Review: ICICI Bank iWish Recurring Deposit

Taking advantage from the web revolution, Indian Banks have started offering products which a subscriber or customer can enroll by sitting at home. ICICI one of the leading banks in India and is known for its best in class online services has added another offering iwish (Sound similar to Ipod, Iphone, Ipad etc). This is a variable recurring deposit (ICICI terms it as “flexible recurring deposit” ) which can be opened online.

How it is different than others:-

  • Subscriber can open this variable recurring deposit (RD) online.
  • Easy to enroll
  • Easy to pay monthly payments and more than one payments is allowed in a month.
  • Subscriber can share his or her goals with their friends or family members thru social media networks where they can also contribute some to recurring deposit.
  • There is no penalty for non-payment of a particular monthly installment.
  • Subscriber can track the progress of the deposit online in real-time.
  • Duration of the deposit can be from 6 months to 10 Years.
  • Deposit date can be any date within a month.

Let me tell you honestly I have been an avid user of online interface of ICICI Bank and there were several promotions from the bank for iWish but it dint grab my attention. It was one of my friends who asked for a review about this product.

Before enrolling for the product there are two main pre-requisites:-

  • Subscriber should hold a bank account (any type)
  • Should have user ID and password for online banking (How to reset ICICI online password)

How to Enroll:-

Visit URL: and click on “open iWish deposit now” button

iWish Intro

The second page will be more about product details, it is highly recommended to visit FAQ page of the product.

iWish Intro

In this page user has to enter his or her ICICI Bank online user name and password.

ICICI iWish Logon

Once the login is successful click on "start now"

Start Now @ ICICI iWish

Loading Page

Loading Screen 1

Loading Screen 2
In this page subscriber has to set the goal like name of the goal, total amount intended to save, tenure and standing instructions (optional).

Final Page

Once you click on create goal, a summary page will appear which will show the details of iWish flexible recurring deposit). Here the subscriber can get the link to share it on Facebook.

Final Page

Normally it takes two working days for account to completely get activated.

I was very much amazed to see ICICI is actually trying to add colors to an old age investment instrument. Normally the target groups of investors for such kind of investments are people who want to keep their investments safe i.e. old age people. By adding the concept of goal and contribution by others has added a new dimension to this instrument. 

The new age investors often think they know all about investing but end up in buying mutual funds, some stocks which are now valued at half of the original investment or a piece of land or flat far from anywhere.
I now I am no one to recommend about products, but I have been thru states where the need of money was most and I exhausted all of my credit limits in buying stuff which I actually don’t want. One can definitely save money for fulfilling some short time goals by leveraging on such instruments.