Unexpectedly got IDFC wealth CC

[vijay.vj]

Had zero relationship with IDFC First Bank.

I was looking to purchase a house in my home town, and then needed Aadhaar address in same town. Had issues updating Aadhaar address with post paid and other sort of bills.

So ended up creating IDFC first bank account with rental agreement just outside the Aadhaar office, deposited 25k & then used the account statement to update the aadhaar. I was simply using this new account for holding cash (max 5L) for down payment purpose for hardly a month period.

Later I was holding not more then 1L in this account. I received call from the guy who helped with account opening & upgraded account to select. Same continued, after 6 months or so, I received call from RM asking me to apply for LTF cards of IDFC.

Since Cashkaro had offer for 2K cashback, I just wanted to apply since its LTF anyways. Wealth was being offered & I received the card in next 4-5 days.

 

[Baki]

Had zero relationship with IDFC First Bank.

I was looking to purchase a house in my home town, and then needed Aadhaar address in same town. Had issues updating Aadhaar address with post paid and other sort of bills.

So ended up creating IDFC first bank account with rental agreement just outside the Aadhaar office, deposited 25k & then used the account statement to update the aadhaar. I was simply using this new account for holding cash (max 5L) for down payment purpose for hardly a month period.

Later I was holding not more then 1L in this account. I received call from the guy who helped with account opening & upgraded account to select. Same continued, after 6 months or so, I received call from RM asking me to apply for LTF cards of IDFC.

Since Cashkaro had offer for 2K cashback, I just wanted to apply since its LTF anyways. Wealth was being offered & I received the card in next 4-5 days.

1L itself is good amount in saving amount. 5% Loss PA minimum. I wouldn't have said "easy".

 

[vijay.vj]

1L itself is good amount in saving amount. 5% Loss PA minimum. I wouldn't have said "easy".

Got to keep some amount handy, easy withdrawable for unexpected emergencies within family. People call it emergency fund. Its not always about interest %.

 

[OverdosingOnCopium]

1L itself is good amount in saving amount. 5% Loss PA minimum. I wouldn't have said "easy".

And here I am maintaining 5 lakhs in my Axis Priority account and have yet to lay hands on an Axis Credit Card.

 

[vijay.vj]

And here I am maintaining 5 lakhs in my Axis Priority account and have yet to lay hands on an Axis Credit Card.

Omg, since how many months are you maintaining 5L, Axis Cc shouldn't be so hard.

 

[OverdosingOnCopium]

Omg, since how many months are you maintaining 5L, Axis Cc shouldn't be so hard.

11 months. I already have Infinia Metal and Amex Gold Charge but I can't seem to get my hands on even the Axis Privilege card

 

[Baki]

And here I am maintaining 5 lakhs in my Axis Priority account and have yet to lay hands on an Axis Credit Card.

I have 3 axis cards without account limit 10 Lakh for a year now.

Just apply via Offline agent via itr or c2c.

In my opinion keeping 5L for a cc is not worth!

 

[Baki]

Got to keep some amount handy, easy withdrawable for unexpected emergencies within family. People call it emergency fund. Its not always about interest %.

Ever heard about swipe in FD? Even Simple FD is pure emergency fund dude. 😇

Even SBI open & close fds within seconds.

 

[OverdosingOnCopium]

I have 3 axis cards without account limit 10 Lakh for a year now.

Just apply via Offline agent via itr or c2c.

In my opinion keeping 5L for a cc is not worth!

I was not actually keeping for cc. Just as an emergency fund for margin trading.

 

[vijay.vj]

Ever heard about swipe in FD? Even Simple FD is pure emergency fund dude. 😇

Even SBI open & close fds within seconds.

Technically yes.

But been through cases where its past the banking times & couldn't get their app/nb working at the time of need.

 

[sousnake]

Technically yes.

But been through cases where its past the banking times & couldn't get their app/nb working at the time of need.

I agree dude, you need 1L atleast in your amount. People who say that you don't need haven't faced emergency in real life.
Ask someone who has faced & they will always tell you to keep this much amount in bank & don't care about interest.

 

[vijay.vj]

I agree dude, you need 1L atleast in your amount. People who say that you don't need haven't faced emergency in real life.
Ask someone who has faced & they will always tell you to keep this much amount in bank & don't care about interest.

To be frank, 1L is also less.... one needs to have more if you are living in tier 1 city and have a family to look after.
Its even better to have it as physical cash, as to not run behind ATM's and all. Some days I cant find single ATM with cash within a radius of 3-4 km's.

 

[Baki]

To be frank, 1L is also less.... one needs to have more if you are living in tier 1 city and have a family to look after.
Its even better to have it as physical cash, as to not run behind ATM's and all. Some days I cant find single ATM with cash within a radius of 3-4 km's.

