ICICI 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 iWish 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.
"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.