India's largest private sector bank, ICICI Bank, has introduced a new recurring deposit scheme for its existing savings account holders. The new product provides flexible recurring deposit facility to customers enabling them to choose when and how amount they want to save to fulfill their objectives. In addition to this, the new product gives the customers online access to keep a tab on their savings.
According to the bank, the difference between conventional recurring deposit products and its new product is that, in this customers can save different amounts of funds and are also given the facility to do so at any time o their choice. The online interface further makes it easier for customers to keep a track of their savings.
The bank issued a statement on this matter and said that its savings account customers who wish to avail this facility, can also choose to let their family and friends know about their dreams on facebook. Contribution by the customer's well-wishers from any account to his/her account is also allowed under this scheme.
It is reported that this product has been developed through a tie up with a US headquartered firm, Social Money.