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?

 

[theflash]

So I called customer care and they told there 2 way to get wealth cc even if u hold wealth acct. 1, 36L yearly income with proof. 2. Pre approved. And I wasn't eligible for pre approved so they asked for income proof which I couldn't give so waiting for pre approved for both wife and mine.

That's wierd anyways keep trying.

 

[Credit_Cards]

So I called customer care and they told there 2 way to get wealth cc even if u hold wealth acct. 1, 36L yearly income with proof. 2. Pre approved. And I wasn't eligible for pre approved so they asked for income proof which I couldn't give so waiting for pre approved for both wife and mine.

Do not Call Customer Care they will tell you what they can read from the documents they have, connect with Wealth RM or BM of nearest Branch tell them you want to upgrade to wealth and they will tell you everything then comes negotiation part you can easily bring 10L requirement down as per negotiation, if they want can upgrade you same day but probably take 1-2 week as per past trend.

 

[Samyak34]

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.

I checked with my RM for upgrade to Wealth account , she clearly mentioned that minimum 10L of AMB is required for upgrading from Select to Wealth

Any help on how to take this discussion further?

 

[Credit_Cards]

I checked with my RM for upgrade to Wealth account , she clearly mentioned that minimum 10L of AMB is required for upgrading from Select to Wealth

Any help on how to take this discussion further?

talk to the staff at nearest branch

 

[jainil]

Who told you to maintain 2 lakh in account
Do fd or invest the hdfc account amount
Unless u r waiting for pre approved cc with good limit

If we not maintain 2lakhs in HDFC under preferred banking under savings account then does they downgrade our account?

 

[VasukiVasuki is verified member.]

If we not maintain 2lakhs in HDFC under preferred banking under savings account then does they downgrade our account?

Yes but who cares
Upgrade again

 

[Grim]

I checked with my RM for upgrade to Wealth account , she clearly mentioned that minimum 10L of AMB is required for upgrading from Select to Wealth

Any help on how to take this discussion further?

There is no such criteria of AMB in idfc for now. I have select variant a/c and I am fall short of if so called AMB and till date I haven't been downgraded. In starting of March my RM called me and said to just deposit some fund so that they can have that CASA.

 

[nsa]

Visited branch today. Spoke to a person who was my RM previously. Now I have VRM it seems. He informed that I have pre-approved Select upgrade. Then I asked the criteria for Wealth account and he told it's 10L TRV which I am already meeting for few months.

He asked if I only do FDs and if I will be open to any other kind of investments. I said I only do FDs and Mutual Funds and stay away from ULIPs. He said he is talking about guaranteed return plan and they are not ULIPs. I said no.

I dont mind RM asking about ULIP investment. They are salesman and it's their job and they have targets.

So, He said he will do it but first he will need to get the select upgrade offer removed and then process wealth upgrade. So, I asked him to upgrade my wife Select account to Wealth account.

He said it will be done in a week. I don't feel it though. Let's see.

Once wife's account is upgraded, I will ask for my account upgrade.

Did you get the wealth upgrade? Do you have to maintain a balance of 10L for the Wealth program to continue?

 

[nsa]

I had over 10L AMB for several months but there was no auto-upgrade and there was no RM assigned either.

I just raised a ticket from the website and someone from the branch called and upgraded the account to Wealth.

I thought I wouldn’t use this account much but they are the only ones offering 7.25% over 10L which is more than what you would get from all big bank FDs due to which it has become my primary account now.

Also merger of IDFC with IDFC First also makes the bank quite safer going forward.

Are you maintaining the 10L balance? Will they withdraw the Wealth program for you account if you don't?

 

[nsa]

It was 10L. I added funds last week of previous month and then on 5th of this month, tried for upgrade.

Are you still maintaining 10L balance? Do you have to?

 

[sam1803]

Are you still maintaining 10L balance? Do you have to?

Not maintaining more than 1L. But received an email last month regarding the maintenance of funds in the account to enjoy the wealth benefits.

 

[exo]

Did you get the wealth upgrade? Do you have to maintain a balance of 10L for the Wealth program to continue?

yes, my wife's account was upgraded first and then my account was added in family banking to get the wealth upgrade. No we did not have 10L in savings account that time. We had around 3-4L in savings and ~15L in FDs combined.

We too receive emails regarding the maintenance of funds in the account to enjoy the wealth benefits.