To upgrade or to not upgrade - IDFC dilemma

[Finchamp!]

Hi Family!

I currently hold an IDFC Savings Account (₹10K MAB variant), which I had opened under a targeted offer. As a result of that offer, the MAB requirement was waived, effectively making it a zero-MAB account.

Now, I have some surplus funds from recent sale proceeds. If I deposit these into my account, I’ll become eligible for an upgrade to IDFC Private. However, I intend to withdraw these funds after a few months. My RM has assured me that even after the funds are withdrawn, the account will retain its Private status and will not be downgraded.

When I requested a formal document from the bank confirming this, he said he was speaking from experience—which frankly didn’t instill much confidence. I further asked that, in the unlikely event of a downgrade, would my account revert to its earlier zero-MAB status. He clearly stated it would not. Instead, the targeted offer would be void, and the account would become a regular ₹10K MAB variant.

Given this, I'm unsure whether it's worth pursuing the upgrade. Is there anything compelling enough in the IDFC Private offering that justifies giving up the zero-MAB (₹10K) benefit I currently enjoy? Should I go for the upgrade?

 

[hender]

Hi Family!

I currently hold an IDFC Savings Account (₹10K MAB variant), which I had opened under a targeted offer. As a result of that offer, the MAB requirement was waived, effectively making it a zero-MAB account.

Now, I have some surplus funds from recent sale proceeds. If I deposit these into my account, I’ll become eligible for an upgrade to IDFC Private. However, I intend to withdraw these funds after a few months. My RM has assured me that even after the funds are withdrawn, the account will retain its Private status and will not be downgraded.

When I requested a formal document from the bank confirming this, he said he was speaking from experience—which frankly didn’t instill much confidence. I further asked that, in the unlikely event of a downgrade, would my account revert to its earlier zero-MAB status. He clearly stated it would not. Instead, the targeted offer would be void, and the account would become a regular ₹10K MAB variant.

Given this, I'm unsure whether it's worth pursuing the upgrade. Is there anything compelling enough in the IDFC Private offering that justifies giving up the zero-MAB (₹10K) benefit I currently enjoy? Should I go for the upgrade?

What's the targeted 🎯 offer, do you have any T&C of that, which stops from reinstating original status in case of upgrade/downgrade.
In any case it's both ways - either enjoy wealth benefits till the time...
or get better opportunity/benefits outside...

 

[HumorSimpson]

@Anindya98 @BVC .

 

[Finchamp!]

What's the targeted 🎯 offer, do you have any T&C of that, which stops from reinstating original status in case of upgrade/downgrade.
In any case it's both ways - either enjoy wealth benefits till the time...
or get better opportunity/benefits outside...

There are no T&Cs bhai..I think 2 years ago, to acquire customers, IDFC was opening 10K variant A/C as 0 MAB - no strings attached. I opened at that time.

 

[Anindya98]

Hi Family!

I currently hold an IDFC Savings Account (₹10K MAB variant), which I had opened under a targeted offer. As a result of that offer, the MAB requirement was waived, effectively making it a zero-MAB account.

Now, I have some surplus funds from recent sale proceeds. If I deposit these into my account, I’ll become eligible for an upgrade to IDFC Private. However, I intend to withdraw these funds after a few months. My RM has assured me that even after the funds are withdrawn, the account will retain its Private status and will not be downgraded.

When I requested a formal document from the bank confirming this, he said he was speaking from experience—which frankly didn’t instill much confidence. I further asked that, in the unlikely event of a downgrade, would my account revert to its earlier zero-MAB status. He clearly stated it would not. Instead, the targeted offer would be void, and the account would become a regular ₹10K MAB variant.

Given this, I'm unsure whether it's worth pursuing the upgrade. Is there anything compelling enough in the IDFC Private offering that justifies giving up the zero-MAB (₹10K) benefit I currently enjoy? Should I go for the upgrade?

@HumorSimpson
We can look at this in two scenarios:

1. Opening a new account before the upgrade:
Once the upgrade is processed, both accounts will reflect the Private status, as your Customer ID will be mapped accordingly. If needed, you can link your existing zero-balance account as well—this will not void the zero-balance benefit.

2. Downgrade scenarios:
As far as I know, when an account is downgraded, it usually reverts to the original variant—unless the account type was explicitly changed during the upgrade process. That's why it's better to open a new account before the upgrade. This way, both accounts can remain under the Private status. Also note, the new account will be a ₹25K MAB variant, so if a downgrade happens, it will likely revert to the ₹25K variant, not to Wealth or Select.

 

[Finchamp!]

@HumorSimpson
We can look at this in two scenarios:

1. Opening a new account before the upgrade:
Once the upgrade is processed, both accounts will reflect the Private status, as your Customer ID will be mapped accordingly. If needed, you can link your existing zero-balance account as well—this will not void the zero-balance benefit.

