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What is ICICI Bank iWish?

iWish is a unique deposit which allows you to create goals to save for specific wishes and share them with friends and family on Facebook. These goals are flexible Recurring Deposits with the added benefit of contributing any amount, at any point of time. You earn better interest rates on your Recurring Deposit just like a Fixed Deposit (Click here for interest rates). You can also choose to share your goals with family and friends on Facebook and let them be a part of your dreams. What's more, friends and family can choose to contribute to your goals from any bank account helping you get there faster.

Who is eligible to use iWish?

iWish is available only to existing Savings Account holders of ICICI Bank. iWish can only be operated through your Internet Banking account.

However, please note that iWish is not available for Non Resident Indians (NRIs).

In case you do not have an ICICI Bank Savings Account you can apply online at http://www.icicibank.com/Personal-Banking/account-online/savings-account/savings-account.html

In case you do not have your Internet Banking User ID and password, you can get them instantly at http://www.icicibank.com/online-services/generate-password-personal.html.

Is there any charge for this product?

No, there is no charge for this product. This product and associated services are being offered free of charge.

However, a charge of Rs. 15 + service tax would be levied towards payment gateway charge on friends & family contributing to your goals.

What is the rate of interest?

You earn better interest rates on your Recurring Deposit just like a Fixed Deposit. Click here for interest rates.

What if I could not deposit money into a goal in a certain month? Is there any penalty?

No, there are no penalties or charges if you could not deposit money into a goal every month.

How is iWish different from normal Recurring Deposit account?

In normal Recurring Deposit account, you are required to deposit money every month on a fixed day. However, in a flexible Recurring Deposit like iWish, you can deposit money at your convenience and availability of funds. You can also choose not to deposit any money at all for a month. Besides this, if you have more spare money to save, you can deposit funds multiple times in a month into your account.

Normal Recurring Deposit

Flexible Recurring Deposit (iWish)

You need to deposit a fixed amount every month on a particular date.

You can deposit any amount as per your convenience and availability of funds. It is not mandatory to deposit money each month.

You can deposit money only once in a month.

You can deposit money multiple times in a month.

There are charges for not depositing funds in a month.

There are no charges if funds are not deposited in a month.

You earn a higher rate of interest than your Savings Account (typically the applicable Fixed Deposit interest rates of the same tenure).

You earn a higher rate of interest than your Savings Account (typically the applicable Fixed Deposit interest rates of the same tenure) with the added flexibility of being able to deposit any amount at any time.

What if I close my goal mid way? Is there any penalty?

You will not earn the interest rate as mentioned at the time of your goal creation. You will earn interest at the rate corresponding to the period the goal remained with the bank. Beside this, penalty of premature closure of account will be levied at the applicable rate. Click here for penal interest rates.

How do I get started?

To get started, please login to your Internet Banking account www.icicibank.com. Click on “iWish” on the top right hand corner.

Do I need to have a Savings Account with ICICI Bank to use iWish?

Yes, iWish is available only to ICICI Bank Savings Account holders. In case you do not have an account you can apply online at http://www.icicibank.com/Personal-Banking/account-online/savings-account/savings-account.html

Do I need my Internet Banking User ID and password to create a goal?

Yes. iWish can only be operated through your Internet Banking account. In case you do not have your Internet Banking User ID and password, you can get them instantly at http://www.icicibank.com/online-services/generate-password-personal.html.

How do I create a goal?

Please login to your Internet Banking account www.icicibank.com. Click on “iWish” on the top right hand corner. After the iWish page opens, click on “Start Now” from the Goals page. At the time of creating the goal you will be required to enter information relating to the goal (Name, Category, Amount and Tenure) and the Initial Deposit Amount. You may choose to set up a standing instruction and earn 10 reward points for every standing instruction executed successfully towards your iWish goal. You can also choose to share your goal on Facebook. After clicking on "Create Goal" your goal will be created instantaneously. You can transfer funds to your goal as soon as your goal is created. However, the goal balance will be displayed within 4 hours from creation of the goal. Please note the goal will not be created in case 1) There are insufficient funds in your account, 2) Your funding account is in a frozen state, 3) Your funding account is dormant or inactive or 4) If you are an NRI or a corporate customer. If case of technical errors, your goal will get activated within 2 working days.

