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!

 

[xxScriptzxx]

Please note, i have a wealth account and their rewards module is still blocked for me. If you are looking for HNI banking, this is not the bank to have a relationship with. Who blocks premium customers? I know they would unblock, but at first why even block the idfc first rewards.

I have privy league kotak, hdfc imperia and indusind exclusive and have not faced any such issues with these banks.

 

[Copycat]

Please note, i have a wealth account and their rewards module is still blocked for me. If you are looking for HNI banking, this is not the bank to have a relationship with. Who blocks premium customers? I know they would unblock, but at first why even block the idfc first rewards.

I have privy league kotak, hdfc imperia and indusind exclusive and have not faced any such issues with these banks.

The people at the bank/online are very nice (to me, at least). But their IT infrastructure is horrible. After 2 years of having an account with them, I had to change my name in the bank because otherwise I couldn't pay any bills. It kept giving me "Invalid last name" errors. I'm actually astounded at the programmer who wrote last name validation code in the module for bill payment. Beats me why that was done. I would think that data validation code should be written only when the data entered the system (so when the name is added or updated)

 

[kshitij_0]

Got upgraded to IDFC Wealth A/c.
What are the major practical benefits? And what all should I get now like DC and all?
@S S V @Chaitanya-a

 

[Cc_creditguy]

Got upgraded to IDFC Wealth A/c.
What are the major practical benefits? And what all should I get now like DC and all?
@S S V @Chaitanya-a

Free locker , no charges, debit card benifit thats it

 

[techt]

Got upgraded to IDFC Wealth A/c.
What are the major practical benefits? And what all should I get now like DC and all?
@S S V @Chaitanya-a

1. Wealth DC exclusion list is too many and practically no use for cases like paying CC bill via DC. Only benefit that I see as of now is, paying taxes as it rewards 0.5% till 50K and 1.6% later on. So effectively little edge over Wealth CC for tax payments.
2. Free locker. But availability could be challenging as read from some posts on net.
3. Never downgrading account with no charges.
4. Forex remittances as good as IoB. Read somewhere in this forum.
5. Little better FD rates for 10Lakh above deposits. Again here too, it follows levels like for first x amount, y benefit.
6. Having atleast one thing common with @S S V .

IDFC is a Kramer in banking. Everything is levels, be it CC or DC or bank account FDs.

 

[Cc_creditguy]

1. Wealth DC exclusion list is too many and practically no use for cases like paying CC bill via DC. Only benefit that I see as of now is, paying taxes as it rewards 0.5% till 50K and 1.6% later on. So effectively little edge over Wealth CC for tax payments.
2. Free locker. But availability could be challenging as read from some posts on net.
3. Never downgrading account with no charges.
4. Forex remittances as good as IoB. Read somewhere in this forum.
5. Little better FD rates for 10Lakh above deposits. Again here too, it follows levels like for first x amount, y benefit.
6. Having atleast one thing common with @S S V .

IDFC is a Kramer in banking. Everything is levels, be it CC or DC or bank account FDs.

Are you Sure that don't they downgrade wealth sir ??

 

[techt]

Sure don't they downgrade wealth sir ??

Based on the info available here it is. But in future it may change.

 

[kshitij_0]

1. Wealth DC exclusion list is too many and practically no use for cases like paying CC bill via DC. Only benefit that I see as of now is, paying taxes as it rewards 0.5% till 50K and 1.6% later on. So effectively little edge over Wealth CC for tax payments.
2. Free locker. But availability could be challenging as read from some posts on net.
3. Never downgrading account with no charges.
4. Forex remittances as good as IoB. Read somewhere in this forum.
5. Little better FD rates for 10Lakh above deposits. Again here too, it follows levels like for first x amount, y benefit.
6. Having atleast one thing common with @S S V .

IDFC is a Kramer in banking. Everything is levels, be it CC or DC or bank account FDs.

Park+ doesn't work on Wealth DC for CC Payments? There is no way for CC Payments?
If I upgrade the DC, all the points accumulated on the card will be lapsed or it'll get transferred to the new DC?

 

[vaibhav111]

Are you Sure that don't they downgrade wealth sir ??

try to keep 25k at least, a downgrade will happen eventually, now hdfc have started in the future IDFC will also take action in the matter of time.

 

[techt]

1. Park+ doesn't work on Wealth DC for CC Payments? There is no way for CC Payments?
2. If I upgrade the DC, all the points accumulated on the card will be lapsed or it'll get transferred to the new DC?

1. IDFC DC doesn't reward these

FIRST Rewards

www.firstrewards.com

Payment to Mutual Funds, Insurance, Financial Institutions, Security Brokers, Dealers, Wallet Uploads, Quasi Cash, ATM Withdrawals, Credit Card Payments and Account Transfers transactions are not a part of FIRST Rewards program.


2. @S S V

 

[varun__goel_]

Park+ doesn't work on Wealth DC for CC Payments? There is no way for CC Payments?
If I upgrade the DC, all the points accumulated on the card will be lapsed or it'll get transferred to the new DC?

Park + give RP

 

[kshitij_0]

1. IDFC DC doesn't reward these

FIRST Rewards

www.firstrewards.com

Payment to Mutual Funds, Insurance, Financial Institutions, Security Brokers, Dealers, Wallet Uploads, Quasi Cash, ATM Withdrawals, Credit Card Payments and Account Transfers transactions are not a part of FIRST Rewards program.


2. @S S V

Theek hai bhai samajh gaya 😝

 

[kshitij_0]

Park + give RP

Bhai abhi naya hai market me

 

[kshitij_0]

Park + give RP

Bhai DC upgrade karne se reward points ka kya hoga?

 

[varun__goel_]

Bhai DC upgrade karne se reward points ka kya hoga?

They will exist

 

[2sqrd]

Got upgraded to IDFC Wealth A/c.
What are the major practical benefits? And what all should I get now like DC and all?
@S S V @Chaitanya-a

Were you a new account holder? How long did it take?

 

[kshitij_0]

Were you a new account holder? How long did it take?

Old account. It took 1-2 months after maintaining Rs 5L.

 

[zaid_2913]

My IDFC First account has been upgraded to a Wealth account, and I have received the welcome kit. However, my app still shows the classic card and the emails do not have any wealth branding. According to forum posts, the card should reflect in the app first before being delivered, but in my case, the card has been delivered without updating in the app.
@S S V @Chaitanya-a @pprakash11

 

[leonneel]

My IDFC First account has been upgraded to a Wealth account, and I have received the welcome kit. However, my app still shows the classic card and the emails do not have any wealth branding. According to forum posts, the card should reflect in the app first before being delivered, but in my case, the card has been delivered without updating in the app.
@S S V @Chaitanya-a @pprakash11

What did u do to upgrade it? I'm keeping balance of 4-5L. Did u get the call or should I contact branch?

 

[SSV]

My IDFC First account has been upgraded to a Wealth account, and I have received the welcome kit. However, my app still shows the classic card and the emails do not have any wealth branding. According to forum posts, the card should reflect in the app first before being delivered, but in my case, the card has been delivered without updating in the app.
@S S V @Chaitanya-a @pprakash11

Call CC .