Recurring Deposit is a risk-free investment option. Moreover, it is easier to start investing your savings using an RD. This is because unlike fixed deposits where the depositor has to invest a lump sum amount at once, you can invest a small amount in RD and continue creating a corpus for future use. Although the amount invested in an RD monthly is lesser compared to an FD, it is a sound financial option when you are not financially stable for a bulk investment. Moreover, financial institutions like ICICI Bank offer attractive RD interest rate.
The best flexible Recurring Deposit: iWish flexible Recurring Deposit
Although, RD is a good investment option, it depends on monthly deposits made by the depositor. It can be possible that your monthly income or expenses fluctuate every month, especially when people are not able to receive a fixed income every month or might have lost their jobs due to the pandemic. But, that does not mean you cannot invest your savings at all. In such situations, all you need is a recurring deposit scheme that is highly flexible. Here is when the iWish flexible Recurring Deposit scheme can prove to be extremely useful to you.
The iWish RD scheme is at the disposal of the users who use the ICICI Bank internet banking services. All you need to have is a savings account with ICICI Bank. Once, you have that account, you need to activate your internet banking services. The iWish account is completely free of cost.
How iWish flexible Recurring Deposit works?
The iWish flexible account is very easy to use and moreover, there is no limit on the amount of money you can deposit in your account. Even the timing to make the deposit is flexible. The interest on the fund deposited to your iWish account is generated depending on the tenure. ICICI Bank offers the same RD interest rate for both iWish flexible RD account and bank RD accounts. But the iWish account is more convenient and efficient in terms of saving your funds.
What makes iWish flexible Recurring Deposit better than others?
When it comes to iWish flexible RD account is better than the rest. Here is how it is better than others.
In a normal recurring deposit account, the depositor is bound to pay a fixed sum on a monthly basis.
Whereas in iWish flexible Recurring Deposit account, the depositor has the leeway to pay any amount as per his wish or capacity. There is no limit on the amount of money you want to save every month.
For a general RD account, the depositor has to make a fixed payment on a fixed date every month. But in the case of a flexible RD, there is no set date to add the amount.
Penalty for missing deadline
When you miss the date of payment for a general RD account you have to incur certain fines. However, if you have an iWish account, no penalty charges will be levied on you, as, this kind of account comes with no deadline for payments.
Minimum initial payment
You can start an iWish account with a minimum of Rs. 50.
Next amount of deposit
Although the initial amount of deposit for general and flexible RD is the same, that is Rs. 50, the next deposit is not. In the case of a general RD, the depositor is bound to pay a minimum of Rs. 100 monthly. Whereas for iWish account, the depositor can pay any figure as per his affordability.
Number of monthly deposits
The number of monthly deposits for the general RD account is just once. But, for iWish flexible RD account, there are no fixed numbers. You can pay any amount as many times you want in a month.
Advantages of an iWish flexible RD account
iWish flexible RD account comes with certain attractive benefits which are given below.
- You do not have to worry about keeping aside a fixed sum of money every month for your RD account.
- As the monthly amount is flexible, you can add more funds when you earn a better income.
- You have the freedom to skip payments.
- When the sum matures, it will be directly transferred to your savings account.
- You can have multiple iWish RDs simultaneously.
- You can choose to close your iWish account if there is any financial emergency. Under such a situation, the interest will be generated depending on the time period for which the amount was deposited and not the actual tenure.
- Based on the tenure, iWish accounts provide an interest between 3.50% to 5.35%. Moreover, the rate is higher for senior citizens and lie between 4% to 5.85%.
If you are willing to save on a monthly basis but do not want to be bounded by the rules and regulations of conventional RDs, then you should definitely invest in iWish. It is flexible and free of hassles.