Idfc account opening suggestions

[Raviteja]

I’m trying to open an account in IDFC in my wife’s name. Please suggest the best account in IDFC. I can afford an initial deposit of ₹10 lakhs, but I may not be able to maintain the required monthly balance consistently. Among IDFC First Power (Women), Select, Wealth, and the ₹25k variant, which one would be better?"

Account is opening for IPO purpose.

 

[HumorSimpson]

The USP of IDFC was its debit card variant, which rewarded cc billpayments till last week. Now I don't see any big difference among the variants. You can go with any variant.

What exactly the IPO purpose ?

 

[saber.mbt]

IDFC wealth account you can get using 10 lakh deposit. Contact your RM in local Branch

 

[hender]

I’m trying to open an account in IDFC in my wife’s name. Please suggest the best account in IDFC. I can afford an initial deposit of ₹10 lakhs, but I may not be able to maintain the required monthly balance consistently. Among IDFC First Power (Women), Select, Wealth, and the ₹25k variant, which one would be better?"

Account is opening for IPO purpose.

2 Variant 10k, 25k
Select, wealth are banking program on 3 lakh and 10 lakh Saving balance, few benefits are still available, rest described here 👇

The USP of IDFC was its debit card variant, which rewarded cc billpayments till last week. Now I don't see any big difference among the variants. You can go with any variant.

What exactly the IPO purpose ?

 

[HumorSimpson]

2 Variant 10k, 25k
Select, wealth are banking program on 3 lakh and 10 lakh Saving balance, few benefits are still available, rest described here 👇

what are those few ? May be some airport langar access ?
BTW IDFC was notorious for blocking accounts, is this still a thing with it ?

 

[hender]

what are those few ? May be some airport langar access ?
BTW IDFC was notorious for blocking accounts, is this still a thing with it ?

FIRST Select

IDFC FIRST Bank's FIRST Select Wealth is a specialized banking system that allows you to customize your lifestyle and make daily banking profitable.

www.idfcfirstbank.com

FIRST Wealth

The IDFC FIRST Bank's FIRST Wealth program brings the best banking information in the league from strong investment platforms, special prices to financial products.

www.idfcfirstbank.com

Our Master can shed more light @Anindya98 @TripleAce

 

[Raviteja]

The USP of IDFC was its debit card variant, which rewarded cc billpayments till last week. Now I don't see any big difference among the variants. You can go with any variant.

What exactly the IPO purpose ?

I have been applying for many IPOs. The application amount usually remains on hold in the bank for 3–5 days. I am expecting a good interest rate on these funds. After my research, I found that IDFC offers interest if the balance is more than ₹5 lakh.

 

[saber.mbt]

I have been applying for many IPOs. The application amount usually remains on hold in the bank for 3–5 days. I am expecting a good interest rate on these funds. After my research, I found that IDFC offers interest if the balance is more than ₹5 lakh.

Above 5 lakhs 7% for account variants IDFC Select and Wealth
Below 5 Lakhs - 3%
Catch is - If you maintain 6 Lakhs - Initial 5 Lakhs -earns 3% and additional - 1 lakh earns 7%

 

[hender]

I have been applying for many IPOs. The application amount usually remains on hold in the bank for 3–5 days. I am expecting a good interest rate on these funds. After my research, I found that IDFC offers interest if the balance is more than ₹5 lakh.

Upto 5 lakhs 3%
Above 5 lakhs 7%
So a ten lakh = 5%

 

[hender]

Above 5 lakhs 7% for account variants IDFC Select and Wealth
Below 5 Lakhs - 3%
Catch is - If you maintain 6 Lakhs - Initial 5 Lakhs -earns 3% and additional - 1 lakh earns 7%

That works for 10k Variant account as well if you keep that much amount

 

[saber.mbt]

I have been applying for many IPOs. The application amount usually remains on hold in the bank for 3–5 days. I am expecting a good interest rate on these funds. After my research, I found that IDFC offers interest if the balance is more than ₹5 lakh.

IPO hold amount won't be calculated for interest. Whatever amount left in your account after IPO mandate is calculated for interest.

 

[saber.mbt]

That works for 10k Variant account as well if you keep that much amount

Yes. But 10K variant only dont have lounge access and less withdrawal limit 6 Lakhs compared to 25K account 10 lakhs per day. Women's power account of 25K has additional medicare benefits and 50% discount in locker service.

 

[hender]

IPO hold amount won't be calculated for intrest. Whatever amount left in your account after IPO mandate is calculated for interest.

Lien amount for IPO is being entitled for normal saving interest,
(If released in favour of merchant banker, than obviously NO), but if not successful allotment than in favour of investor.
Normal PSU Bank methodology, how IDFC is treating, not sure.

 

[saber.mbt]

Lien amount for IPO is being entitled for normal saving interest,
(If released in favour of merchant banker, than obviously NO), but if not successful allotment than in favour of investor.
Normal PSU Bank methodology, how IDFC is treating, not sure.

Lien amount on hold is not counted for interest or AMB

 

[hender]

Lien amount on hold is not counted for interest or AMB

ASBA - Invest in IPO Online Through ASBA with HDFC Bank

You can get the application form to apply for IPO Through ASBA online or through physical application. Know the procedure for applying through physical application & online.

www.hdfcbank.com

It's HDFC's

 

[saber.mbt]

ASBA - Invest in IPO Online Through ASBA with HDFC Bank

You can get the application form to apply for IPO Through ASBA online or through physical application. Know the procedure for applying through physical application & online.

www.hdfcbank.com

It's HDFC's

Yeah Just checked IDFC, it also earns interest

 

[hender]

Yeah Just checked IDFC, it also earns interest

Glad 😊, and thanks to confirm 👇

Lien amount for IPO is being entitled for normal saving interest,
(If released in favour of merchant banker, than obviously NO), but if not successful allotment than in favour of investor.
Normal PSU Bank methodology, how IDFC is treating, not sure.

 

[TripleAce]

FIRST Select

IDFC FIRST Bank's FIRST Select Wealth is a specialized banking system that allows you to customize your lifestyle and make daily banking profitable.

www.idfcfirstbank.com

FIRST Wealth

The IDFC FIRST Bank's FIRST Wealth program brings the best banking information in the league from strong investment platforms, special prices to financial products.

www.idfcfirstbank.com

Our Master can shed more light @Anindya98 @TripleAce

I had opened for the below mentioned reasons:
BM / RM known to me since 15+ years.
7% interest credited monthly.
The DC has free guest lounge access.
Family banking.
Free credit cards.
Rumour has it they are not strict in MAB.
Pre IPO offerings.
Convenient & fast UI
And of course - CC bill pay via DC which is defunct now.😬😬

 

[hender]

2 Variant 10k, 25k
Select, wealth are banking program on 3 lakh and 10 lakh Saving balance, few benefits are still available, rest described here 👇

thanks for sharing details of other benefits ☺️

Yes. But 10K variant only dont have lounge access and less withdrawal limit 6 Lakhs compared to 25K account 10 lakhs per day. Women's power account of 25K has additional medicare benefits and 50% discount in locker service.

 

[Raviteja]

Thanks everyone for your suggestions. Can I go with the Women’s Savings variant with a ₹25K AMB, since the debit card is not that much useful now.