ICICI Bank has launched an online flexible recurring deposit product that will give its savings account customers the flexibility to choose when and how much to save to meet their goals.
Unlike a traditional recurring deposit, the flexible recurring deposit will allow customers to save varying amounts of money at a time of their choice.
The bank said customers could create several goals and track their progress on an easy-to-use online interface.
Customers could 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, said a bank statement.
To get started with ‘iWish’, customers have to 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 for a minimum duration of six months.
ICICI Bank has developed this product in collaboration with the US-based Social Money.