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What is iWish account in Icici?

What is iWish account in Icici?

iWish is a unique flexible Recurring Deposit which allows you to create goals to save for specific wishes. You get added benefit of contributing any amount, at any point of time. You earn better interest rates on your Recurring Deposit just like a Fixed Deposit.

How is iWish interest calculated?

If a iWish RD Account is prematurely closed, then the interest on it will be earned for the period it is held with the bank minus the premature closure charges and is 0.5% if original tenure is less than 1 year and 1% for more than 1 year.

Can I close my iWish account before maturity?

Partner iWish Closure : i)Premature Closure : In case of premature closure, customer can provide consent whether to avail offer or need fund in Savings account on closure. In case the deposit amount is not reached to Target amount then on closure the applicable offer might change as per the final closure amount.

Can we withdraw money from iWish?

No. You cannot partially withdraw the money from your iWish deposit mid-way. You can withdraw money mid-way by closing your iWish. However in that case, you will earn interest at the rate corresponding to the period the iWish is held with the bank.

What is difference between RD and iWish?

The iWish flexible recurring deposit is a special type of RD offered by ICICI Bank to its savings bank customers. It’s similar to a recurring deposit, the only difference is that – instead of investing a fixed amount monthly, customers can invest any amount at any time during the tenure.

What happens when iWish matures?

On Maturity the proceeds will be credited to the customer’s saving account and from there it will be transferred to Partner current account. (this will be done on the basis of consent taken from the customer during the creation of iWish).

Which is better iWish or RD?

Choose RD: If you want to stay committed to your saving goals by saving a fixed amount every month. Choose iWish Flexible RD: If you cannot commit to a fixed sum every month, and want to save more when you have higher earnings.

Is Icici iWish tax free?

Tax implications of iWish According to the Finance Bill, passed on June 1, 2015, Tax Deducted at Source (TDS) will be deducted on the iWish flexible RD Account interest rate. The interest earned from all your Fixed Deposits (FDs), RDs and flexible RDs will be combined for tax computations.

What is difference between RD and iWish in Icici?

What is better RD or FD?

When returns in FD or RD are compared, then FD seems to give higher returns. The reason is that in RD, the account holder deposits monthly and therefore, the interest is also earned accordingly. Usually, the FD amount is deposited once, and is a lump sum that earns a higher interest rate.

Which RD is best for 1 year?

Recurring Deposit Interest Rates Bank wise
1 year More than 5 years
Andhra Bank RD Interest Rates 5.00% 5.60%
Allahabad Bank RD Interest Rates 5.00% 5.15%
Axis Bank RD Interest Rates 4.40% 5.75%

Which is better FD or RD?