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!

 

[TheGuy]

Why you wanna downgrade in the first place maintain 10k balance.

i have signature account. 25k MAB. I want to go to 10k. More freedom.
Currently I have moved my main banking to HDFC.

I like IDFC. Shareholder and activist bank acc holder (mailed them regarding CC when they were testing, for 4pm ASBA IPO as HDFC also has 4pm).
Later I want to get wealth. I have read that initial acc MAB also applies in wealth account. Would not make sense to have 25K MAB when 10k can be had.

 

[quino]

unsolicited advice for ppl on this thread. some RMs will try to push you for ULIP kind of schemes, like pay 1L for 12yrs, get 20L at the end of 15yrs. Stay away from such guys. they just use you to get the fat commissions they get on such schemes, and will promise the moon for you. and as soon as you go in, done. they move on to the next victim.

 

[SpiesCan'tCatchMe]

I know this is maybe not the right forum,
But does anybody know what amount should I maintain for Select ? and does it have no charge for non maintenance ?

Yesterday i visited the branch and asked them to downgrade my ac from 25k to 10k. the lady asked for a reason, i said im already a select ac holder so i just need a bare min i.e 10k ac. To which she replied even im a select ac holder and once you get into select banking your ac becomes Zero balance
i said ok and left

 

[quino]

will try to ask if they'll agree for less (but then it maybe exercise in futile

if any branch person starts saying more than 10L, just say goodbye. i know it's hard, but just walk away.

i suggest goto the branch, ask to speak to the BM, then ask him who's manages the First Wealth accounts in the branch. otherwise every other employee will act as if they are the wealth RMs. each branch has a specific wealth RM, only talk to him.

 

[Dhruvit.S]

Received the 0 MAB IDFC sb account offer, thanks guys…
@Quantum

I got the same message but when i put details it still shows 10/25k MAb required.

Also whats the fuss of wealth account?

 

[SSV]

I got the same message but when i put details it still shows 10/25k MAb required.

It shows these two variants, but it waives off NMC if we go thru this customised link..

Also whats the fuss of wealth account?

In one snapshot view:





In detail:






More here :

FIRST Wealth | IDFC FIRST Bank

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

Enjoy!!

 

[nithin1992]

Got the 0 MAB account opening message on whatsapp yesterday as well.

I went ahead and opened the account, got email confirmation as well after opening that it is indeed 0 MAB. I'm not sure how useful the account is in itself, but the branch is very close to my home so figured I could keep one here. Not sure if trying to upgrade to Wealth account is worth the effort though. Are there any benefits that we get from IDFC Wealth that we don't get from, say, ICICI Wealth / Imperia with Infinia?

 

[SSV]

Got the 0 MAB account opening message on whatsapp yesterday as well.

I went ahead and opened the account, got email confirmation as well after opening that it is indeed 0 MAB. I'm not sure how useful the account is in itself, but the branch is very close to my home so figured I could keep one here. Not sure if trying to upgrade to Wealth account is worth the effort though. Are there any benefits that we get from IDFC Wealth that we don't get from, say, ICICI Wealth / Imperia with Infinia?

Just check my above post mate !!!

 

[SSV]

incorrect information. base account is still 10k/25k. you are just enrolled into the wealth program. since idfc is not a big bank like hdfc yet, they dont want to charge their wealth customers. @S S V pls refer to my above post. this is not a true 0 mab. they just dont charge you as of now. it may change in future.

I got the same message but when i put details it still shows 10/25k MAb required.

Also whats the fuss of wealth account?

I have opened the 0 MAB IDFC first account online using the link provided by them in WhatsApp.
It seems it is the original 10k balance account with special offer applied as 0 mab account…

 

[SSV]

i think it asks but it is optional so yeah head over in your free time to the nearest IDFC branch and have a word with them.

It didn’t have any placeholder to put the referral code to put the employee code.
I still opened the account

 

[vaibhav111]

It didn’t have any placeholder to put the referral code to put the employee code.
I still opened the account

through the Whatsapp link for zero MAB IDFC account right?

 

[nithin1992]

Got a call from IDFC asking me to activate the account by doing Initial funding, when I checked with her about 0 MAB she said, no sir, it's 10k MAB, I've just checked etc.

FYI I even got an email from IDFC on signing up which clearly says MAB is 0 but yeah, but maybe in their UI they don't see the same?

@S S V let us know your experience in opening and converting it to Wealth, if you do.

 

[SSV]

through the Whatsapp link for zero MAB IDFC account right?

