IDFC Select to Wealth upgrade

[EnthuCC]

Hi, I have IDFC savings bank account under Select banking program.

I learned in this forum that if one can deposit 10L+ in savings account then it can be upgraded to Wealth account. Can anyone tell me for how long one needs to deposit 10L+ fund to get eligible for the upgrade for existing Select customers?

 

[Cc_creditguy]

Yes contact your Rm

 

[EnthuCC]

Yes contact your Rm

I mean for how long do I need to put the funds before requesting for the upgrade?

 

[Cc_creditguy]

I mean for how long do I need to put the funds before requesting for the upgrade?

They may say for 3m but try negotiate as possible

 

[ccgeek07]

Hi, I have IDFC savings bank account under Select banking program.

I learned in this forum that if one can deposit 10L+ in savings account then it can be upgraded to Wealth account. Can anyone tell me for how long one needs to deposit 10L+ fund to get eligible for the upgrade for existing Select customers?

That entirely depends upon negotiations. Differs from case to case.

We had upgraded one existing account in few days and new account was upgraded after 1 month. So negotiate with your RM.

 

[Quantum]

Hi, I have IDFC savings bank account under Select banking program.

I learned in this forum that if one can deposit 10L+ in savings account then it can be upgraded to Wealth account. Can anyone tell me for how long one needs to deposit 10L+ fund to get eligible for the upgrade for existing Select customers?

1 month, 3 months, or few days, all of these are just situational responses (rules) thrown by the IDFC folks.
Even the one that I'm going to share is just there to get bypassed in certain cases.

What does your Average Monthly Balance show in the IDFC app/website?
Once it starts showing anything greater than 5L, you could talk to you RM to start the upgrade process. If they deny or give some excuses, get back to this thread. We will fix that.
It is 3rd May today. If you transfer enough funds, it would start showing Average Monthly Balance around10L in next few days.

As part of upgrade process, this is what RM does:
1) Open a ticket to upgrade your account to Wealth.
2) Get the consent from the customer for upgrade, via a link.
3) After taking consent from the customer, get an approval from someone working in the capacity of branch head.
4) Once the branch head approves, the Wealth DC is generated and it starts reflecting in the app/website.
5) You get your Wealth DC kit in 5 days depending upon your PIN code.
6) As soon as you activate your new Wealth DC, the old DC would get deactivated and removed from your account.

After you get your Wealth DC and the account starts reflecting as IDFC Wealth logo in the app/website, you could withdraw all the funds except the minimum balance criteria of your base account i.e. if it was 25k MAB savings account, then you need to maintain only that.

It's just that don't tell any IDFC employee you are interacting with that you will withdraw all the funds.
After the upgrade, you could upgrade your RM too.
There are different RMs for IDFC Wealth program (RM First Wealth, shown under "My relationship team" in the app.

 

[Vasuki]

1 month, 3 months, or few days, all of these are just situational responses (rules) thrown by the IDFC folks.
Even the one that I'm going to share is just there to get bypassed in certain cases.

What does your Average Monthly Balance show in the IDFC app/website?
Once it starts showing anything greater than 5L, you could talk to you RM to start the upgrade process. If they deny or give some excuses, get back to this thread. We will fix that.
It is 3rd May today. If you transfer enough funds, it would start showing Average Monthly Balance around10L in next few days.

As part of upgrade process, this is what RM does:
1) Open a ticket to upgrade your account to Wealth.
2) Get the consent from the customer for upgrade, via a link.
3) After taking consent from the customer, get an approval from someone working in the capacity of branch head.
4) Once the branch head approves, the Wealth DC is generated and it starts reflecting in the app/website.
5) You get your Wealth DC kit in 5 days depending upon your PIN code.
6) As soon as you activate your new Wealth DC, the old DC would get deactivated and removed from your account.

After you get your Wealth DC and the account starts reflecting as IDFC Wealth logo in the app/website, you could withdraw all the funds except the minimum balance criteria of your base account i.e. if it was 25k MAB savings account, then you need to maintain only that.

It's just that don't tell any IDFC employee you are interacting with that you will withdraw all the funds.
After the upgrade, you could upgrade your RM too.
There are different RMs for IDFC Wealth program (RM First Wealth, shown under "My relationship team" in the app.

Good point that
So basically put 3 lakh in first few days of month shows 3 l as mab
They can raise the request.
Similar 5 lakh for wealth

No need of maintenance for 3 month 😁


@varun__goel_

 

[Quantum]

Good point that
So basically put 3 lakh in first few days of month shows 3 l as mab
They can raise the request.
Similar 5 lakh for wealth

No need of maintenance for 3 month 😁


@varun__goel_

Yes, that's exactly what I did for 25k account to Wealth upgrade.
Deposited enough funds in September last week. On Oct 1 or 2, the AMB was reflecting the total balance in my account.
I asked the RM to raise the request. They obliged.
So, if it works for me and others, it should work for remaining others too. There is no hard and fast rule in IDFC for program upgrade/downgrade.

 

[Vasuki]

Yes, that's exactly what I did for 25k account to Wealth upgrade.
Deposited enough funds in September last week. On Oct 1 or 2, the AMB was reflecting the total balance in my account.
I asked the RM to raise the request. They obliged.
So, if it works for me and others, it should work for remaining others too. There is no hard and fast rule in IDFC for program upgrade/downgrade.

