ICICI 'iWish' scheme: the Gen-next way of banking
- Dec 06, 2012, 15:21 PM IST
New Delhi: With the bankings fighting a war amongst themselves, in order to get as much of the market of India under their grasp, technology and experimentation to suit various groups seems to be the road ahead for them. India's largest private bank ICICI, has now come up with the iWish saving scheme, which will help the 'Facebook' generation on consumers, meet their financial goals from time to time.
How the scheme works:
According to the terms, one will be depositing a sum of money with the bank to help them save, but the amount could vary from month to month, keeping in mind the financial target (the iWish) over a period of time. This way the customer decides what kind of money they would want to deposit over a period of time, afteer which they help themselves to their objectives. The biggest advantage in this case, is that this can be done online and if one misses a particular installment for a month, then there will be no charges on the customer. In short, this is a flexible saving scheme. Also, customers get to make upto 10 iWishes, which can be tracked online over time.
The biggest USP:
Since we mentioned the Facebook generation as targets of beneficiaries, one can even share one iWishes on Facebook, and help close family and friends be a part of the scheme as well.
The service has been targeted mainly for ICICI customers, where by they can create an iWish account free of cost, and select the financial terms accordingly including the tenure. However, if one withdraws prematurely before the iWish period ends, then there will be a penalty charge on the same. One can also choose goals mid-way of the term period, according to which the interest rate deposited will also vary. The curent resturns are around 6.5-8.5%, which is keeping in line with regular deposit rates.
- Investing in an ULIP or Mutual Fund oriented scheme could give out better returns. So there are alternatives, but they are usually less flexible.
- Sharing one's financial goals could always be a dicy idea on social networks. Hence it ius advisable to share with a fixed group of people only.
- iWish will be working for people who have an irregular source of income, and dont fall under the minimum tax bracket. Hence, one has to look at goals in the long term, and current perspective as well.
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