What is the minimum and maximum amount of a goal?

The minimum amount is Rs. 5,000 and the maximum amount is Rs. 10,00,000.

What is the minimum and maximum tenure of a goal?

The minimum tenure is 6 months and the maximum tenure is 10 years.

What is a funding source?

You can choose to fund your goal through one of the Savings Accounts linked to your ICICI Bank Internet Banking User ID. These linked Savings Accounts are known as funding sources in iWish.

How can I deposit money into my goal account?

You can deposit money into your goal account through following means:

  • You can transfer money to your goal account from ICICI Bank iWish page.
  • You can set standing instructions on the ICICI Bank iWish page.
What is the minimum and maximum amount of initial deposit?

The minimum deposit amount is Rs. 500 and the maximum deposit amount is Rs. 49,999.

Is there any restriction on the type of goal that I can create?

You cannot create goals which are prohibitive or illegal. You can create any legitimate goal. For the sake of simplicity, goal categories and sub-categories are defined under which you can create your goal. We have tried to keep these categories as broad as possible to cover all areas for individual goals.

Is there any limit on the number of goals that I can create?

Yes, you cannot create more than 10 active goals. So if you have created 10 goals and all these goals are not yet closed, then you cannot create any further goal. As soon as any goal is closed, you can create a new goal against that goal.

What if I am not able to deposit money towards my goal in a certain month? Is there any penalty?

No, there are no penalties or charges if money could not be deposited towards your goal every month.

How can I share my goal on Facebook?

At the time of creating your goal you can choose to share your goal. You can add a description, choose whether you want to show percentage completion or goal balance and whether you want to auto post when goal milestones are reached. All of these are configurable through the “Sharing” tab on the ICICI Bank iWish page.

How can my friends and family contribute to my goal?

To enable friends and family to contribute to your goals, you will need to make your goal public while sharing on Facebook. Friends and relatives can click on your goal on Facebook from where they will be directed to your ICICI Bank iWish profile page. From here, they can use any bank's VISA Debit Card to contribute towards your goal.

How can I manage my goals?

You can see the list of all your goals by clicking on “Goals” on ICICI Bank iWish page. The “Goals” page displays a list of all your Open and Closed goals along with the progress. By clicking on an Open goal you can rename the goal, add funds to the goal, change the sharing settings and close the goal. You will also get SMS alerts when various milestones relating to a goal are achieved such as goal creation, funding of goal, goal closure and goal target progress.

Can I change my goal later?

You cannot change amount or the period of your goal. However, you can change the name, category and sharing settings.

Can I modify my standing instructions given for transfer of money into my goal account?

You can modify your standing instructions by clicking on the Manage button below the goal. If required, you can also create additional standing instructions. An option to cancel the standing instruction is also provided. If you want to cancel a particular transaction of the standing instruction, you can do so on the trigger date.

What is an Open/ a Closed goal?

Open goals are active goals where money can be deposited into the goal. These are shown with an open lock icon in iWish. Closed goals are where money cannot be deposited into the goal. These are shown with a closed lock icon in iWish.

How can I close my goal?

You have to place a request for closure of your goal account online from ICICI Bank iWish page.

Will my goal be automatically closed if it is achieved or the period of my goal has come to an end?

No. Your goal is not auto closed in either of the cases i.e. either if the goal is achieved or if the goal period has ended. In both the cases, you need to place an online request for goal closure.

What if I do not make a request for closure of the goal at the end of goal period?

Your goal deposit will continue to be in your ICICI Bank account and it will be treated as overdue account. You will earn Savings Account rate interest for the period starting from lapse of the goal period (i.e. maturity date) till the date a goal closure request is made.

