Terms and Conditions

DEFINITIONS:

       In these Terms, the following words and phrases shall have the meanings set below unless the context indicates otherwise. 

• "Account" shall mean an ICICI Bank Savings Account having valid access to ICICI Bank Internet Banking services.
• "Debit Card" in relation to this Programme shall mean a card issued by ICICI Bank from time to time for making monetary contributions to the Recurring Deposit under this Programme.
• "Customer" shall mean a Resident Indian/ HUF holding an Account.
• "iWish" shall mean the objectives / targets / purposes chosen by the Customer/s in the form and manner required by ICICI Bank policy/process/terms with respect to which the Customer intends to place the corresponding Recurring Deposit with ICICI Bank under the Program.
• "iWish Amount"  shall mean the amount specified by the Customer to achieve the iWish and for which the corresponding Recurring Deposit shall be placed by the Customer under the Programme in the manner required as per ICICI Bank’s policy/ process/ terms.
• "Maturity Date" shall mean the date on which the Tenure is completed and the Recurring Deposit shall be due for repayment to the Customer.
• "Programme" shall mean ICICI Bank's iWish Programme under which a Customer may place a Recurring Deposit for a specified Tenure with ICICI Bank to achieve the specified iWish subject to these Terms and ICICI Bank’s policy /process/ terms as prevalent from time to time..
• "Recurring Deposit" shall mean the deposit placed and maintained by the Customer under the Programme and subject to these Terms and the Primary Terms and Conditions.
• "Recurring Deposit Account"  shall mean the account opened under the Programme and maintained by ICICI Bank in connection with the Recurring Deposit.
• "Tenure"  shall mean the period for which the Recurring Deposit is placed with ICICI Bank with regard to the Goals specified by the Customer under the Programme. The period shall commence from the date of the deposit of initial funding in the Recurring Deposit and shall continue till such time as specified by the Customer at the time of placing the Recurring Deposit.

PROGRAMME CONSTRUCT:

Eligibility:

