interest-rates.page?http://www.icicibank.com/aboutus/awards.page?year=2013&type=Awardshttp://www.icicibank.com/aboutus/awards.page?year=2014&type=Awardshttp://www.icicibank.com/aboutus/awards.page?year=2015&type=Awardshttp://www.icicibank.com/aboutus/awards.page?http://www.icicibank.com/go-green/Index.htmlhttp://www.icicifoundation.org/http://www.icicibank.com/online-safe-banking/index.page?http://www.icicibank.com/Personal-Banking/credit-card/index.page?http://www.icicibank.com/Personal-Banking/faq/index.page?http://www.icicibank.com/aboutus/invest-relations.page?#toptitle

Documents

ICICI Bank Answers _ IWish-Flexible RD