What if a goal is not achieved by the end of a goal period?

You can still close the goal. ICICI Bank does not charge any penalty if a goal is not reached within the goal period.

Can I close the goal mid way even if it is not achieved?

Yes. You can close the goal mid way even if it is not achieved. In such a case, you will not earn the interest rate mentioned at the time of goal creation. You will earn interest at the rate corresponding to the period the goal remained with the Bank. Beside this, penalty of premature closure of account will be levied on the applicable rate. Click here for penal interest rates.

What if I achieve the goal early?

You can continue to keep the amount into your goal account till the end of the period for which goal was originally targeted to be achieved. You will continue to get a higher rate of interest for the rest of the period.

Can I partially withdraw money from my goal mid way? Will it impact my interest earning?

No. You cannot partially withdraw money from your goal mid way. You can withdraw money mid way by closing your goal. However in this case, you will earn interest at the rate corresponding to the period the goal remained with ICICI Bank. Besides this, an applicable penalty will be charged for premature closure of goal.

Can I transfer money from one goal to another goal account?

No. You cannot transfer money from one goal account to another goal account.

Can I transfer money to my goal account even if goal amount is achieved?

No. Once your goal amount is achieved, you will not be allowed to deposit money into your goal account.

Is there a minimum tenure to achieve the goal? Is the period of a goal linked to goal categories?

No. There is no such linkage between a goal category and the number of years during which the goal should be achieved. You can create a goal for the period as per your need.

How can I share my goal on Facebook?

You will need to enable sharing from the “Settings” tab on the ICICI Bank iWish page and connect your iWish account to your Facebook account. Once you connect the facebook, the app iWish from ICICI Bank will be added to your app list. You can then share your goal at the time of creation or later from the “Settings” tab. You can add a description, choose whether you want to show percentage completion or goal balance and whether you want to auto post when goal milestones are reached.
If you are unable to view your goals on Facebook despite sharing it, please check the Auto-post settings on Facebook. In case the issue persists, please try disconnecting your Facebook account and re-connecting under iWish Sharing settings.

How secure is sharing goals on Facebook? Can it compromise my Savings Account?

Sharing you goals is completely secure. Sharing goals on Facebook is just a post on your wall. Facebook users do not have any access to your ICICI Bank iWish goals. Any contribution towards goals is made from your ICICI Bank iWish public profile page and not from Facebook.

What exactly will be shared when I choose to share my goals on Facebook?

If you choose to share a goal, you can add a description, choose whether you want to show percentage completion and whether you want to auto post when goal milestones are reached. All of these are configurable through the “Sharing” tab on the ICICI Bank iWish page.

With whom will the goals be shared on Facebook?

At the time of connecting your ICICI Bank iWish account with your Facebook account, you can choose the individuals with whom the posts will be shared. You can also modify the settings later on by going to Facebook >> App Centre >> Your apps >> iWish from ICICI Bank and clicking on Settings.

Can I selectively share my goals?

Yes. You can selectively share your goal. You can choose to share the goal at the time of creation or later through the “Sharing” tab on the ICICI Bank iWish page. You can also modify the people with whom the goals will be shared by going to Facebook >> App Centre >> Your apps >> iWish from ICICI Bank and clicking on Settings

Is it necessary to share goals for friends and relatives to contribute?

Yes. It is necessary to share your goals if you want your friends or relatives to contribute to your goal. If you choose to make your goal public, friends and relatives can visit your ICICI Bank iWish profile page and contribute towards your goals.

Is it mandatory to have a Facebook account for creating a goal?

No. It is not mandatory to have a Facebook account for creating a goal. If you don't have a Facebook account, you will not be able to use sharing features.

Is it mandatory to share goals that I have created on Facebook?

No. It is not mandatory to share goals through Facebook. It is an additional feature and optional.

Can I share my goals on other social media site like twitter, google+ etc.?

No. Currently you can share your goals only on Facebook.

I opted to share my goal earlier. Can I later on change the setting to unshare?