Okay, as I said above, Keeping 1 L for sake of CC is Not worth it, maybe I misinterpreted your words, & For emergency its depends from individual to individual, For some even 10L in Emergency funds is less.like in my case I Personally Keep 30 Lakh in saving But my Saving is linked to My Home loan 1.5 Cr (no interest on saving account balance). If u want to keep amount in saving do something like this or ship in FD, otherwise u r just falling pray to banks. So I'm Earning 6% PA effectively on that 30L = 1.8L (My 2 Employees Yearly Salary) (After Subtracting saving account interest) So like that I have 30L emergency fund I need for business Purpose + I m earning too. I didn't mean trigger anyone, Just want to make sure everyone making most out of their investment. @sousnake

 

[Baki]

Technically yes.

But been through cases where its past the banking times & couldn't get their app/nb working at the time of need.

Swipe in works like Just another Saving account Maybe U can look into it.

 

[vijay.vj]

Okay, as I said above, Keeping 1 L for sake of CC is Not worth it, maybe I misinterpreted your words, & For emergency its depends from individual to individual, For some even 10L in Emergency funds is less.like in my case I Personally Keep 30 Lakh in saving But my Saving is linked to My Home loan 1.5 Cr (no interest on saving account balance). If u want to keep amount in saving do something like this or ship in FD, otherwise u r just falling pray to banks. So I'm Earning 6% PA effectively on that 30L = 1.8L (My 2 Employees Yearly Salary) (After Subtracting saving account interest) So like that I have 30L emergency fund I need for business Purpose + I m earning too. I didn't mean trigger anyone, Just want to make sure everyone making most out of their investment. @sousnake

I was interested in this Idea of home loan linked with savings account. But then realized that interest rates are higher by at least 0.3% or so. It makes sense to go for such kind of arrange only if you could park some serious funds into it to make it break even & then take advantage of it (BoB advantage or SBI MaxGain).

As you said, emergency fund varies person by person. 1L works fine with me.

 

[vijay.vj]

Swipe in works like Just another Saving account Maybe U can look into it.

I believe you meant Sweep-in facility, where pack of x amount gets converted into FD automatically and gets broken when need arises.

 

[Lobogris]

Okay, as I said above, Keeping 1 L for sake of CC is Not worth it, maybe I misinterpreted your words, & For emergency its depends from individual to individual, For some even 10L in Emergency funds is less.like in my case I Personally Keep 30 Lakh in saving But my Saving is linked to My Home loan 1.5 Cr (no interest on saving account balance). If u want to keep amount in saving do something like this or ship in FD, otherwise u r just falling pray to banks. So I'm Earning 6% PA effectively on that 30L = 1.8L (My 2 Employees Yearly Salary) (After Subtracting saving account interest) So like that I have 30L emergency fund I need for business Purpose + I m earning too. I didn't mean trigger anyone, Just want to make sure everyone making most out of their investment. @sousnake

1 lakh is very nominal amount. I woud be fine keeping 10 or 20 lakhs or more if it got me a card that I wanted. Loss of interest is immaterial. We spend on things we want. Otherwise why eat a meal for 500 when you can make do with 100? Why buy a car for 50 lakhs when you can go on a scooter and so on. Everything is not only about money. I keep at least 20 to 30 lakhs in SFBs at 7% and I wouldn't think twice about keeping 1 or 2 lakhs at a lower rate if necessary.

 

[Baki]

1 lakh is very nominal amount. I woud be fine keeping 10 or 20 lakhs or more if it got me a card that I wanted. Loss of interest is immaterial. We spend on things we want. Otherwise why eat a meal for 500 when you can make do with 100? Why buy a car for 50 lakhs when you can go on a scooter and so on. Everything is not only about money. I keep at least 20 to 30 lakhs in SFBs at 7% and I wouldn't think twice about keeping 1 or 2 lakhs at a lower rate if necessary.

Salute to u for keeping 30L in SFGs, Even I don't trust them with 5L as going through rbi insurance process is Quite a hassle.

Ur fatality chances are 10 times lesser on a scotey men 😅

It's comes with net worth, as its keeps on piling u starts to Make things more secure & superior

 

[Baki]

I believe you meant Sweep-in facility, where pack of x amount gets converted into FD automatically and gets broken when need arises.

Y E S

 

[Lobogris]

Salute to u for keeping 30L in SFGs, Even I don't trust them with 5L as going through rbi insurance process is Quite a hassle.

Ur fatality chances are 10 times lesser on a scotey men 😅

It's comes with net worth, as its keeps on piling u starts to Make things more secure & superior

To the contrary. If you have more money then 30 lakhs is small amount and you are less worried about it. I have kept even crores with SFBs when required for periods of 3 to 6 months as 7% vs just 3% in savings makes a lot of difference. It's a calculated risk. There is no danger of them failing under normal circumstances. If you were really worried then even the Rupee is liable to fall amd does depreciate all the time and you should diversify across the world and that is something I do.