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ICICI Wealth Management Account Holders Please Share your Experience.

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TheTrickySid

TheTrickySid

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What's the MAB you guys maintaining in your Wealth management account.

And what's would be the ideal mab to prevent it from getting downgraded.
Or any tips to avoid getting the account downgraded without maintaining mab.
 
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pprakash11 said:
Strand Road branch

I did that in June 2023, but the employee now left ICICI and tbh WM is worthless now
Click to expand...
almost all accs are rip xD 10L mab in hdfc imperia , axis burgundy etc all are useless they dont even provide locker easily :/ not much benefits and even u rip alot of amt in saving acc interest 😆

earlier icici was good when no downgrade etc was there 😛
 
Hello, I am looking to open a Wealth Management account with ICICI.
Went to the branch today. I am eligible for Wealth considering my TRV under MFs alone. But they are asking for 5L initial funding cheque.

Is it better to open the WM account directly, OR open a privilege account with 1L initial funding and then upgrade to WM?
Will it be difficult to upgradeto WM later after opening Privilege?

2nd question - Is there any chance for getting Wealth with less than 5L initial funding? Like will someone agree for 2L?

Also, directly opening WM = will get good welcome kit.
Upgrade = just one envelope with ATM card and cheque book, nothing in the kit.

+ @Pissant for advice/help pls.
 
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cardio_guy said:
Hello, I am looking to open a Wealth Management account with ICICI.
Went to the branch today. I am eligible for Wealth considering my TRV under MFs alone. But they are asking for 5L initial funding cheque

Is it better to open the WM account directly, OR open a privilege account with 1L initial funding and then upgrade to WM?
Will it be difficult to upgradeto WM later after opening Privilege?
Click to expand...
Just open with 5L IP and be done with it. I would recommend that you open your Mother's/Wife's account with 5L IP cheque and ask them to open yours (and any other Family member you want) with 10000 IP as an add on (easier to say tax reasons). The branch guy would be happy to send someone at home to get all the documents for all family members.

Over time I have found it easier to get multiple HNI accounts right at the start rather than listen to their sales pitch everytime you go to open an add on. It's also easier to negotiate on debit cards/specific features for add on accounts if they know that your account is an add on instead of primary.
 
dvader said:
Just open with 5L IP and be done with it. I would recommend that you open your Mother's/Wife's account with 5L IP cheque and ask them to open yours (and any other Family member you want) with 10000 IP as an add on (easier to say tax reasons). The branch guy would be happy to send someone at home to get all the documents for all family members.

Over time I have found it easier to get multiple accounts right at the start rather than listen to their sales pitch everytime you go to open an add on.
Click to expand...
Thanks. This is what I was also thinking. Because if I go for upgrade route, then there is always a chance for downgrade to privilege later (they will say non maintenance of TRV).
Another thing is how to get MF valuation included in the TRV. It should be done, because all of my TRV is in MF, much more than what they need for WM. But without MF, my ICICI relation is almost 0. So I need to make sure that MF value is considered before opening Wealth.
 
cardio_guy said:
Hello, I am looking to open a Wealth Management account with ICICI.
Went to the branch today. I am eligible for Wealth considering my TRV under MFs alone. But they are asking for 5L initial funding cheque.

Is it better to open the WM account directly, OR open a privilege account with 1L initial funding and then upgrade to WM?
Will it be difficult to upgradeto WM later after opening Privilege?

2nd question - Is there any chance for getting Wealth with less than 5L initial funding? Like will someone agree for 2L?

Also, directly opening WM = will get good welcome kit.
Upgrade = just one envelope with ATM card and cheque book, nothing in the kit.
Click to expand...
Directly open WM.. yes with 1L is also possible. I opened it about 2.5 years ago with 1L funding.. but time have changed , 5L is also reasonable
 
cardio_guy said:
Thanks. This is what I was also thinking. Because if I go for upgrade route, then there is always a chance for downgrade to privilege later (they will say non maintenance of TRV).
Another thing is how to get MF valuation included in the TRV. It should be done, because all of my TRV is in MF, much more than what they need for WM. But without MF, my ICICI relation is almost 0. So I need to make sure that MF value is considered before opening Wealth.
Click to expand...
Dont worry about TRV just keep 1-4L in mother's account and they won't touch your account. Also try to open your WM account in a Rural or Semi Urban Branch. They rarely bother WM customers (personal experience). In an urban branch they target WM customers to sell products.
 
cardio_guy said:
If I push further, he may agree for 4L maybe, but not less than that I think.
Also, please see one post of mine above this. About MF being included in TRV. Anything to take care of in that?
Click to expand...
MF may not matter much.. I got invite to open WM based on my Apay CC with CL of 6L ..
You should also get invite based on MF if they consider these days
 
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cardio_guy said:
If I push further, he may agree for 4L maybe, but not less than that I think.
Also, please see one post of mine above this. About MF being included in TRV. Anything to take care of in that?
Click to expand...
Do ICICI bank consider the folio maintained directly under ICICI Prudential Mutual Fund for your TRV? I know that HDFC doesn't.
 
cardio_guy said:
If I push further, he may agree for 4L maybe, but not less than that I think.
Also, please see one post of mine above this. About MF being included in TRV. Anything to take care of in that?
Click to expand...
Yeah I got it with 4L IP cheque. However I have two ICICI accounts, and the guy in the first branch offered it for 2L IP cheque but he couldn't open WM account due to some error on his end, he advised to open WM in the second branch. I know the issue was not the existing account, but he tried his best. Eitherway, he should agree with 4L.
 
dvader said:
Dont worry about TRV just keep 1-4L in mother's account and they won't touch your account. Also try to open your WM account in a Rural or Semi Urban Branch. They rarely bother WM customers (personal experience). In an urban branch they target WM customers to sell products.
Click to expand...
@dvader Yes, already shortlisted one semi urban branch. One more vegetable shop kind of branch is there little far away, Maybe I will check there also next week.

@SSV The branch guy told they consider MF as well. If that's the case, I have more than 50L. But they definitely need Initial funding. No relaxation there.
I also have a Sapphiro CC with 10L limit but that's not doing any help, even for 0MAB Privilege. They need initial funding even for Privilege. (Understandable, sales pressure, but it doesn't work as 0 MAB like how the website says). No branch is entertaining fully 0MAB as of now. Maybe a twitter complaint will help. But not worth the effort.

@_deb_ yes direct investments are considered is what he told and confirmed. It just needs to be in our name. That's all.

+ @Pissant
 
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