Yes. You can choose to unshare later on, through the “Sharing” tab on the ICICI Bank iWish page.

How can my friends or family deposit money into my goal?

To enable friends and family to contribute to your goals, you will need to make your goals public while sharing on Facebook. Friends and relatives can then click on your goal on Facebook from where they will be directed to your ICICI Bank iWish profile page. From here, they can use any bank's VISA Debit Card to contribute to your goal. You can view your profile page from “My Sharing Page” on the left hand side of the iWish page.

Do my friends or family need to have an account with ICICI Bank for contributing to my goal ?

No. It is not necessary for your friends or relatives to have account with ICICI Bank. However, they need to have a valid VISA Debit Card issued by any bank in India. The transfer to your account will be effected online through the Debit Card payment gateway. Please note a flat fee of Rs.15 + service tax is levied for each transaction done through this channel.

What are pending transfers?

In case you have received a contribution from friends/ family, they will be shown as pending transfers until they have been credited to your goal. Pending transfer also include initial goal deposit amount till the time your goal is created and activated. Further standing instructions are also displayed in pending transactions.

What happens if the transaction fails while contributing to my goal?

Like any other transaction, funds if any will be credited to their account within 4-7 working days.

What makes iWish flexible?

The goals under iWish are flexible Recurring Deposits with the added benefit of contributing any amount, at any point of time. You can choose to deposit money at your convenience and you can also choose not to deposit any money in a month. There are no penalties or charges if you could not deposit money into a goal every month. If you have more spare money to save, you can deposit funds multiple times in a month into your account.

How is iWish different from normal Recurring Deposit account?

In normal Recurring Deposit account, you are required to deposit money every month on a fixed day. However, in a flexible Recurring Deposit like iWish, you can deposit money at your convenience and availability of funds.

Normal Recurring Deposit

Flexible Recurring Deposit (iWish)

You need to deposit a fixed amount every month on a particular date.

You can deposit any amount as per your convenience and availability of funds. It is not mandatory to deposit money each month.

You can deposit money only once in a month.

You can deposit money multiple times in a month.

There are charges for not depositing funds in a month.

There are no charges if funds are not deposited in a month.

You earn a higher rate of interest than your Savings Account (typically the applicable Fixed Deposit interest rates of the same tenure).

You earn a higher rate of interest than your Savings Account (typically the applicable Fixed Deposit interest rates of the same tenure) with the added flexibility of being able to deposit any amount at any time.

Can I close my goal mid way? Is there any penalty?

iWish allows the flexibility to close your goal mid way. However, you will not earn the interest rate as mentioned at the time of your goal creation. You will earn interest at the rate corresponding to the period the goal remained with the bank. Beside this, penalty on premature closure of account will be levied at the applicable rate. Click here for penal interest rates.

What is the rate of interest?

You earn better interest rates on your Recurring Deposit just like a Fixed Deposit. Click here for interest rates.

What if I am not able to deposit money towards my goal in a certain month? Will I continue to enjoy better returns?

There are no penalties or charges if money could not be deposited towards your goal every month. You will continue to enjoy the rate of interest applicable on your recurring deposit on the funds available in your account.

What if a goal is not achieved by the end of a goal period? Will I continue to enjoy better returns?

ICICI Bank does not charge any penalty if a goal is not reached within the goal period. You will enjoy the rate of interest applicable on your recurring deposit on the funds available in your account.

What if I achieve the goal early?

You can continue to keep the amount into your goal account till the end of the period for which goal was originally targeted to be achieved. You will continue to get a higher rate of interest for the rest of the period.

Can I close the goal mid way even if it is not achieved/ achieved early?

Yes. You can close the goal mid way even if it is not achieved. In such a case, you will not earn the interest rate mentioned at the time of goal creation. You will earn interest at the rate corresponding to the period the goal remained with the Bank. Beside this, penalty of premature closure of account will be levied on the applicable rate. Click here for penal interest rates.