IDFC GROUPING QUERY

[Deleted member 19066]

i already have idfc wealth account with nil mab requirement now i want to open accounts for my father and my mother.....

so after 10K or 25K variant account opening and after grouping they need to maintain 10K or 25K ??
genuine Help Needed..
RM is not supportive so please help......
@Chaitanya-a @4uziaul

 

[Chaitanya-a]

i already have idfc wealth account with nil mab requirement now i want to open accounts for my father and my mother.....

so after 10K or 25K variant account opening and after grouping they need to maintain 10K or 25K ??
genuine Help Needed..
RM is not supportive so please help......
@Chaitanya-a @4uziaul

RM can directly group them to your account. If he's not responding correctly, then complaint about it to pno or twitter team.

 

[Deleted member 19066]

@Salvo08 @shashankvarshney

Kindly Help

 

[Salvo08]

@Salvo08 @shashankvarshney

Kindly Help

Maintain MAB in the Primary account Holder's account as per the initial T&C. Rest may enjoy the benefit. As far as I've experienced, IDFC doesn't extend individual benefits to each account holder but probably the combined ones. Though I have not checked with the customer care or RM but that's my experience.

 

[Deleted member 19066]

Maintain MAB in the Primary account Holder's account as per the initial T&C. Rest may enjoy the benefit. As far as I've experienced, IDFC doesn't extend individual benefits to each account holder but probably the combined ones. Though I have not checked with the customer care or RM but that's my experience.

how much balance should i maintain in my family accounts ?? in order to link / group into my account

 

[RajeshV]

Unless you're in a HNI banking program, each account has to maintain their required balance.

 

[Deleted member 19066]

Unless you're in a HNI banking program, each account has to maintain their required balance.

No..Suppose i have 25K Account with first wealth program..then i can add my family membrs as add on account...and they all get first wealth benefits and only i have to maintain 25K........ @Salvo08 @RajeshV @Chaitanya-a

my query is how much balance my family members requres in order to grouping ??

 

[sourpai]

This is the email response I received from IDFC bank for grouping query

Dear xxxx,

As discussed sharing few points with you, We can onboard up-to 8 account in one family if one person is holding wealth account, and they will enjoy all wealth account benefits which is applicable without any liability.

There will not be any minimum balance ask from bank to maintain minimum balance for other family member account though we aspect customer to bank with us same way while account introduced. Provided while family account opening please ask customer to provide higher IP Cheque so that we can group under family wealth account.

Regards,


What he is saying is that while opening an account, cheq of 10L needs to be provided so that account qualifies to be wealth. That 10L can be taken out after a week of so and it will continue to remain wealth since it is linked to original wealth account

 

[Deleted member 19066]

This is the email response I received from IDFC bank for grouping query

Dear xxxx,

As discussed sharing few points with you, We can onboard up-to 8 account in one family if one person is holding wealth account, and they will enjoy all wealth account benefits which is applicable without any liability.

There will not be any minimum balance ask from bank to maintain minimum balance for other family member account though we aspect customer to bank with us same way while account introduced. Provided while family account opening please ask customer to provide higher IP Cheque so that we can group under family wealth account.

Regards,


What he is saying is that while opening an account, cheq of 10L needs to be provided so that account qualifies to be wealth. That 10L can be taken out after a week of so and it will continue to remain wealth since it is linked to original wealth account

But My Family member Opened Account 10 days ago ..via Online ..25K Variant

 

[Salvo08]

No..Suppose i have 25K Account with first wealth program..then i can add my family membrs as add on account...and they all get first wealth benefits and only i have to maintain 25K........ @Salvo08 @RajeshV @Chaitanya-a

my query is how much balance my family members requres in order to grouping ??

That's why mentioned "The Primary Account Holder" needs to maintain. In any family banking, one account is taken as the Primary Account and others enjoy the benefit. In Axis Family banking for Burgundy (as the requirement to maintain MAB is much more) combined balance in all accounts is considered.

 

[RajeshV]

No..Suppose i have 25K Account with first wealth program..then i can add my family membrs as add on account...and they all get first wealth benefits and only i have to maintain 25K........ @Salvo08 @RajeshV @Chaitanya-a

my query is how much balance my family members requres in order to grouping ??

How would you get Wealth program for 25k balance?

Anyways, if the primary holder maintains the entire TRV required for Wealth, then other can have zero balance.

 

[sourpai]

But My Family member Opened Account 10 days ago ..via Online ..25K Variant

That would most likely not qualify for wealth. You will need to keep 10L balance for a few months and ask RM to upgrade the account to wealth. Opening wealth account in the beginning is the best way to get it quickly. Banks have higher incentive to do that. Please do check once with your RM also.

 

[Deleted member 19066]

That would most likely not qualify for wealth. You will need to keep 10L balance for a few months and ask RM to upgrade the account to wealth. Opening wealth account in the beginning is the best way to get it quickly. Banks have higher incentive to do that. Please do check once with your RM also.

Ok... Sir... Thank you

 

[rohant]

No..Suppose i have 25K Account with first wealth program..then i can add my family membrs as add on account...and they all get first wealth benefits and only i have to maintain 25K........ @Salvo08 @RajeshV @Chaitanya-a

my query is how much balance my family members requres in order to grouping ??

how to get wealth account with 25 MAB account?

 

[TheTrickySid]

how to get wealth account with 25 MAB account?

By maintaining 10L for 3 months.

 

[rohant]

By maintaining 10L for 3 months.

all accounts combined?

 

[TheTrickySid]

all accounts combined?

Have you done grouping of accounts??

 

[sourpai]

Grouping will work if you have atleast one account on wealth already

 

[rohant]

Have you done grouping of accounts??

no. i havent