SBI Wealth upgrade

[RajBlr]

Finally reached out to SBI BM and he said that is a good idea and why not upgrade yours to Wealth account and you will get the Rupay Select DC and credit card etc. which already @Abhishek012 updated here in this forum in Jan

Anyway, smooth experience in upgrading my account to enjoy some perks on the DC and any CC which I will get with it.(some surprise may be on CC, let's see, will update)

DC came in, in the welcome kit by default.

Here are some snaps of the same.

Now need to start exploring the DC benefits 🤑

 

[SonyTom]

I've converted my salary account to wealth recently...not yet applied for CC ...please update if you manage to get any good CC as LTF.

I too hold a salary account with SBI. Somewhere I read that once salary account is upgraded to wealth, it still shows as salary account. Were you able to see wealth account mentioned in net banking or yono

 

[shivamk]

Trying but let's see even FYF as it is being SBI

Any updates bro?

 

[shivamk]

I too hold a salary account with SBI. Somewhere I read that once salary account is upgraded to wealth, it still shows as salary account. Were you able to see wealth account mentioned in net banking or yono

Are you sure? Does that mean Rishtey family banking program with free services is available in wealth with 2l plus salary

 

[SonyTom]

Are you sure? Does that mean Rishtey family banking program with free services is available in wealth with 2l plus salary

I dont know about that

 

[RajBlr]

Any updates bro?

Still they are blaming some system issue or technical and he again asked to give few more days time. Let's see 👀 😏 🤪

 

[shivamk]

Still they are blaming some system issue or technical and he again asked to give few more days time. Let's see 👀 😏 🤪

And that's for wealth program. Wow

 

[SonyTom]

@RajBlr

There are 2 debit cards mentioned in the website for wealth savings account- Visa signature and Rupay Select. So to get Rupay select DC did you give any application

Please reply

 

[RajBlr]

@RajBlr

Please reply

No separate application needed, by default as part of on-boarding process after you fill the Migrate form for Wealth upgrade, you will get the Debit card depending upon the TRV you hold.

My understanding is that
>50L - Rupay Select and others Visa Signature.

Debit Card - Wealth Management

sbi.co.in

 

[Trust Me]

No separate application needed, by default as part of on-boarding process after you fill the Migrate form for Wealth upgrade, you will get the Debit card depending upon the TRV you hold.
]

Any link for this "Migrate form for Wealth upgrade"?

Is it mandatory to sign up for the demat account as well?
.

 

[RajBlr]

Any link for this "Migrate form for Wealth upgrade"?

Is it mandatory to sign up for the demat account as well?
.

You just tell your Branch manager and he will connect you to the Wealth Manager(RM) of your area and he will bring the said form to do the on-boarding.

No Demat account is needed.

But as part of the Wealth Account, they open a Investment account, where if you want you can buy Mutual funds and other investment portfolio available there. That's the concept of the Wealth account, you can manage your investment under one single account/umbrella or so. But I have Zero Investment as of now

Plus you get little SPAM emails from Daily Wealth update of the Market and the Funds etc

 

[shivamk]

Still they are blaming some system issue or technical and he again asked to give few more days time. Let's see 👀 😏 🤪

Did you get any updates bro?

 

[Trust Me]

Finally reached out to SBI BM and he said that is a good idea and why not upgrade yours to Wealth account and you will get the Rupay Select DC and credit card etc.

You just tell your Branch manager and he will connect you to the Wealth Manager(RM) of your area and he will bring the said form to do the on-boarding.

Mine actually tried to dissuade me from upgrading ("Why do you want to upgrade to Wealth? There is not much point in upgrading.")! --- It's not an Wealth branch.

So I sent an email directly to WM, asking them to contact me, --- which they finally did after repeated reminders, --- after 10 days!

It transpired that some other WM branch would actually handle my account, and I was promised that they would forward my request to the relevant person.

It took another 10 days of prodding and reminders before that person finally called! --- It would take another couple of weeks for them to finally start the process of upgrading because of election duty followed by leave!

It appears that they are not much interested in chicken feed!

... as part of the Wealth Account, they open a Investment account, where if you want you can buy Mutual funds and other investment portfolio available there. That's the concept of the Wealth account, you can manage your investment under one single account/umbrella or so.

Can't this be postponed till the time I feel an actual need for such services? I am not particularly comfortable with the idea of signing up for "irrevocably" giving others transaction rights on my behalf.
.

 

[RajBlr]

Mine actually tried to dissuade me from upgrading ("Why do you want to upgrade to Wealth? There is not much point in upgrading.")! --- It's not an Wealth branch.

So I sent an email directly to WM, asking them to contact me, --- which they finally did after repeated reminders, --- after 10 days!

It transpired that some other WM branch would actually handle my account, and I was promised that they would forward my request to the relevant person.

It took another 10 days of prodding and reminders before that person finally called! --- It would take another couple of weeks for them to finally start the process of upgrading because of election duty followed by leave!

It appears that they are not much interested in chicken feed!



Can't this be postponed till the time I feel an actual need for such services? I am not particularly comfortable with the idea of signing up for "irrevocably" giving others transaction rights on my behalf.
.

Trust Me, you can trust me on this, I have Investment account with other bank also, so do not worry about that last line you have written.

Only thing is they will lure you to sign a form to deduct some money from your account to Investment account to start with, but you can deny them or tell them like, I will do it myself after getting the migration to Wealth done sort of. Just ensure any docs you sign you read it carefully before signing, as they will try to take some forms here and there.

Mine was smooth as I did somewhere closure to March end and a immediate call from Wealth RM after branch manager was intimated by me on my interest to switch.

But yes, not much changes in the account, except the Wealth select Debit card you get and the CC for 1year you get with it. I am yet to put the Debit card to use itself, as my portals are denying to add that card for paying the CC payment(Payzap and others so far I tried)

 

[RajBlr]

Did you get any updates bro?

It is official and but mine is struck for different reason, lot of CC and limit is excess BLAH BLAH non-sense.

I am trying to educate them saying, see the usage ratio and the payment track etc., but they are blaming it on their CIBIL team saying, they need to approve. Let's see how it goes.

But if you get converted, you can get the Aurum card for FYF.

 

[shivamk]

It is official and but mine is struck for different reason, lot of CC and limit is excess BLAH BLAH non-sense.

I am trying to educate them saying, see the usage ratio and the payment track etc., but they are blaming it on their CIBIL team saying, they need to approve. Let's see how it goes.

But if you get converted, you can get the Aurum card for FYF.

Got it. Thanks for sharing the details.