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iWish flexible RD

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.

Is TDS applicable on Recurring Deposits?

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According to Finance Bill, 2015, effective June 1, 2015, TDS shall be applicable on the interest earned on recurring deposit/ variable recurring deposits etc. Interest earned from fixed deposit/ recurring deposit / variable recurring deposit shall be clubbed for the purpose of computing the total interest paid/ payable during the financial year and applicability of TDS. 

It has also been proposed that banks need to deduct tax on interest credited/ paid or likely to be credited/ paid exceeding Rs. 40,000 to a depositor at bank level as against the existing process of branch level. As per the provisions of Finance Act 2009, w.e.f April 1, 2010, valid PAN is required to be submitted by all customers whose tax needs to be deducted. In the absence of a valid PAN, tax will be deducted at the prevailing rate or 20% whichever is higher. Also, Form 15G/ H shall not be treated as valid, unless PAN is mentioned in such forms.
 

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 is ICICI Bank iWish?

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iWish is a flexible Recurring Deposit to plan for your dream goals. It offers convenience of contributing any amount, anytime with benefit of earning attractive returns.
So save for your wish and save as you wish!
Click here to Know more
Click here to Open iWish

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.

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

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Yes. iWish can only be operated through your Internet Banking account. In case you do not have your Internet Banking User ID and password, you can get them instantly at HERE.

Can we increase our goal amount?

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No. You cannot change the amount and period of your goal once the iWish account has been opened. 

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.

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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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.

Can I withdraw part amount from my iWish (Flexible RD) account?

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You cannot partially withdraw 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 remained with the bank. Besides, 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 and is 0.5% if the original tenure is less than 1 year and 1% for more than 1 year.
 

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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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.

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.

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 initial deposit?

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

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 change my goal later in iWish?

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You cannot change amount or the period of your goal.

CREATE NEW GOAL

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.

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.

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 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. 5,00,000.

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 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.

Will my iWish goal be automatically closed if it is achieved or the period of my goal has come to an end for iWish flexible RD?

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You need to give closure request online from Internet Banking or iMobile for the iWish account on maturity . In case application for closure of the iWish is not made by you in the manner specified by ICICI Bank from time to time, the funds in the iWish shall continue to lie with ICICI Bank in an overdue state and shall earn interest at the prevalent savings bank account interest rate till closure of the Recurring Deposit/s in the specified manner by you.Also the overdue recurring Deposit/s can be closed by the ICICI Bank any time after the maturity date in case the same is not closed by you in the manner specified by ICICI Bank.

Flexi RD has auto debit facility or not ?

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If you want to automatically deposit money every month from a savings account, then you also have the option to set up standing instructions towards your iWish goal.

Login to Internet Banking > Exclusive Offerings > Iwish-Flexible RD > Manage your Goal > My Goals > Manage > Edit > Standing Instruction (Optional).

What if I am unable to meet my goal?

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

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 remained with the bank. Besides, this 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 and is 0.5% if original tenure is less than 1 year and 1% for more than 1 year.
 

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.