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2 mins Read | 2 Years Ago

A Beginner's Guide to iWish by ICICI Bank


Recurring Deposits (RDs) are believed to be one of the best ways to save money in order to accumulate wealth. The most beneficial factor is its low investment amount and low risk. It is considered one of the safest forms of investment. However, as the investment amount is minimal, the rate of interest should be considerably high, to gain enough returns or profits.

The ICICI Bank iWish Goal based savings is one of the most popular types of RDs and is commonly known as the wish-fulfilling deposit. Be it a dream house or any other sort of dream that requires heavy financial support, ICICI Bank iWish can help in fulfilling the same. In addition, this Recurring Deposit scheme does not constrain you with limits on the amount of contribution to be made regularly.

How can you create an iWish Goal based savings?

One of the key ICICI Bank iWish advantages is that you can create a Flexible Recurring Deposit in 4 simple steps.

Step 1:
Decide on the Target Amount you want to reach and set the Target Amount.

Step 2:

Set your tenure based on how much sooner or later you want to reach your Target Amount

Step 3:

Set the initial deposit amount you can afford to invest. To do so, ask yourself the following questions:

  • Is your income stable?
  • Do you have an emergency fund in case of uncertainties?
  • Does your partner have a regular flow of income?
  • Do you have debt that you need to address immediately?

Step 4:

Finally, select an auto-debit amount. It is recommended.

Benefits of ICICI Bank’s iWish Goal Based Savings

There are 6 key benefits of the Recurring Deposit plan offered by ICICI Bank.

1. Save any amount anytime

You needn’t necessarily invest the same amount every month. You could either increase, decrease or maintain your investment based on your financial capabilities. Any additional contribution over and above the regular savings can be done as well, without skipping the regular contribution.

2. Goal-based savings

Instead of taking a bleak look into the future and saving without any particular goal in mind, ICICI Bank’s iWish Goal Based Savings helps you make goal-based savings. Making goal-based savings is crucial to stay motivated and consistent with your investments.

3. Interest rate similar to Fixed Deposits

The main concern for many when it comes to Recurring Deposits is the lower rate of interest offered in comparison with Fixed Deposits. But, ICICI Bank iWish provides an interest rate similar to that of a Fixed Deposit.

4. Premature withdrawal

You can withdraw your capital invested along with the interest it has gained before the maturity period. However, the Bank will levy a nominal penalty in such cases.

5. Multiple deposits in a month

Unlike many Recurring Deposit plans, ICICI Bank iWish Goal based savings allows you to make multiple deposits within the same month. This gives you an added advantage to plan your expenses for the month and deposit the remaining additional money in your Recurring Deposit Account.

How can you close an ICICI Bank iWish Goal Based Savings?

You can close your ICICI Bank iWish Goal Based Savings in 6 simple steps as follows:

Step 1: Log in to your personal Internet Banking Account

Step 2: Navigate to exclusive offerings

Step 3: Then, select the iWish Goal Based Savings option

Step 4: Then click on “Manage your goals”

Step 5: Next, navigate to “Manage” and click on the same

Step 6: The final step is to click on “Close Goal”

Review from the experts

The ICICI Bank iWish review provided by many experts and financial advisors seems to be astounding. They claim that this Recurring Deposit is the most flexible and rewarding.

However, the only disadvantage is how flexible this plan is. With a traditional Recurring Deposit, the bank mandates a regular monthly contribution, thereby ensuring that deposits are made on a regular basis by the user. With the increased flexibility in ICICI Bank’s iWish Goal Based Savings, the user has to make an effort to stay consistent.


The ICICI Bank iWish Goal Based Savings supports goal-based planning and proves to be rewarding. In addition, the social sharing option improves the accountability of the user and ensures regular deposits so that the user can reach their goal at their desired time. Overall, the ICICI Bank iWish review seems promising enough to move ahead with investments.



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