• To participate in this Programme, the Customer shall be required to have valid and subsisting Internet Banking access.
• After logging in to the account through Internet Banking, the Customer shall be required to access the iWish page in the specified manner and subject to the acceptance of theapplicable Terms. By accessing the iWish page in the manner referred to above, the Customer acknowledges that he/ she has read and understood these Terms, undertakes to abide by the same and that these Terms shall constitute a valid and binding contract.
• At the time of placing/ creating the Recurring Deposit, the Customer shall be required to choose a specific iWish, iWish Amount and other details required as per ICICI Bank’s policy/ process/ terms. All the above activities shall be undertaken by the Customer through the iWish page. The Customer may only place one Recurring Deposit with ICICI Bank in relation to each iWish created under this Programme. The Customer shall have the option of specifying a maximum of 25 iWishes and correspondingly may have a maximum of 25 Recurring Deposits with ICICI Bank under the Programme at any given point in time. The Customer shall have the option of changing the iWish (but not the iWish Amount and Tenure), specified by him/ her at any time during the Tenure of the corresponding Recurring Deposit in the manner specified as per ICICI Bank’s policy/ process/ terms provided that the altered iWish shall be subject to being permitted by the applicable Terms and Conditions, costs and charges, policies and applicable laws. The iWish amount assigned to a corresponding Recurring Deposit opened under this Programme can be for a minimum amount of Rs 5000 and a maximum amount of Rs 5,00,000.    
• The effective date from which the credit shall be given for any funding with respect to the Recurring Deposit shall be the date on which ICICI Bank gets cleared funds into the Recurring Deposit of the Customer.
• The Customer shall be mandatorily required to provide initial funding in the form and manner required as per ICICI Bank’s policy/ process/ terms at the time of placing the Recurring Deposit for a minimum amount of Rs 50 and subject to a maximum amount of Rs 49,999. This is applicable only for the iWish being opened prior to Sep 25, 2020 through Retail Internet Banking and prior to Oct 27, 2020 through iMobile Pay.
• After opening the Recurring Deposit under this Programme, the Customer may subsequently deposit funds into the Recurring Deposit Account at any time during the Tenure of the Recurring Deposit in the form and manner permitted as per ICICI Bank’s policy/ process/ terms. Funding of the Recurring Deposit by the Customer may be done either through ICICI Bank Internet Banking or the Mobile Banking facility or other modes/ means as may be made available by ICICI Bank from time to time and subject to such Terms as may be specified by ICICI Bank from time to time. Funding of the Recurring Deposit opened under this Programme through cash or cheque is not permitted.
• After opening of the Recurring Deposit/s under this Program, Customer/s may subsequently deposit funds into the Recurring Deposit Account/s at any time during the Tenure of the Recurring Deposit/s in the form and manner permitted by ICICI Bank policy/process/terms in this regard. Funding of the Recurring Deposit/s by Customer/s may be done either through the ICICI internet banking or mobile banking or such other modes / means as may be made available by ICICI Bank from time to time and subject to such terms as may be specified by ICICI Bank from time to time. Funding of the Recurring Deposit/s opened under this Program through cash or cheque is not permitted.
• After the Recurring Deposit is created then at any time prior to achieving the iWish Amount, it shall be possible to deposit funds in the Recurring Deposit such that the total funds lying therein reach 120% of the iWish Amount. Once the iWish Amount is achieved or has been exceeded, it would not be possible to further fund the Recurring Deposit. However, the Recurring Deposit shall continue for the Tenure.
• In case, the funds transferred by the Customer are not credited to the Recurring Deposit maintained by the Customer due to any reason, then such an amount shall be refunded back to the corresponding account of the Customer from which the funds had been transferred subject to such Terms as may be specified by ICICI Bank from time to time.
• For all the iWish Accounts being opened through the ICICI Bank website with effect from Sep 25, 2020 and through iMobile Pay with effect from Oct 27, 2020, the Customer shall be mandatorily required to provide initial funding in the manner mentioned in the iWish Creation Form at the time of the creation of the iWish Recurring Deposit.
• From the date of creation i.e. Sep 25, 2020 through the ICICI Bank website and Oct 27, 2020 through iMobile Pay, the Customer shall be mandatorily required to provide standing instructions for instalments as per the defined calculated amount by ICICI Bank at the time of placing the request for Recurring Deposit. The instalment amount depends upon the iWish Amount and the Tenure selected by the Customer. The 1st instalment will be considered as an initial deposit and it can range from a minimum amount of Rs 50 to a maximum amount of Rs 83,333. For the accounts for which the PAN details are not updated, the maximum amount allowed is Rs 49,999.
• For all the iWish Accounts opened with effect from Sep 25, 2020 only through the ICICI Bank website at any time prior to achieving the iWish Amount, it shall be possible for the Customer to deposit funds in the Recurring Deposit with any amount, in such a manner that the total funds lying therein reach 150% of the iWish Amount. Once the iWish Amount is achieved or has been exceeded, it would not be possible to further fund the Recurring Deposit. However, the Recurring Deposit shall continue for the Tenure selected by the Customer.
• For all the iWish Accounts opened through the ICICI Bank website before Sep 25, 2020 and through iMobile Pay before Oct 27, 2020, the Customer can set, modify and disable the standing instructions for regular instalments. The instalment amount ranges from a minimum of Rs 1 to a maximum of Rs 83,333. For the accounts for which the PAN details are not updated, the maximum amount allowed is Rs 49,999.
• Additionally, the Customer can add any amount of funds apart from regular instalments to the iWish Account at any time during the Tenure of the iWish. The amount ranges from a minimum of Rs 1 to a maximum of Rs 83,333. For the accounts for which the PAN details are not updated, the maximum amount allowed is Rs 49,999.

DURATION OF THE DEPOSIT:

• A Recurring Deposit under this Programme can be maintained for a minimum Tenure of 6 months and further in multiples of 1-month subject to a maximum of 5 years.

