IDFC First Private advantage

[Anindya98]

Now that I have funds in my account which was earlier eligible for private, shouldn't I be given a private status?

No, now they require 1 Cr. or via the Investment route. Just keeping the amount will not earn status unless it is triggered by the system or manually requested by someone, and after 2-3 approvals, you will get the status.

 

[hender]

I

I frankly agree with everything you said. I'm not moving funds just because of card. If that was the case, I would have moved my funds to hdfc and would have got infinia. I'm doing it for 7 percent interest on savings account. My previous bank account has messed up a lot on interest rates.
I will have to keep it in savings account till I find where to invest. Comparing to fd. Sa is more convenient. Yes I made a mistake by opening the account online but I did some research on technofino and I found that it's convenient to open online and update the status later. Thus also gave me a chance to try out their net banking ui and app as well.
Now that I have funds in my account which was earlier eligible for private, shouldn't I be given a private status?

How is your experience using their MB/NB, compare to your previous bank.

 

[Finchamp!]

Your BM will likely respond the same way, that they cannot arrange any paid card on a LTF basis.
I completely understand the appeal of the metal debit card, but honestly, I don’t believe it's worth parking ₹1 Cr just for that. Here are some key points everyone should consider before making that decision:

Things to Evaluate:

1. Why do you need the upgrade in the first place?
2. What returns are you getting on the funds kept in a savings account?
3. Are the hassles and potential charges justified compared to the actual benefits?
4. In case of a future downgrade, how easy is it to regain Private status, and is IDFC even the right bank to hold such high Total Relationship Value (TRV)?

My Observations:

1. Private Upgrade Justification:
   Upgrading to Private only makes sense if your monthly spends exceed ₹ 5.36 L. Otherwise, Wealth is more than sufficient. The practical difference between Wealth and Private is quite minimal, considering the funds required and the operational hurdles. Private upgrades involve multiple follow-ups, delays, and red tape. On the other hand, Wealth upgrades are smoother and much faster.
2. Maintaining Wealth Status:
   Even maintaining ₹5L in a Savings Account is generally enough to avoid a downgrade. If you're looking for complete peace of mind, parking ₹10L virtually guarantees status retention and easier future upgrades.
3. Is Private Worth the Hassle?
   For most individuals—unless you’re an NRI, UHNI, or unconcerned about capital growth—Private is not worth the trouble. It’s better to invest surplus funds elsewhere instead of locking them in a low-yield SB account just for vanity benefits.
4. Is IDFC Ideal for High TRV?
   Frankly, IDFC lacks the product maturity of banks like ICICI or HDFC. While LTF might sound attractive, products like ICICI Emeralde Private Metal (EPM) or HDFC Infinia/DCB deliver higher value and return. Also, keep in mind that RMs and BMs don’t stay forever—today they promise everything for commission, but tomorrow you're left alone.
   I too considered going for Private with ₹50L in IF, but after careful evaluation, I settled for Wealth. As a middle-class customer, I realized I'd never be satisfied once accustomed to such a high-tier account, and I wouldn't be able to sustain the TRV. Instead, I redirected those funds into better investments. Wealth offers nearly everything one needs without unnecessary pressure.
5. Most Important Point: Upgrades and downgrade happens in the same order. For example, 25K to Wealth will return to 25K, 25K <-> S <->W

To Your Specific Query:​

You made a major mistake by opening the account online. Branch staff won't be interested in helping because they don’t earn commission from online accounts. As a result, they might pressure you to open a new account with IF just so they get credited.
0 Forex get the IDFC WOW LTF, your FD will earn 7.5-7.75%, or IDFC Mayura with charges, it will give you more value than Private DC.
Home Branch is needed for Cheque Book and Passbook collection for day-to-day needs. You can visit any branch, as said by @hender

They have highlighted a 0% Forex charge, so they will charge ATM cash withdrawal fees. Your only solution is to get the exclusive DC from Indusind and pair it with Pinnacle CC.

I agree with @abhiaj_geek with 1 Cr, also the card will be paid and not worth the fees.
@Finchamp! I have added some more points which will help you to make a decision.

This is really useful. Thank you so much Anindya 🙂

 

[Finchamp!]

Is Wealth status more prone to downgrade compared to Private status?

@Anindya98: After going through your post, I honestly see little incentive to upgrade to Private—or even Wealth—apart from the locker benefit. So, following your advice, I plan to visit the nearest branch that offers locker facilities, inform them of the corpus I intend to transfer, and, in return, seek a written confirmation regarding: (1) the timeline for the status upgrade, and (2) immediate allotment of a lifetime-free large locker upon the upgrade. If I receive this assurance in writing, I’ll proceed with opening a new account under Wealth (or Private, if it indeed carries a lower risk of status downgrade). Otherwise, I’ll simply stick to my ₹10K savings account with zero MAB and be content.

 

[Anindya98]

Is Wealth status more prone to downgrade compared to Private status?

Wealth accounts are less likely to be downgraded compared to Private accounts, as the bank doesn’t incur significant costs in maintaining them.

Typically, Wealth customers aren't downgraded even after 2–3 years of not maintaining the full relationship value. In contrast, Private status often lasts only about a year without the required TRV, though this isn’t officially confirmed and is based on insights shared by a few bank employees.

From what I’ve seen, most Wealth users retain their status for 2–3+ years without any downgrade. And if you ever receive a downgrade warning via email, simply park ₹10L for 20–25 days, allow the system to refresh your status, and then you can move the funds as needed.

Also, keep in mind: Bank employees earn higher incentives for onboarding Private accounts, which is often why they aggressively push customers toward Private, even when Wealth would be more practical and easier to maintain for most.