Yes. It’s thru WhatsApp link only

 

[darjeeronak]

After upgrading to Wealth, how much (MAB) maintenance is required? Also, has anyone ever been downgraded from Wealth through the bank so far?

 

[Rahul Gupta]

After upgrading to Wealth, how much (MAB) maintenance is required? Also, has anyone ever been downgraded from Wealth through the bank so far?

Their wealth account is useless. I don't know why everyone is running for it. However answer to your question is no, they haven't downgraded anyone so far.

 

[2sqrd]

Yes. It’s thru WhatsApp link only

Were you able to upgrade to Wealth account?

 

[SSV]

now once you opt for this and in the future if you want to maintain 10 lakhs for wealth upgrade then it would be difficult i think cause I'm waiting for 3 month (maintaining the required amount to be maintained for wealth upgrade) to be over so i can request again (even though i had a word with someone from nearest branch say sir we need 75 lakhs for wealth upgrade). so thought i should let you know.

i think it asks but it is optional so yeah head over in your free time to the nearest IDFC branch and have a word with them.

I have opened the 0 MAB IDFC first account online using the link provided by them in WhatsApp.
It seems it is the original 10k balance account with special offer applied as 0 mab account…

Got a call from IDFC asking me to activate the account by doing Initial funding, when I checked with her about 0 MAB she said, no sir, it's 10k MAB, I've just checked etc.

FYI I even got an email from IDFC on signing up which clearly says MAB is 0 but yeah, but maybe in their UI they don't see the same?

@S S V let us know your experience in opening and converting it to Wealth, if you do.

Guys, the proceedings that happened after opening my 0 MAB IDFC SB account yesterday ( i.e. less than 24 hours of account opening).

1) Called IDFC CC and asked someone from my local branch to contact me regarding Welath program. Immediately one bloke called me and asked me fund 10L and after the end of this month he will start processing my Wealth Request. Somehow, I didn't like his voice.. thats me..

2) After a couple of hours I saw a Virtual RM (VRM) was assigned to my account.. I asked him to call me..

3) My VRM called me and he also insisted me for IP of 10L.. but he promised he would kickstart my Wealth upgrade immediately.

4) I funded my IDFC account this morning with 10L

5) He sent me an OTP to provide my consent and the welath upgrade request has now been processed and I will receive my Wealth Kit in 7 working days.
Note: my general sb kit is also not processed yet.. so Wealth kit will now be processed..


So, in a nutshell, On-boarding into IDFC Wealth is pretty seemless. and the net result is:

I got IDFC 0 MAB Wealth Account in under 24 hours of account opening with 10L IP,
without visiting any branch or no-one visiting my home , all done thru a few phonce calls...
This is what I call a True seemless Banking on-boarding process to a HNI Program ...
A Stunning on-boarding expereince to Wealth program ..

Thanks guys for all your inputs..

 

[SSV]

Were you able to upgrade to Wealth account?

Yes, see above post

 

[vaibhav111]

Guys, the proceedings that happened after opening my 0 MAB IDFC SB account yesterday ( i.e. less than 24 hours of account opening).

1) Called IDFC CC and asked someone from my local branch to contact me regarding Welath program. Immediately one bloke called me and asked me fund 10L and after the end of this month he will start processing my Wealth Request. Somehow, I didn't like his voice.. thats me..

2) After a couple of hours I saw a Virtual RM (VRM) was assigned to my account.. I asked him to call me..

3) My VRM called me and he also insisted me for IP of 10L.. but he promised he would kickstart my Wealth upgrade immediately.

4) I funded my IDFC account this morning with 10L ( which were freed up from my HDFC account as I got my Infinia and imperia via ULIP there as you guys know).

5) He sent me an OTP to provide my consent and the welath upgrade request has now been processed and I will receive my Wealth Kit in 7 working days.
Note: my general sb kit is also not processed yet.. so Wealth kit will now be processed..


So, in a nutshell, On-boarding into IDFC Wealth is pretty seemless. and the net result is:

I got IDFC 0 MAB Wealth Account in under 24 hours with 10L IP, without visiting any branch or no-one visiting my home , all done thru a few phonce calls... This is what I call a True seemless Banking on-boarding process...

Thanks guys for all your inputs..

bro so i should call give it a try.. even thought i hold zero MAB close to a year now. and already maintaining the funds. so IDFC cs 1860 500 1111 i should call them and will try again then.

 

[SSV]

bro so i should call give it a try.. even thought i hold zero MAB close to a year now. and already maintaining the funds. so IDFC cs 1860 500 1111 i should call them and will try again then.

DO you want to change your RM to my Virtaul RM ... He is a nice bloke from Mumbai.. I would strongly recommend ...