2. Downgrade scenarios:
As far as I know, when an account is downgraded, it usually reverts to the original variant—unless the account type was explicitly changed during the upgrade process. That's why it's better to open a new account before the upgrade. This way, both accounts can remain under the Private status. Also note, the new account will be a ₹25K MAB variant, so if a downgrade happens, it will likely revert to the ₹25K variant, not to Wealth or Select.

Solid advice..only problem is it will add one more A/C in my name 😅 . Have 4 already.

 

[Finchamp!]

Solid advice..only problem is it will add one more A/C in my name 😅 . Have 4 already.

@Anindya98 Bhai..another thing that I want to know is that is there anything extra that I would get after the private upgrade, which I don't already enjoy with my 0 MAB A/C? If there is no specific benefit in this upgrade, then I will receive the surplus funds in a different A/C. I know lockers are one benefit, but I won't get them unless I swallow a ULIP.

 

[Anindya98]

Solid advice..only problem is it will add one more A/C in my name 😅 . Have 4 already.

Close the old ones, as your family will get the same benefit, so you can open individual accounts. Having multiple accounts doesn't help in IDFC unless you need the Lounge access. Add me to your family banking 😎, I have had an eye on the metal DC for a long time.

 

[Finchamp!]

Close the old ones, as your family will get the same benefit, so you can open individual accounts. Having multiple accounts doesn't help in IDFC unless you need the Lounge access. Add me to your family banking 😎, I have had an eye on the metal DC for a long time.

Let me help you there. Go for the Kotak 811 Super Metal DC. It should satiate your metal DC craving 😎

 

[Jatayu]

Solid advice..only problem is it will add one more A/C in my name 😅 . Have 4 already.

Same problem I faced few weeks ago. Though Private jitna fund nahi tha but select jitna to tha. But didn't want to lose zero bal offer for which I opened account. Finally thought of same option of opening new account then skipped it due to laziness 😂

 

[Anindya98]

@Anindya98 Bhai..another thing that I want to know is that is there anything extra that I would get after the private upgrade, which I don't already enjoy with my 0 MAB A/C? If there is no specific benefit in this upgrade, then I will receive the surplus funds in a different A/C. I know lockers are one benefit, but I won't get them unless I swallow a ULIP.

Wealth status is more than sufficient. If you know the BM or RM, simply show them the MITC of the Wealth account and request locker allocation. If they still deny it, let them know you will escalate the matter with a formal complaint to the Nodal Officer.

In my case, my RM was pushing for investments. I directly called the BM and firmly stated that I needed a locker and that my entire family holds accounts in their branch. I was then allotted the largest available locker. Now, I just need to visit the branch to sign the agreement. Also, have more than twice the required MAB for Wealth in SB, so I am not asking to do me a favour.

 

[Anindya98]

Let me help you there. Go for the Kotak 811 Super Metal DC. It should satiate your metal DC craving 😎

I live in West Bengal have to call that guy. I forgot that you gave me the number. Will call him tomorrow. Will talk in DM.

 

[Finchamp!]

I live in West Bengal have to call that guy. I forgot that you gave me the number. Will call him tomorrow. Will talk in DM.

He will give you the right POC's number.

 

[hender]

Solid advice..only problem is it will add one more A/C in my name 😅 . Have 4 already.

@Anindya98 Bhai..another thing that I want to know is that is there anything extra that I would get after the private upgrade, which I don't already enjoy with my 0 MAB A/C? If there is no specific benefit in this upgrade, then I will receive the surplus funds in a different A/C. I know lockers are one benefit, but I won't get them unless I swallow a ULIP.

You have to pen 🖊️ down IDFC(Benefits) vs...
In terms of Int Rate, CC, Rewards, requirements, your Plan going forward ⏩...

 

[Anindya98]

You have to pen 🖊️ down IDFC(Benefits) vs...
In terms of Int Rate, CC, Rewards, requirements, your Plan going forward ⏩...

Should I make a thread on this? @hender always gives nice ideas for threads.

 

[Jatayu]

What's the targeted 🎯 offer, do you have any T&C of that, which stops from reinstating original status in case of upgrade/downgrade.
In any case it's both ways - either enjoy wealth benefits till the time...
or get better opportunity/benefits outside...

This offer we got. Now we don't know whether after downgrade we would again get this back

 

[Anindya98]

This offer we got. Now we don't know whether after downgrade we would again get this back

According to me, you will get back, but always advisable to open a new account.

 

[hender]

This offer we got. Now we don't know whether after downgrade we would again get this back

Is it not the CC based 0mab offer recently?
@Finchamp! Are you talking about the same offer, for your account ?

 

[Finchamp!]

This offer we got. Now we don't know whether after downgrade we would again get this back

This still has a condition for scheduling auto-debit for CC bill payment from your Account. Mine does not have this condition either 😅 .

 

[Anindya98]

This still has a condition for scheduling auto-debit for CC bill payment from your Account. Mine does not have this condition either 😅 .

You have the Wealth CC, that's why you don't have the condition. And you got the offer in 2024 IG.