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iWish Chhota Savings

What is iWish Chhota Savings?

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iWish Chhota Savings is an enabler which helps you reach the target amount faster by rounding off your day-to-day transactions and auto investing the amount in your respective iWish. You can enable this for any one iWish. There are now three round-off options available — Rs 50, Rs 100 and Rs 500.

For example, if you enable Chhota Savings for iWish with a round-off amount of Rs 50, and then you do a fund transfer transaction of Rs 5,020 using Internet Banking and a bill pay transaction of Rs 610 using iMobile app, the amount of these transactions (Rs 5,020 and Rs 610, respectively) will be rounded off to the nearest Rs 50, which is Rs 5,050 and Rs 650, respectively. The next day the Chhota Savings amount of Rs 70 (Rs 30 from Rs 5,020 and Rs 40 from Rs 610) will be debited from your Savings Account and the same will be credited to your iWish (iWish name)

What Rate of Interest (ROI) will I get for iWish enabled for Chhota Savings?

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The ROI will remain the same.

What happens to the iWish Chhota Savings if I reach my iWish target before maturity date?

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In case your iWish reaches the target amount, it will not be considered for auto credit for iWish Chhota Savings.

When will the Chhota Savings amount be credited to my iWish?

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The Chhota Savings amount for the particular day will be credited to your iWish on the next working day. In case of holidays or weekends, it will be credited the day after one working day.

Can I disable the Chhota Savings option for any iWish? How can I do it?

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Yes, you can disable the iWish Chhota Savings option any time from the iWish dashboard by logging in to Internet Banking.

Can I cancel the iWish Chhota Savings for any particular transaction?

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No, you cannot cancel the iWish Chhota Savings for any transaction. Click here for details of the list of transaction types which are applicable for iWish Chhota Savings.

What will happen if my account doesn’t have enough balance for auto credit to iWish Chhota Savings?

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If your account does not have enough balance for iWish Chhota Savings, auto credit will be partially executed. For example, if the Chhota Savings amount is Rs 100 and your account balance is Rs 70, the same will be credited to the iWish enabled for iWish Chhota Savings service.

How can I modify the round-off amount?

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You can disable the Chhota Savings option for the selected iWish and again enable it with a new round-off amount at any point of time.

Can I set Standing Instruction and also add funds for iWish enabled for Chhota Savings?

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Yes, you can do both for iWish enabled for Chhota Savings. You can set a Standing Instruction and also add funds to the iWish which is enabled for Chhota Savings.

Can I modify the round-off amount selected for iWish Chhota Savings?

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No, once any iWish is enabled for Chhota Savings with a selected round-off amount, it cannot be modified.

When can iWish Chhota Savings be enabled?

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iWish Chhota Savings can be enabled immediately after iWish creation or at any point of time post that till the closure of your iWish.

How can I view my transactions related to iWish Chhota Savings?

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You can view the transactions related to iWish Chhota Savings under the ‘Transaction history’ section of that particular iWish enabled for Chhota Savings by logging in to Internet Banking.

Can I enable Chhota Savings for multiple iWish?

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No, you cannot enable Chhota Savings for multiple iWish. It can be enabled for only one active iWish at any point of time.