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!

 

[Chaitanya-a]

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?

Thanks!

Eligibility criteria is:

Your savings account balance should be 10L to be eligible for wealth Account. You can take out money after upgradation. There's no non Maintenance charges. It won't be downgraded if you've good connection with branch RM.

They don't offer credit card based on your relationship with the bank. You've to apply for it seperately.

 

[Quantum]

Eligibility criteria is:

Your savings account balance should be 10L to be eligible for wealth Account. You can take out money after upgradation. There's no non Maintenance charges. It won't be downgraded if you've good connection with branch RM.

They don't offer credit card based on your relationship with the bank. You've to apply for it seperately.

Thanks for the info.
So, can I directly open the wealth account or it is only possible via the existing account upgrade route?
FYI, I'm not an existing IDFC customer.

 

[Chaitanya-a]

Thanks for the info.
So, can I directly open the wealth account or it is only possible via the existing account upgrade route?
FYI, I'm not an existing IDFC customer.

It is possible only via existing account upgrade route.

However you can negotiate with your branch RM that you would open Account only when he initiate wealth upgrade process just after Account opening. If he denies, then don't open the account. Most likely he'll agree upon your request.

 

[Rahul Gupta]

Thanks for the info.
So, can I directly open the wealth account or it is only possible via the existing account upgrade route?
FYI, I'm not an existing IDFC customer.

You have to use the upgrade route. Because wealth is not a account variant its a banking program.

 

[Quantum]

However you can negotiate with your branch RM that you would open Account only when he initiate wealth upgrade process just after Account opening. If he denies, then don't open the account. Most likely he'll agree upon your request.

Will try this. Even after opening if they don't agree, then I will just withdraw all the money and ask for account closure.

 

[Rahul Gupta]

Will try this. Even after opening if they don't agree, then I will just withdraw all the money and ask for account closure.

They will agree for sure and upgration process starts when ypur RM shares consent link with you.

 

[shann9999]

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!

Only though account upgrade, Please negotiate with BM before opening normal account for how much balance he will get upgraded to Wealth.

 

[shann9999]

Thanks.
Hopefully.
Will update the thread after visiting the branch.

Mine upgrade request raised with 5L in balance by BM on 16 Sep, 2023, and It was approved on 23rd Sep.

 

[Trendz]

Eligibility criteria is:

Your savings account balance should be 10L to be eligible for wealth Account. You can take out money after upgradation. There's no non Maintenance charges. It won't be downgraded if you've good connection with branch RM.

They don't offer credit card based on your relationship with the bank. You've to apply for it seperately.

Hi,

Are you sure , if the AB goes into 1 lakh also , there wont be any penalty charges ?

 

[Rahul Gupta]

Hi,

Are you sure , if the AB goes into 1 lakh also , there wont be any penalty charges ?

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.

 

[Quantum]

Mine upgrade request raised with 5L in balance by BM on 16 Sep, 2023, and It was approved on 23rd Sep.

Few queries:
Since how log you had this account with IDFC? I mean what was the approx account age as on 16 Sep, 2023?
How long did you maintain the 5L balance as on 16 Sep, 2023?
Is it a savings ac or salary ac?

 

[Rahul Gupta]

Few queries:
Since how log you had this account with IDFC? I mean what was the approx account age as on 16 Sep, 2023?
How long did you maintain the 5L balance as on 16 Sep, 2023?
Is it a savings ac or salary ac?

Dude you are asking wrong guy. I just opened idfc wealth some days ago. They just started my process as soon as my balance hit 10 lakh mark then in next 3 working days wealth dc started to show in app and complete upgradation took 10 days.

 

[shann9999]

Few queries:
Since how log you had this account with IDFC? I mean what was the approx account age as on 16 Sep, 2023?
How long did you maintain the 5L balance as on 16 Sep, 2023?
Is it a savings ac or salary ac?

I have opened this last week of july on the promise of Vimal/Naveen from this forum(thread i forgot) with 5L. But after opening the account he was ghosted me due to some one complained about as he has requested too many wealth upgrade and dragged till August end. So i have talked with my branch RM (account base branch) he was supportive waited till now to get Wealth rights then raise the request as it was rural branch.

Anyone looking let me know i can refer if anyone wants to open new account for wealth. existing accounts he won't be doing it.

Update: On referral

 

[shann9999]

Dude you are asking wrong guy. I just opened idfc wealth some days ago. They just started my process as soon as my balance hit 10 lakh mark then in next 3 working days wealth dc started to show in app and complete upgradation took 10 days.

Every one not rich like you to have 10L in bank account. So others are looking below 10L to get wealth account upgrade.

 

[Quantum]

Dude you are asking wrong guy. I just opened idfc wealth some days ago. They just started my process as soon as my balance hit 10 lakh mark then in next 3 working days wealth dc started to show in app and complete upgradation took 10 days.

Thanks for sharing the info!
However, everyone's response matters, as the response may be useful to someone similar.
Btw, how old was your account when your balance hit 10L mark?

 

[Rahul Gupta]

Thanks for sharing the info!
However, everyone's response matters, as the response may be useful to someone similar.
Btw, how old was your account when your balance hit 10L mark?

2 days.

 

[jeet83]

2 days.

Hello
May I know which branch upgraded you to Wealth for 2 days old Account?

I am having Account in Cuttack, Odissa branch for over an year with average balance of Rs 50 K and for last 10 days I am keeping over Rs 15 lacs balance. Still they told me I need to maintain Rs 10 lacs for 3 months minimum to have Wealth Acc

Any hack to get it done before?

 

[Rahul Gupta]

Hello
May I know which branch upgraded you to Wealth for 2 days old Account?

I am having Account in Cuttack, Odissa branch for over an year with average balance of Rs 50 K and for last 10 days I am keeping over Rs 15 lacs balance. Still they told me I need to maintain Rs 10 lacs for 3 months minimum to have Wealth Acc

Any hack to get it done before?

Actually i have bargained before opening the account so that matters. I think you should give them a account closing request or try with a different branch.

 

[jeet83]

Actually i have bargained before opening the account so that matters. I think you should give them a account closing request or try with a different branch.

Thank you for the reply and giving good suggestion. Will try it with the Branch