[Query] Is IDFC First Bank upgrade from Wealth to Private banking possible with 25L-30L MAB/AMB ??

[sourpai]

one of the RM promised me that if u transfer 50L mutual funds he will be able to upgrade to private.....not sure he is saying true or not but i think there no harm as ARN change will not require any charges and if they dont upgrade i will again shift it what do u think ?

Yes.. any investments in excess of 50L can take you to private. However, please check if direct MFs are transfered as direct in IDFC

 

[TripleAce]

As sourpai has pointed out, I guess direct MFs are not considered.

 

[hender]

Yes.. any investments in excess of 50L can take you to private. However, please check if direct MFs are transfered as direct in IDFC

Now a days, how they consider Zerodha Demat linked with them(earlier they have tie-up with Zerodha as 3in1) !!

 

[drdaga]

Yes.. any investments in excess of 50L can take you to private. However, please check if direct MFs are transfered as direct in IDFC

the 50L investements are not direct as it was investent when i didnt knew of indirect funds so thats not a big issue

also how manny days will the process require ??

 

[sourpai]

Now a days, how they consider Zerodha Demat linked with them(earlier they have tie-up with Zerodha as 3in1) !!

Zerodha and IDFC tieup for 3 in 1 has ended couple of years back. Only old accounts that are linked continue to be linked, new linking is not possible. So right now, it is not considered in any way

 

[sourpai]

the 50L investements are not direct as it was investent when i didnt knew of indirect funds so thats not a big issue

also how manny days will the process require ??

Then you would be better off converting them to direct instead of getting it transfered for Private. Non direct eats up 1% every year and compounding effect is significant.

If you still wish to do, time taken will be communicated by private RM, who will initiate the upgrade