SBI WEALTH BANKING

[aashokk09]

recently came to know about this banking program. Has anyone using/used this SBI wealth banking program? anything good in this program ?
procedure to upgrade savings account to wealth saving program

Individual Clients - Wealth Management

sbi.co.in

 

[Paradjanov]

Also does sbi downgrade??

Yes, they do. Not immediately though, but if your total (profile) wealth falls beneath the threshold, you can reasonably expect to get a call/e-mail from them, asking you to put in more money, without which they would downgrade you by such-and-such date.

 

[Copycat]

The point of any wealth management account is not account or card benefits but access to Portfolio and Investment Services.
SBI Wealth gives you access to SBI Caps which offer PMS, AIF as well as trading services.
They trade on your behalf and with your consent depending upon your risk appetite.
On a decent day, they can generate profits of 5 figures and on a good day, profits of 6 figures easily (again dependent upon how much you are willing to trade).
Getting a wealth management account and not utilizing the trading services is like buying a Ferrari Sports Coupe and then complaining that it can only seat two people.

Is there any minimum limit for the investment? For a trial run, I would put in about 1-2L and after that maybe 5L at the most. I'm aware that these are laughably small figures when you're talking about 5 & 6 figure returns (which probably implies an investment of 50L-1.5Cr)

If you don't mind my asking, what has been your average monthly returns (%) for the last year? Monthwise, if possible, so I can correlate the same with a) my own ham handed, haphazard trading during the last year b) my SIPs

 

[AjaxS]

Understood.
So, what's the monthly return rate? For the last few months?

Ranges between 20% 200% and even zero for some months. It is trading so completely dependent upon your risk appetite and market conditions.

 

[AjaxS]

Is there any minimum limit for the investment? For a trial run, I would put in about 1-2L and after that maybe 5L at the most. I'm aware that these are laughably small figures when you're talking about 5 & 6 figure returns (which probably implies an investment of 50L-1.5Cr)

If you don't mind my asking, what has been your average monthly returns (%) for the last year? Monthwise, if possible, so I can correlate the same with a) my own ham handed, haphazard trading during the last year b) my SIPs

Get in touch with them to understand the entire range of services. And you don't need an investment of 50 L to 1.5 Cr to make a 5-figure profit. They make use of swing trading, momentum trading, margins and options.

 

[Copycat]

Ranges between 20% 200% and even zero for some months. It is trading so completely dependent upon your risk appetite and market conditions.

Have you ever wound up with negative returns in the last year?

 

[Copycat]

how can someone upgrade to wealth

TRV of 30L (PPF not counted)

Individual Clients - Wealth Management

sbi.co.in

Contact your branch and they'll put you in touch with the people responsible for the Wealth program

 

[AjaxS]

Have you ever wound up with negative returns in the last year?

Yes for a month. Understand that is how trading works, not every day or even every month will be profitable. It depends upon the risk one is willing to take and the timing of the market

 

[CARDBITRAGE]

No, it does not display Wealth anywhere, neither in OnlineSBI, nor on YONO/YONO Lite. SBI Wealth had a dedicated app earlier, which essentially tracked your (linked) MFs too (via SBI Securities), and which could be together seen in the app itself. However, the app was badly done, and I don't know of anyone who took that app with any seriousness, or used it to any appreciable degree.

It does show in your Yono App. Account description is mentioned as "WEALTH S B PUBLIC" for me

 

[Paradjanov]

It does show in your Yono App. Account description is mentioned as "WEALTH S B PUBLIC" for me

You're perhaps referring to the SB A/c variant, which does reflect as "Wealth S B Public" in SBI's apps and internet banking. (Bhagat Singh, who I responded to, said the same.) But my comment was that, that SB A/c variant apart, there is no "Wealth" (livery, etc) anywhere.

 

[CARDBITRAGE]

You're perhaps referring to the SB A/c variant, which does reflect as "Wealth S B Public" in SBI's apps and internet banking. (Bhagat Singh, who I responded to, said the same.) But my comment was that, that SB A/c variant apart, there is no "Wealth" (livery, etc) anywhere.

Sorry, I didn't read what was posted earlier. Yes, after Yono was introduced, all the accounts seemed to be operated from the same app. Hopefully, they will provide a different UI for wealth users. Either way, I don't think it is something to be bothered about as long we enjoy the benefits. It's the same with BOB Radiance as well. No special regalia is displayed anywhere to indicate HNI banking. I guess it's the case with most PSUB's HNI banking programs.

 

[Bhagat Singh]

Yes, they do. Not immediately though, but if your total (profile) wealth falls beneath the threshold, you can reasonably expect to get a call/e-mail from them, asking you to put in more money, without which they would downgrade you by such-and-such date.

How do you maintain relationships with them 30 lakhs balance or in mutual fund etc??

I had 2 years old general savings account. I wasn't using it since i opened. I went to close it. There i saw wealth management team. I inquired about wealth account and they upgraded my account immediately to wealth. Within 3 hours i got confirmation via sms and my new atm and cheque book also applied. They issued me visa debit card. As they said rupay select is for people 50 lakhs sbi wealth account.

 

[Paradjanov]

How do you maintain relationships with them 30 lakhs balance or in mutual fund etc??

I had 2 years old general savings account. I wasn't using it since i opened. I went to close it. There i saw wealth management team. I inquired about wealth account and they upgraded my account immediately to wealth. Within 3 hours i got confirmation via sms and my new atm and cheque book also applied. They issued me visa debit card. As they said rupay select is for people 50 lakhs sbi wealth account.

Probably they upgraded you since you were wishing to close it. They retained you with an upgrade.

Reg. RuPay Select, I've no clue. The Debit Cards for me (and whoever else in SBI Wealth that I know of) have always been on Visa Signature.

 

[Bhagat Singh]

Probably they upgraded you since you were wishing to close it. They retained you with an upgrade.

Reg. RuPay Select, I've no clue. The Debit Cards for me (and whoever else in SBI Wealth that I know of) have always been on Visa Signature.

It's been a year and half since they started issuing rupay select for SBI wealth but it is only issued if asked specifically. By default they issue visa.

They retained me with upgrade but I won't be maintaining more than 2-3 lakhs. They also didn't tell me when and how downgrade occurs.

Rm only told" sir criteria toh aapko ptaa hi hai
Wo aap kr hi loge"