What is special about ICICI's "wealth management"?

[harisund]

I moved a while back and didn't need a bank till now, so went to the nearest bank in walking distance. It happens to be a ICICI Wealth Management bank. (It has the words "Wealth Management" in a banner at the entrance of the bank)

All I wanted was something simple. However the RM there convinced me to get a wealth management account, with an initial funding of 1L and said I could withdraw it out once I get the kit and everything since it's a 0 minimum balance required account. I tried to ask what's the point of a wealth management account and how it's different from a regular one, and she just said they offer wealth management for HNI, which I am most certainly not.

So I started with a 1L deposit, got the leather pouch with the check leaves, a mastercard debit card that says "World debit".

First question, what advantage does wealth management offer if it is a 0 balance required account to begin with? Second, what do I lose if I just keep a MAB of, say Rs. 10k? I searched this site and other reviews of wealth management, and I didn't really find anything of relevance. There was one thread that talked about "downgrade trigger" but in even that it seemed like the downgrade didn't really happen.

 

[imdjay]

• 0 MAB, but some people's accounts are downgrading.
• Direct call to Customer care, no IVR.
• I don't find any other benefits.

 

[aayusharyan]

I moved a while back and didn't need a bank till now, so went to the nearest bank in walking distance. It happens to be a ICICI Wealth Management bank. (It has the words "Wealth Management" in a banner at the entrance of the bank)

All I wanted was something simple. However the RM there convinced me to get a wealth management account, with an initial funding of 1L and said I could withdraw it out once I get the kit and everything since it's a 0 minimum balance required account. I tried to ask what's the point of a wealth management account and how it's different from a regular one, and she just said they offer wealth management for HNI, which I am most certainly not.

So I started with a 1L deposit, got the leather pouch with the check leaves, a mastercard debit card that says "World debit".

First question, what advantage does wealth management offer if it is a 0 balance required account to begin with? Second, what do I lose if I just keep a MAB of, say Rs. 10k? I searched this site and other reviews of wealth management, and I didn't really find anything of relevance. There was one thread that talked about "downgrade trigger" but in even that it seemed like the downgrade didn't really happen.

There is no added benefit. Wealth have separate branches, but in this day and age, nobody goes to branch. People have RM, and even with a Privilege account you can get that. There is not much additional benefit in a Wealth account.

 

[D₹V]

I moved a while back and didn't need a bank till now, so went to the nearest bank in walking distance. It happens to be a ICICI Wealth Management bank. (It has the words "Wealth Management" in a banner at the entrance of the bank)

All I wanted was something simple. However the RM there convinced me to get a wealth management account, with an initial funding of 1L and said I could withdraw it out once I get the kit and everything since it's a 0 minimum balance required account. I tried to ask what's the point of a wealth management account and how it's different from a regular one, and she just said they offer wealth management for HNI, which I am most certainly not.

So I started with a 1L deposit, got the leather pouch with the check leaves, a mastercard debit card that says "World debit".

First question, what advantage does wealth management offer if it is a 0 balance required account to begin with? Second, what do I lose if I just keep a MAB of, say Rs. 10k? I searched this site and other reviews of wealth management, and I didn't really find anything of relevance. There was one thread that talked about "downgrade trigger" but in even that it seemed like the downgrade didn't really happen.

Go with this thread & read pages after that.
Post in thread 'ICICI Wealth Management Account Holders please share your experience.' https://www.technofino.in/community...please-share-your-experience.5052/post-410110