PAYMENT OF INTEREST :

• Interest on the Recurring Deposit opened under this Programme shall be credited to/ deposited in the Recurring Deposit at the end of each calendar quarter, at the applicable rates as communicated to the Customer at the time of opening the Recurring Deposit. Such interest rates shall be as per the RBI directives issued from time to time. For the Recurring Deposits which become overdue, the rate of interest, which is applicable, shall be the rateof interest applicable to the Savings Account. However, in each calendar quarter for the overdue Recurring Deposits, while the interest shall be credited at the applicable rates communicated to the Customer at the time of opening the Recurring Deposits, the excess interest credited during the overdue period shall be adjusted at the time of closure of the Recurring Deposits.

iWish Save The Change :

• iWish Save The Change is an enabler that helps the Customer reach his/ her target amount faster by rounding off day-to-day transactions and auto-investing the amount in the Save The Change enabled iWish. The Customer can enable Save The Change for any one iWish at a time.
• There are now three round off options available – Rs 50, Rs 100 & Rs 500.
• Save The Change can be enabled and disabled at any point of time by the Customer. There is a maximum per day limit for every round off value.
• The Save The Change Amount for a particular day will be credited to the Customer’s iWish on the next working day. In case of holidays or weekends, it will be credited the day after one working day.
• If a new iWish is created on a particular day and enabled for Save The Change on the same day, the Save The Change Amount will start getting credited 2 days after the account creation date.
• Click Here to see the list of transactions that will be considered for calculating Save The Change amount for day to day transactions through Internet Banking and iMobile Pay.
• Transactions that were successful at ICICI Bank’s end and failed at the third party’s end (will be reversed to the Customer’s account later) will also be considered for Save The Change contribution for that day.

MATURITY DATE:

• The Recurring Deposit placed by the Customer under this Programme shall be closed and due for repayment on the Maturity Date. The Customer shall have to apply for closure of the Recurring Deposit through ICICI Bank Internet Banking or the Mobile Banking facility or other modes/ means as may be made available by ICICI Bank from time to time and subject to such Terms as may be specified by ICICI Bank from time to time. In case, an application for closure of the Recurring Deposit is not made by the Customer in the manner specified by ICICI Bank from time to time, the funds in the Recurring Deposit shall continue to lie with ICICI Bank in an overdue state and shall earn interest at the prevalent interest rate for Savings Account till the closure of the Recurring Deposit in the manner specified by the Customer. Also, the overdue Recurring Deposit can be closed by ICICI Bank any time after the Maturity Date in case the same is not closed by the Customer in the manner specified by ICICI Bank.

REPAYMENT BEFORE MATURITY :

• The Customer can apply for premature closure of the Recurring Deposit placed under this Programme through ICICI Bank Internet Banking or the Mobile Banking facility or other modes/ means as may be made available by ICICI Bank from time to time and subject to such Terms as may be specified by ICICI Bank from time to time. However, in such cases, the Recurring Deposit shall be subject to premature withdrawal charges as applicable and communicated by ICICI Bank to the Customer from time to time. On premature closure of the Recurring Deposit, interest to be paid on the Recurring Deposit shall be calculated at the rate corresponding to the period for which the Recurring Deposit remained with ICICI Bank. The amount accumulated in the Recurring Deposit up to the date of application for premature closure by the Customer with such interest minus the amount payable (like premature closure charges etc.) by the Customer to ICICI Bank shall be paid to the Customer in the form and manner specified as per ICICI Bank’s policy/ process.

CLOSURE OF ACCOUNTS :

• The iWish specified by the Customer under this Programme should be specified in the form and manner required as per ICICI Bank’s policy/ process/ terms and only for a purpose considered lawful as per the applicable laws. ICICI Bank reserves the right to close the iWish and the corresponding Recurring Deposit opened/ placed under this Programme by the Customer if it is found that the Goal specified by the Customer is not legitimate or prohibited. In such cases, the Recurring Deposit will be closed forthwith and the amount accumulated in the Recurring Deposit till the date of closure shall be transferred to the Customer’s account. In case of closure of the Recurring Deposit, the Recurring Deposit shall be subject to premature withdrawal charges as applicable and specified by ICICI Bank from time to time. On closure of the Recurring Deposit, the interest to be paid on the Recurring Deposit shall be calculated at the rate corresponding to the period for which the Recurring Deposit remained with ICICI Bank. Information regarding the same shall be given to the Customer through an SMS on the mobile number registered with ICICI Bank. 

