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iWish Flexible RD - CIB

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

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Yes, you can close the Iwish account at any time. However, pre closure charges applicable.
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.

What if I achieve the goal early?

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You can continue to keep the amount into your goal till the end of the period for which the goal was originally targeted to be achieved. Moreover, you will continue to get higher rate of interest for the rest of the period.
 

How can I close my iWish goal?

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You may close your iWish goal through the below channels.
 
Internet Banking:
Login to your Internet Banking Account > Exclusive Offerings > IWISH-Flexible RD > Manage your Goals > Manage > Close Goal.
 
iMobile:
Login to iMobile -> Accounts & Deposits -> iWish-Flexible RD -> Manage your Goals > Manage > Close Goal. The funds will be immediately credited to your savings account.
 
You will be unable to partially withdraw the money mid way. You can withdraw money mid way by closing your goal. However in that case, you will earn interest at the rate corresponding to the period the goal is held with the bank. Please note that the applicable penalty will be charged for premature closure of goal.
 
If an iWish 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 of 0.5% if original tenure is less than 1 year and 1% for more than 1 year.
 

What if a goal is not achieved by the end of a goal period? Will I continue to enjoy better returns?

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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.

What is the rate of interest for iWish RD?

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To know the existing interest rates, we request you to click here

To open iwish click here.

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

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No. You cannot partially withdraw the money from your iWish goal mid way. You can withdraw money mid way by closing your goal. However in that case, you will earn interest at the rate corresponding to the period the goal is held with the bank. Please note that the applicable penalty will be charged for premature closure of goal.
 
If an iWish 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 of 0.5% if original tenure is less than 1 year and 1% for more than 1 year.
 

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

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

What if I am not able to deposit money towards my goal in a certain month? Will I continue to enjoy better returns?

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

Can I change my goal later in iWish?

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You cannot change amount or the period of your goal.

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What is the minimum and maximum amount of initial deposit?

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

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

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

What are the charges applicable if I close FD/ RD/ iWish before the maturity date?

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If the FD/ RD/ iWish 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.

How can I deposit money into my goal account?

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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.

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

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Yes. You can not have more than 25 active goals. So if you have created 25 goals and all these goals are not yet closed, then you can not create any further goal. As soon as any goal is closed, you can create new goal against that goal.

What is ICICI Bank iWish?

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iWish is a unique deposit which allows you to create goals to save for specific wishes.

These goals are flexible Recurring Deposits with the 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 (click here for rate of interest)

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

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

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

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

How can I manage my goals?

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

What is an Open/ a Closed goal?

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

What is a funding source?

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

What is the minimum and maximum amount of a goal?

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

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

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

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

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You cannot create goals which are prohibitive or illegitimate in eyes of land of laws. 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 these categories as far as possible to cover all area of an individual goals.

Is there any limit on amount that can be deposited into goal account?

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Each I wish goal cannot be more than of Rs. 10 lac and can not be less than of Rs. 5,000.

Is there any charge for iwish flexible RD product?

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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 & family contributing to your goals.

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

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Please select from below option:

Is there minimum number of months / years to achieve goals?

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You can create goal with the target month you want to achieve it. However goal period can not be less than 6 months and greater than 10 years. Recurring Deposit/s under this Program can be maintained for a minimum tenure of 6 months and further in multiples of 1 month subject to a maximum of 10 years

Is rate of interest different from normal recurring deposit account?

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You earn same rate of interest what you earn in normal recurring deposit.

How do I get started?

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

Who are eligible to open iWish account?

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The account can be opened by an resident individual / HUF who have ICICI Bank Retail Net Banking facility and at least one resident savings account linked to his / her ICICI Bank Retail Net Banking account. This Facilty is not available for Kid-e-bank & NRI A/c.

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