We all save to meet multiple financial goals such as buying the latest mobile phone, saving for a vacation and saving for child's education. You are probably saving for all these goals simultaneously with all your funds clubbed together in a single savings or fixed deposit account. In such a scenario, it becomes difficult to track the progress of each goal. Goal based or targeted savings products allow the creation and tracking of goals. Moreover, having targeted goals keeps you motivated and helps prioritise your savings.
ICICI Bank has recently launched “iWish”, an online flexible recurring deposit which allows you to create multiple goals and track your progress online. iWish is a flexible recurring deposit where one can deposit variable amount of money across a period of time. The freedom to choose when and how much to save is exactly what makes iWish different from a regular recurring deposit where a fixed amount must be saved every month. iWish also earns the same interest as a Fixed Deposit does. This way your savings grow better.
iWish adds a fun element to the goal-based savings proposition and allows the option to share your wishes on Facebook. Moreover, your friends and family can choose to contribute to your goals from any bank account using a VISA debit card.
To get started with iWish, you have to simply log on to your account at www.icicibank.com using your Internet banking user ID and password and visit the iWish page. There are no penalties if one misses his monthly contribution to the recurring deposit. The minimum duration is six months and a customer can start saving with a minimum amount of Rs 500.
In summary, the key features of iWish are:
· Flexibility: Flexible recurring deposit allows a customer to deposit any amount at any point of time. Customers also have an option of depositing money by giving a standing instruction.
· Better returns: Customers can earn recurring deposit interest rates on their iWish account while enjoying the freedom of not having to deposit every month.
· Sharing: Customers can choose to share their wishes on Facebook and let their friends and family be part of their dreams.
· Contributions: iWish gives an opportunity to the family and friends of a customer to contribute and help him attain his aspirations faster. Contributions can be made from any bank account using a VISA debit card.
ICICI Bank has recently launched “iWish”, an online flexible recurring deposit which allows you to create multiple goals and track your progress online. iWish is a flexible recurring deposit where one can deposit variable amount of money across a period of time. The freedom to choose when and how much to save is exactly what makes iWish different from a regular recurring deposit where a fixed amount must be saved every month. iWish also earns the same interest as a Fixed Deposit does. This way your savings grow better.
iWish adds a fun element to the goal-based savings proposition and allows the option to share your wishes on Facebook. Moreover, your friends and family can choose to contribute to your goals from any bank account using a VISA debit card.
To get started with iWish, you have to simply log on to your account at www.icicibank.com using your Internet banking user ID and password and visit the iWish page. There are no penalties if one misses his monthly contribution to the recurring deposit. The minimum duration is six months and a customer can start saving with a minimum amount of Rs 500.
In summary, the key features of iWish are:
· Flexibility: Flexible recurring deposit allows a customer to deposit any amount at any point of time. Customers also have an option of depositing money by giving a standing instruction.
· Better returns: Customers can earn recurring deposit interest rates on their iWish account while enjoying the freedom of not having to deposit every month.
· Sharing: Customers can choose to share their wishes on Facebook and let their friends and family be part of their dreams.
· Contributions: iWish gives an opportunity to the family and friends of a customer to contribute and help him attain his aspirations faster. Contributions can be made from any bank account using a VISA debit card.