Nomination:

• A Nomination facility is available for the Recurring Deposit opened under this Programme in the names of individuals. The Customer shall have to visit the Branch to register a nominee for the Recurring Deposit. Only one nominee is permissible per Recurring Deposit and the nomination has to be made by the Customer. If the Customer affixes his/her thumb impression on the nomination form then the same needs to be attested by two witnesses. No witnesses are required in case the Customer signs the nomination form. The Customer should ensure that he/ she gets/ is given the acknowledgement as per the nomination rules framed by the RBI. The Customer is at liberty to change the nominee through declaration in the appropriate form to revise the nomination during the Tenure of the Recurring Deposit with ICICI Bank.

CHANGE IN TERMS:

• ICICI Bank expressly reserves the right, at any time and without prior notice to the Customer, to add to and/ or alter, modify, change or vary all or in part, the Terms related to this Programme.

TAX:

• Any taxes, other liabilities or charges payable to the government or any other statutory authority/ body or any participating establishment, which may arise or accrue to the Customer due to the provision of the Programme shall be to the sole account of the Customer. Tax deducted at source, if any, on the Recurring Deposit shall be payable by the Customer.

JURISDICTION :

• Disputes, if any, arising out of or in connection with or as a result of this Programme or otherwise shall be subject to the laws of India and the exclusive jurisdiction of the competent courts/ tribunals in Mumbai only.

SET-OFF AND LIEN:

• ICICI Bank shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on all accounts/ deposits of the Customer with the Bank, whether in single name or joint names to the extent of all outstanding dues towards ICICI Bank. For such purposes, ICICI Bank may at its sole discretion close the Recurring Deposit prematurely and apply a penal rate of interest with respect to the same. The lien shall be valid and binding on the Customer and operative until repayment is done in full of all monies due to ICICI Bank from the Customer. The lien conferred on ICICI Bank as recorded and expressed herein shall be irrevocable. The lien shall be a continuing one and remain in full force and in effect till such time that the deposit holder repays all amounts due and payable to ICICI Bank.

Indemnity and Limitation of Liability :

• The Customer hereby agrees that he/ she shall, at his/ her own expense, indemnify, defend and hold ICICI Bank harmless from and against any liability or any other loss that may be incurred by ICICI Bank, arising from or relating to the Customer’s use of this Programme or operation of the Recurring Deposit or breach, non-performance or inadequate performance by the Customer with reference to any of these Terms or acts, errors, representations, misrepresentations, misconduct or negligence of the Customer in the performance of his/ her obligations.
• The Customer agrees and acknowledges that ICICI Bank shall in no way be held responsible or liable if the Customer/ third party incurs any loss/ damage etc. as a result of any information being shared by the Customer with any person. 
• The Customer agrees and acknowledges that any loss, damage or liability caused or suffered by the Customer due to the disclosure of any information of a confidential nature shall be borne by the Customer without transferring any liability or responsibility towards ICICI Bank.
• The Customer agrees and acknowledges that ICICI Bank shall in no way be responsible or liable in relation to funds transferred by a third party to the Recurring Deposit in the name of the Customer and the Customer shall fully indemnify and hold ICICI Bank and its affiliates harmless from any loss/ damage/ claim arising out of or in relation to the same
• Under no circumstances shall ICICI Bank be liable to the Customer for any indirect, incidental, consequential, special or exemplary damages incurred by the Customer in connection with the Programme.
• ICICI Bank shall not be liable for any failure to perform any obligation contained in these Terms or for any loss or damage whatsoever suffered or incurred by the Customer howsoever caused and whether such loss or damage is attributable (directly or indirectly) to any dispute or any other matter or circumstance whatsoever.
• The Customer shall indemnify and hold ICICI Bank harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgement) and expenses (including legal costs towards hiring a solicitor) that may be brought against or suffered or incurred by ICICI Bank in resolving any dispute relating to the Customer's Recurring Deposit with ICICI Bank or in enforcing ICICI Bank's rights under or in connection with these Terms and Conditions or which may have arisen either directly or indirectly out of or in connection with ICICI Bank performing its obligations hereunder.
• If any sum due and payable by the Customer is not paid on the due date, including without limitation any monies claimed under this paragraph, the Customer shall be liable to pay interest (both after as well as before any judgement) on such unpaid sum at such rate or rates as ICICI Bank may from time to time stipulate from the date the payment is due till the date of payment.
• The Customer shall solely be responsible for ensuring full compliance with all the applicable laws and regulations in any relevant jurisdictions in connection with availing the Programme from ICICI Bank and shall indemnify and hold ICICI Bank harmless from all actions, proceedings claims, losses, damages, costs and expenses (including legal costs towards hiring a solicitor) which may be brought against or suffered or incurred by ICICI Bank in connection with any failure to comply with any such applicable laws/ regulations.
• The indemnities as mentioned above shall continue notwithstanding the termination of the Account/s and/ or the Recurring Deposit Account/s.

