Business Standard

ICICI Bank introduces flexible recurring deposit iWish

The product will allow savings account customers the option to choose when and how much to save to meet their goals

Related News

Bank, the largest private sector lender in the country, today introduced a flexible recurring deposit product that will allow its savings account customers the option to choose when and how much to save to meet their goals.

The bank claims the new product, 'iWish', for the first time in India will permit customers to share their goals with friends and family on Facebook. The friends and family can choose to contribute to the goal.

"ICICI Bank is introducing as a fun and flexible way to encourage savings among youth for fulfilling aspirations. Unlike a traditional recurring deposit, iWish is a flexible recurring deposit that allows customers to save varying amounts of money at any time of their choice," the bank said in a statement.

There will be no penalties if the customer misses his monthly contribution to the recurring deposit. The minimum duration is of six months and customers can open this account with Rs 500.

The bank offers interest rate at the rate of 6.50-8.50% on this deposit depending on the tenure.

Customers can create several goals and track their progress on an online interface.

A savings account customer of ICICI Bank with net banking facility has to log into his account online and visit the iWish section to open a new recurring deposit account.

"Customers can also choose to share their wishes on Facebook and let their friends and family be a part of their dreams by contributing to the customer's account from any bank account," ICICI Bank said.

ICICI Bank has developed this product in collaboration with Social Money customising it to suit the Indian market and regulations. Social Money operates in the social savings space in the United States.

Read more on:   
|
|

Read More

RBI to infuse Rs 8,000 cr through OMO on Jan 4

"Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank ...

Quick Links

More news from Finance Rss icon

Long term motor policies for commercial vehicles is sometime away

It is estimated that the combined ratio for motor insurance might touch 200% by the end of March 31, 2015

The going gets tough for insurance claim investigators

Many operating in insurance claims investigation space are facing hardships during probing suspicious claims

At RBI's Sept 30 review, most external members sought a rate cut

While three members sought a cut of 25 basis points (bps), one argued for a 50-bps cut

Back to Top