You must have seen Ants. They are saving for their rainy days. Each and every piece of grains they save and when the rainy days come they can use these grains to survive. Just like a majority of people saving for their rainy days. They deposit their money in recurring deposits, fixed deposits etc., to satisfy their goals or to use when they could not meet their expenses with the income they earn. Yes they invest in fixed deposit for a time period to earn a little bit higher interest than a savings account to satisfy their rainy days. But for recurring deposit a certain amount of money is to be deposited with regular intervals say 12 months, 36 months etc. For normal people it is not easy. They may not have money at these regular instalment time.
For solving this problem ICICI Bank came with a flexible recurring deposit scheme named “iWish” for its savings bank account holders. This is the first time in India in its kind.
With this deposit iWish recurring Deposit scheme you can deposit different amounts of money at any time you wish to do so (In normal recurring deposit you deposit a fixed amount of money in fixed regular instalments). No penalty will be charged, if you could not deposit one or more installments.
The minimum time period of this flexible recurring deposit is 6 months and the minimum of Rs. 500 is required to open ICICI Bank iWish account.
The interest rates vary from 6.5% to 8.5% as per the terms of the recurring deposit.
You can create several financial goals and can track the progress of all goals through online.
Any Savings Bank Account holder of ICICI Bank those who have online accounting facility can open iWish account through his net banking account.
The interesting facility they offer is, the customer can share his or her goals through Facebook and their friends or relatives also can contribute to this recurring account from their bank account.
This is the first time in India and ICICI bank developed this iWish recurring deposit with the help of Social Money (United States).
We hope that the new Recurring Deposit Scheme is interesting and able to satisfy the financial needs of common man.
Post office Monthly Deposit Scheme
Low risk steady income investment plans
Government of India Small Saving Plans