USE OF EXTERNAL SERVICE PROVIDERS AND AGENTS :

• ICICI Bank may, at its sole discretion, utilise the services of external service providers or agents and on such Terms as required or maybe necessary, in relation to its products/ services.

Partner iWish:

Partner iWish is an iWish created under special partner offers. This Partner iWish offer is an additional offer for the existing and new iWish customers provided by different partners at the time of creation of iWish.

All the Terms and Conditions applicable for opening an iWish Goal Based Savings available on the ICICI Bank website shall govern and apply to the customer under this Partner iWish offer.

Partner iWish Creation :

Partners provide various offers for iWish and the offer value depends upon the category, Tenure and the target amount. Customers are provided respective offers as per the iWish category, target amount and the Tenure selected during the iWish Account creation. The Partner offer will be applied based on the instructions given by the Customer.

The Partner offer can be disabled at any point of time during the Tenure till 30 days before maturity.

Once the Customer disables the Partner offer, the Partner iWish will work as a regular iWish and the Customer can modify the auto-debit instructions.

Additional manual funding can be done by the Customer at any point in time through Internet Banking or iMobile Pay to reach the goal faster.

Partner iWish Closure :

Here are the points to consider while approaching maturity or for pre-closure of the iWish Goal Based Savings:

i) Premature Closure :

On premature closure of the iWish, the Customer will no longer be eligible for the Partner offer and the closure proceeds will be credited to the Customer’s Savings Account.

ii) Closure on Maturity:

On maturity, the proceeds will be credited to the Customer’s Savings Account and from there they will be transferred to the Partner's Current Account. (This will be done on the basis of consent taken from the Customer during the creation of the iWish). The Customer will be informed on maturity through an SMS that the funds have been transferred to the Partner’s Account.

Customers can avail the additional offer from the Partner as per the applicable offer criteria.

Once the funds are transferred to the Partner’s Account on the maturity of the iWish as per the consent of the Customer, the Customer cannot get a refund.

iWish Yatra Partner offer:

Under this offer, Customers are eligible for additional 10% returns on the maturity value. The points given below hold true in case of iWish Yatra goal. 

After opting for the Yatra offer, the Customer is eligible for the following benefits:

• Upon maturity of the iWish, the entire amount will be transferred to Yatra’s Current Account. Yatra will then add 10% to the iWish maturity amount and mail an e-voucher which can be redeemed for a range of travel products from Yatra. Once the money is transferred to the Partner’s Current Account, there will be no refund. 
• If a Customer wishes to opt out of the Yatra iWish offer, he/ she can do so till 30 days before the maturity date. To opt out of the Yatra offer, the path given below needs to be followed:
  RIB Login > Bank Account > iWish > Goal > Discontinue Yatra
• During the last 30 days and post that, there will be no option of getting a refund or opting out of the offer.

• E-vouchers can be extended for the next 3 months after the original expiry of the voucher (9 months). If the customer fails to redeem the e-gift voucher within 9 months of its issuance, Yatra shall be under no obligation to renew the e-gift voucher.

   

Open iWish Goal based Savings