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Is iWish tax saving?

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Is iWish tax saving?

No. Tax Saving benefits available in an RD or the iWish.

Is iWish interest taxable?

Tax implications of iWish According to the Finance Bill, passed on June 1, 2015, Tax Deducted at Source (TDS) will be deducted on the iWish flexible RD Account interest rate. The interest earned from all your Fixed Deposits (FDs), RDs and flexible RDs will be combined for tax computations.

What happens after iWish matures?

On Maturity the proceeds will be credited to the customer’s saving account and from there it will be transferred to Partner current account. (this will be done on the basis of consent taken from the customer during the creation of iWish).

How is iWish interest calculated?

If a iWish RD Account is prematurely closed, then the interest on it will be earned for the period it is held with the bank minus the premature closure charges and is 0.5\% if original tenure is less than 1 year and 1\% for more than 1 year.

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What is flexible Recurring Deposit?

A Flexi Recurring Deposit offers convenience and complete flexibility to depositors, where lump sums can be invested as and when available. The interest rate for the core amount is as per applicable rates for the recurring deposit tenure, while the flexible portion carries an interest rate from the deposit date.

What is iWish flexible Recurring Deposit?

iWish is a unique flexible Recurring Deposit which allows you to create goals to save for specific wishes. You get 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.

What is flexible recurring deposit?

How does Icici iWish work?

How does the iWish Account work? iWish is a unique flexible Recurring Deposit which allows you to create goals to save for specific wishes. You get 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.

What are the benefits of Recurring Deposit account?

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Recurring deposits: Consider the advantages and benefits

  • High-interest rate. One of the main benefits of recurring deposit account is the attractive interest rate .
  • No penalty if you miss a month.
  • Start with minimum Rs 2000/month.
  • Save for as low as 6 months.
  • Simple documentation.
  • Best for short-term goals.
  • Save bit by bit.

How does a Recurring Deposit work?

A Recurring Deposit is a special kind of term-deposit offered by banks in India, which help people with salaried incomes to deposit a fixed amount each month and earn an interest which is equivalent to the interest on Fixed Deposits or FDs. The minimum period of an RD is 6 months, and the maximum is 10 years.

What is Icici iWish deposit?

What is Icici flexible RD?

iWish Flexible RD is a unique online flexible recurring deposit that lets you save a small amount at a time in order to achieve big dreams later. Unlike regular recurring deposit, you need not invest a stipulated amount in the iWish Flexible RD every month.

What is ICICI iwish flexible recurring deposit?

What is the iWish flexible Recurring Deposit? It is a flexible recurring deposit, where instead of a fixed sum invested monthly, you can invest any amount at any time, during the term period. It offers added convenience to a regular RD account. The iWish account is available to all Internet Banking customers of ICICI Bank, at no extra cost.

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What is the ICICI iwish account?

ICICI iWish is, a recurring deposit (RD) offering flexibility of amount you pay monthly, deposit multiple times in a month and have ability to skip an instalment. The product is innovative considering the regular RD accounts expect fixed instalment amount to be paid on the same day of the month.

Do tax saving benefits available in an RD or the iwish?

No. Tax Saving benefits available in an RD or the iWish. Which one to choose from Recurring Deposit, Fixed Deposit or iWish flexible RD? All these three products offer different benefits. If you have a lump sum of money and looking to invest it immediately, then you can open an FD.

What are the iwish flexible Rd interest rates?

The iWish flexible RD interest rates are higher compared to regular Savings Account. The interest rates range from 6.00\% to 7.25\% per annum, same as that of regular RD rates. If you are a senior citizen, you can enjoy higher RD interest rates, ranging from 6.75\% to 7.5\% per annum.