ICICI Launches ‘iWish’, An Flexible Online Recurring Deposit Product

The banking sector is adopting technology at a dizzying pace. We have reported on how the m-banking revolution is under-way and how simplified banking processes are getting thanks to increased mobile usage. ICICI bank Chief Executive and Managing Director, Chanda Kochhar has even gone on record to say that internet banking will soon over-take branch banking.

Keeping in tune with these emerging trends, ICICI bank has launchediWish’, an online flexible recurring deposit (RD) product for savings account holders. The reason iWish is flexible is because it allows customers to deposit any amount of money, on any date (unlike general RDs where the norm is to deposit a fixed amount on a fixed date). The reason this RD account is called iWish is because it gives the customers the opportunity to save towards a goal within a fixed tenure; for example, ‘I wish to save enough for a bike in 6 months.’

A customer can update these goals on Facebook and share the same with his friends and family thereby allowing them to contribute to the iWish account using a Debit card. While the goals can be made public, all transactions pertaining to the iWish account will happen on ICICI bank’s secure net banking platform.

The iWish account can be opened using ICICI bank’s net banking facilities and the minimum tenure is fixed at six months while the maximum tenure is ten years. The interest to be earned on this account is 6.5% – 8.5%; though there is a penalty that will be levied if you close your goal midway.

I think this a good account for youngsters and for people who have just started to earn. It will encourage them to save and the aspect of sharing goals on Facebook and getting contributions is sure to excite some people.

Image Courtesy |  facebook

One Response to “ICICI Launches ‘iWish’, An Flexible Online Recurring Deposit Product”

  1. Dr.svsmani
    December 7, 2012 at 12:13 pm #

    This is very very useful application but this goal option can be set in their normal rd and penalty and sharing goal is not good option. and with penalty of closing in middle is bad.

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