ICICI Bank is introducing iWish as a fun and flexible way 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 easyto-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:
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.
Customers can earn recurring deposit interest rates on their iWish account while enjoying the freedom of not having to deposit every month.
Customers can choose to share their wishes on Facebook and let their
friends and family be a part of their dreams.
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.