Insaan nhi Goat ho 👍

 

[It_is_Naruto]

Hi...basically it is dependent on RM and the branch. My experience was different and easier. I never maintained 3 lacs or 5 lacs in my account. But my RM was able to upgrade Savings 10K account to Select ( average balance around 1 lacs) and then after 3-4 months to wealth ( average balance around 2.5 lacs)

more details:

Savings account with premium benefits

Can any one suggest any savings account which comes with low MAB and give us free debit card, free sms charge etc.

www.technofino.in

Savings account with premium benefits

Can any one suggest any savings account which comes with low MAB and give us free debit card, free sms charge etc.

www.technofino.in

 

[vaibhav111]

Hi, I have IDFC savings bank account under Select banking program.

I learned in this forum that if one can deposit 10L+ in savings account then it can be upgraded to Wealth account. Can anyone tell me for how long one needs to deposit 10L+ fund to get eligible for the upgrade for existing Select customers?

here what i did, expect 10 lakhs, had zero idfc account, after 3 weeks, i message through twitter to idfc but it failed cause MAB of 10 lakhs more was asked and then i tried again some couple of weeks and it worked and in 3 days i got wealth upgrade.

 

[Calm Radiance]

Once it starts showing anything greater than 5L, you could talk to you RM to start the upgrade process. If they deny or give some excuses, get back to this thread. We will fix that.

if it was 25k MAB savings account, then you need to maintain only that.

It's just that don't tell any IDFC employee you are interacting with that you will withdraw all the funds.
After the upgrade, you could upgrade your RM too.
There are different RMs for IDFC Wealth program (RM First Wealth, shown under "My relationship team" in the app.

My RM denied stating for wealth 10L and above is required.

keeping 25k MAB post upgrade is assuring.

Thanks OP for creating this thread.

 

[Quantum]

My RM denied stating for wealth 10L and above is required.

keeping 25k MAB post upgrade is assuring.

Thanks OP for creating this thread.

If you have 10L to transfer to this account, then tell them that I'm going to transfer the funds and as soon as the AMB shows anywhere near 10L, he/she would start the upgrade to Wealth, otherwise you will escalate and close the account later. Tell them that there are folks for whom these rules are relaxed.

From my personal experience, what I do in such kind of card/program/account upgrade cases is to transfer the fund first, so that they know that I'm being true to my words that I would transfer the funds and if they don't oblige then I would do what I said after "otherwise".

 

[Calm Radiance]

If you have 10L to transfer to this account, then tell them that I'm going to transfer the funds and as soon as the AMB shows anywhere near 10L, he/she would start the upgrade to Wealth, otherwise you will escalate and close the account later. Tell them that there are folks for whom these rules are relaxed.

10L I won't be able to fund. Any other workaround? thanks.

RM also suggested to do some ULIP and he can then try for wealth upgrade, ULIP : I'm no-where interested

 

[SSV]

Hi, I have IDFC savings bank account under Select banking program.

I learned in this forum that if one can deposit 10L+ in savings account then it can be upgraded to Wealth account. Can anyone tell me for how long one needs to deposit 10L+ fund to get eligible for the upgrade for existing Select customers?

Simple answer:
As long as the time required by the RM you are dealing with !

 

[EnthuCC]

We had upgraded one existing account in few days and new account was upgraded after 1 month. So negotiate with your RM.

When you say "we" do you mean you work for IDFC First bank?

What does your Average Monthly Balance show in the IDFC app/website?

I've deposit the funds already. It's been 2 weeks I guess. And the MAB is showing 10L+ since the beginning of the May.
Shall I proceed already?

My RM was trying to push me to invest in a ULIP when we had discussed it long ago. I don't want to do that.

As long as the time required by the RM you are dealing with !

☹️

 

[ccgeek07]

When you say "we" do you mean you work for IDFC First bank?

No.
Have multiple accounts with IDFC - family & friends.

 

[Quantum]

I've deposit the funds already. It's been 2 weeks I guess. And the MAB is showing 10L+ since the beginning of the May.
Shall I proceed already?

Bon voyage🚶‍♂️😄

My RM was trying to push me to invest in a ULIP when we had discussed it long ago. I don't want to do that.

Don't shy away from saying that "I'm not looking forward to doing any investment as of now, as I have recently invested somewhere else. Also, upgrading an account maintaining 10L+ to Wealth program doesn't require buying ULIPs, right?. Let me know if that is mandated by IDFC."

I got my IDFC Millennia CC upgraded to IDFC Wealth CC and didn't fall for the ULIP and other sh*t investment plan that the RM was trying to push after the upgrade.
You are maintaining the balance (10L+) till the upgrade, and that's enough.
Now, ask yourself, if I didn't invest in ULIP, etc. for program and CC upgrade, should you or anyone else do that?
If someone has good amount of funds that can be kept as savings balance for at least couple of months, then one can use that to get (yes, get, and not maintain, as maintenance requirements may vary from bank to bank and card to card) most of the banks' premium accounts and CC. This was the key in my case.

If your RM makes it a condition that they will only start the upgrade if you buy ULIP, then change the RM by calling the customer care or writing to IDFC Nodal Desk to change the RM within 2 days. IDFC Nodal Desk will call you the very next day of your email and assure you that the RM will be changed in 2 days.

 

[sxchzy]

best way is close select acc
give an IP cheque of 10L
rm will give upgrade consent link
upgrade and keep funds if you want

 

[sm9811911]

Q to everyone wanting to upgrade: why do you want to get wealth now?
Select dc rewards are almost same. Lower limit on rewards but more than enough for most users (higher rewards may get you in trouble as well)