ICICI Bank launches an innovative online Flexible Recurring Deposit called "iWish"

December 05, 2012

• Online flexible recurring deposit allows customers the flexibility to choose when and how much to save
• For the first time in India, customers can share their aspirations with family and friends on Facebook who can choose to contribute to the customer's goals

Mumbai: ICICI Bank Limited, India's largest private sector bank, today announced the launch of an innovative online Flexible Recurring Deposit product called “iWish” for all its savings account customers. This product offers customers the flexibility to choose when and how much to save to meet their goals and, for the first time in India, share their goals on Facebook with friends and family who can choose to contribute to the goal.

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 easy-to-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:

Flexibility: 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.

Better returns: Customers can earn recurring deposit interest rates on their iWish account while enjoying the freedom of not having to deposit every month.

Sharing: Customers can choose to share their wishes on Facebook and let their friends and family be a part of their dreams.

Contributions: 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.

Know more about iWish product features >>

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.

The launch of iWish will help customers to meet their dreams and aspirations, which is in line with ICICI Bank’s strategy of ‘Khayaal Aapka’.

For more information on iWish, please Click here.

iWish Product features

About ICICI Bank:
ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of over $ 119 billion at September 30, 2012. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India.

About Social Money:
Social Money’s goal-based saving systems are centered on proprietary, patent-pending technology and feature the latest in security standards to create a customized user experience that replaces the typical savings programs of the past. By utilizing Social Money’s Goal Saver product, any financial services company in the world may offer its customer base an innovative approach to saving, in any language and any currency. The product helps create true customer engagement, a social networking strategy, and incremental revenue, while driving brand awareness and gathering valuable data on future spend. The award-winning financial services company is headquartered in West Des Moines, Iowa, and has offices in Chandigarh, India.

iWish Product Demo

Click here to download the pdf version

iWish Product features

About ICICI Bank:

ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of over $ 119 billion at September 30, 2012. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India.

About Social Money:

Social Money’s goal-based saving systems are centered on proprietary, patent-pending technology and feature the latest in security standards to create a customized user experience that replaces the typical savings programs of the past. By utilizing Social Money’s Goal Saver product, any financial services company in the world may offer its customer base an innovative approach to saving, in any language and any currency. The product helps create true customer engagement, a social networking strategy, and incremental revenue, while driving brand awareness and gathering valuable data on future spend. The award-winning financial services company is headquartered in West Des Moines, Iowa, and has offices in Chandigarh, India.

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.