IDFC First Wealth Account eligibility requirement and benefits

[Quantum]

Hello,

IDFC website doesn't seem to list the eligibility criteria for opening an IDFC First Wealth Account.
From your recent first hand experience, could you please share the eligibility criteria?
Does the criteria need to be maintained throughout the lifetime of the Wealth account, similar to Axis Burgundy account, to avoid account downgrade?
Also, what credit cards one can expect or negotiate to get offered?
FYI, I'm not an existing IDFC customer.
Thanks!

 

[quino]

For wealth upgrade they usually need 10L funding and mostly ask us to keep it for 1 month before upgradation. It may differ based on our negotiation skill as well.

For 5L funding, they agree to upgrade to Select Account. However things are somewhat in our favour during March due to year ending target pressure.

now we are in quarter ending too. again pressure will be there to meet targets.

new savings accounts get direct upgradation, no waiting needed. about the amount, it varies according to location. in BLR it's 5L for wealth & 2L for select. i think SSV is open to a higher IP amount.

 

[SSV]

For wealth upgrade they usually need 10L funding and mostly ask us to keep it for 1 month before upgradation. It may differ based on our negotiation skill as well.

For 5L funding, they agree to upgrade to Select Account. However things are somewhat in our favour during March due to year ending target pressure.

now we are in quarter ending too. again pressure will be there to meet targets.

new savings accounts get direct upgradation, no waiting needed. about the amount, it varies according to location. in BLR it's 5L for wealth & 2L for select. i think SSV is open to a higher IP amount.

Yeah, now that I got some understanding, I will approach them my way and update here the outcome.
Thanks guys

 

[vaibhav111]

For wealth upgrade they usually need 10L funding and mostly ask us to keep it for 1 month before upgradation. It may differ based on our negotiation skill as well.

For 5L funding, they agree to upgrade to Select Account. However things are somewhat in our favour during March due to year ending target pressure.

Does auto upgrade happen for wealth cause I can't upgrade through branch. If auto upgrade happen without any human interaction then 3 month I can wait for sure otherwise would have look elsewhere how to approach for wealth upgrade.

 

[vaibhav111]

didn't understand. could you share the link?

IDFC First Bank launched its debit card reward system

IDFC First Bank launched its debit card reward system recently. Now you'll earn reward points for spending money using your IDFC First Bank debit card. Reward portal link - https://www.firstrewards.com/ Reward system for IDFC First Bank normal debit card- 2000 welcome reward points on IDFC...

www.technofino.in

This is what I'm referring to

 

[vijay.vj]

I tried a lot keeping 5L balance for over 1 month. I was insisting my RM to somehow do it with 5L, but she was reluctant and kept pushing for 10L balance for 3 months or new account with 10L IP.

I made final offer of 10L in my account and kept pushing her to get approvals. She stopped responding to messages, emails and calls & at last she responded & I said I'm no longer interested and moved out the money to somewhere else..

I sent email to PNO, then started getting calls from bank people. They kept saying their BM would speak, but I never received the call.

 

[SSV]

I tried a lot keeping 5L balance for over 1 month. I was insisting my RM to somehow do it with 5L, but she was reluctant and kept pushing for 10L balance for 3 months or new account with 10L IP.

I made final offer of 10L in my account and kept pushing her to get approvals. She stopped responding to messages, emails and calls & at last she responded & I said I'm no longer interested and moved out the money to somewhere else..

I sent email to PNO, then started getting calls from bank people. They kept saying their BM would speak, but I never received the call.

Well done ..

 

[SpiesCan'tCatchMe]

I tried a lot keeping 5L balance for over 1 month. I was insisting my RM to somehow do it with 5L, but she was reluctant and kept pushing for 10L balance for 3 months or new account with 10L IP.

I made final offer of 10L in my account and kept pushing her to get approvals. She stopped responding to messages, emails and calls & at last she responded & I said I'm no longer interested and moved out the money to somewhere else..

I sent email to PNO, then started getting calls from bank people. They kept saying their BM would speak, but I never received the call.

It's a very lengthy process tbh, I've been through one. I eventually raised a complaint in RBI ombudsman and then RM visited my house had a tea with me and finally converted my account to select 😭
Though I asked for wealth

 

[2024]

You just need to maintain your base account AQB/MAB thats all. No non-maintenance charges even if they downgrade in future. But as of now no downgrades is seen.

You are right, I have wealth banking with them and confirmed by many channels that it's 0 AMB

 

[SSV]

You are right, I have wealth banking with them and confirmed by many channels that it's 0 AMB

so, what you are saying is, once it is Wealth SB account, it is by default 0 MAB.. right??

 

[quino]

You are right, I have wealth banking with them and confirmed by many channels that it's 0 AMB

incorrect information. base account is still 10k/25k. you are just enrolled into the wealth program. since idfc is not a big bank like hdfc yet, they dont want to charge their wealth customers. @S S V pls refer to my above post. this is not a true 0 mab. they just dont charge you as of now. it may change in future.

 

[2024]

so, what you are saying is, once it is Wealth SB account, it is by default 0 MAB.. right??

Absolutely right sir, even family grouping accounts also upgraded n becomes 0 AMB.

 

[SSV]

@S S V pls refer to my above post. this is not a true 0 mab. they just dont charge you as of now. it may change in future.

Thats what I thought too.. the variant still be either 10K/25K, it just they don't downgrade..

 

[quino]

Absolutely right sir, even family grouping accounts also upgraded n becomes 0 AMB.

correct. all family accounts are mapped to the parent Cust Id. and they won't get charged any amc. pls note there is a difference between 0 mab & non-charging of amc.

 

[quino]

Thats what I thought too.. the variant still be either 10K/25K, it just they don't downgrade..

correct. you must've seen the icici wealth management lengthy thread.

 

[SSV]

Absolutely right sir, even family grouping accounts also upgraded n becomes 0 AMB.

Okay, I will keep this also in my mind..
but did you check anywhere in the app/ web site that it is a 0 balance account??

 

[Deleted member 21942]

It's a very lengthy process tbh, I've been through one. I eventually raised a complaint in RBI ombudsman and then RM visited my house had a tea with me and finally converted my account to select 😭
Though I asked for wealth

Agar chai ke saath naashta bhi karwaate toh Wealth account mein upgrade ho jaata 😜

 

[SSV]

correct. you must've seen the icici wealth management lengthy thread.

Yes, I know all that crap...

 

[2024]

incorrect information. base account is still 10k/25k. you are just enrolled into the wealth program. since idfc is not a big bank like hdfc yet, they dont want to charge their wealth customers. @S S V pls refer to my above post. this is not a true 0 mab. they just dont charge you as of now. it may change in future.

Its true that it is a banking pgm not an account variant but u not need to maintain 10k/ 25k as per account variant, it means 0 AMB.
Idfc is not big player like hdfc n ICICI bt jab Tak mil rha hai fayda le lo, when they becomes equal to HDFC ICICI they will also start downgrading but it vl b done only after many mails n msgs for sure.

 

[Deleted member 21942]

@S S V Wait for financial year ending.... 0 MAB savings account offer may come again like before.

 

[quino]

@S S V Wait for financial year ending.... 0 MAB savings account offer may come again like before.

yes, that's a far better approach unless you have immediate requirement