Thanks for visiting Capital Advisor. I frequently update this blog to cover various topics on personal finance such as investment strategies, financial products that you should buy and ones that you really should stay away from, financial calculators, emerging themes such as early retirement and financial independence, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.
Merry Christmas folks and as promised Capital Advisor is back!
So, having read all the PR about ICICI Bank’s iWish flexible Recurring Deposit product, I thought I’d go and setup an iWish account and goal for myself. Project terminated then and there because –
“We’re experiencing some delays setting up your account. Please try logging in again later.” I doubt if most users would go back and try again later. You certainly wouldn’t want to see a “We’re experiencing some delays in giving back your iWish goal money. Please try logging in again later.” when your iWish goal matures, would you?
But if you’re lucky enough to successfully get past the account creation stage, I think it’s a good way to save for purchases/expenses that you expect to make/incur within the next 6- to 12-months. But do note that interest rates offered jump-up significantly even in the space of a month (for example: 7.50% @ 12-months vs. 8.75% @ 13-months at the time of this writing). So, if you’re looking at a 12-month goal, it’s certainly advisable to make that a 13-month goal and earn that extra interest.
And taking a trip down memory lane, when I was at my first job and wished to buy everything under the sun (a bike, a mobile phone, an SLR, etc.), I’d simply hand over a random amount of cash each month to my mom and when I wanted to actually make the purchase the correct amount of cash would be put back in my hand. Simply the best bank in the world.
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.