On Wednesday ICICI bank Limited launched an innovative online Flexible Recurring Deposit product called “iWish” for all its savings account customers. This product offers customers the flexibility to choose when and how much to save to meet their goals and, for the first time in India, share their goals on Facebook with friends and family who can choose to contribute to the goal.
By introducing iWish, ICICI Bank aims 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. Customers can create several goals and track their progress on an easy-to-use 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.
To get started with iWish, customers have to simply log on to their accounts at www.icicibank.com using their Internet banking user ID and password and visit the iWish page. Customers can start saving with a minimum of Rs 500/- and with a minimum duration of 6 months.
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 a part of their dreams.
- Contributions: iWish gives an opportunity to customers’ family and friends to contribute and help them attain their aspirations faster. Contributions can be made from any bank account using a VISA debit card.
ICICI Bank has developed this product in collaboration with Social Money customizing it to suit the Indian market and regulations. Social Money is a leader in the social savings space in the United States. Social Money’s first product, SmartyPig.com, has been used by customers to create goals with more than $3 billion. It has gained popularity among the youth with 75% of all users being between the age group of 18-35.
Wisth the launch of iWish, ICICI bank aims to help customers meet their dreams and aspirations, which is in line with ICICI Bank’s strategy of ‘Khayaal Aapka’.