IDFC First Wealth Account eligibility requirement and benefits

[Quantum]

Hello,

IDFC website doesn't seem to list the eligibility criteria for opening an IDFC First Wealth Account.
From your recent first hand experience, could you please share the eligibility criteria?
Does the criteria need to be maintained throughout the lifetime of the Wealth account, similar to Axis Burgundy account, to avoid account downgrade?
Also, what credit cards one can expect or negotiate to get offered?
FYI, I'm not an existing IDFC customer.
Thanks!

 

[vijay.vj]

It's a very lengthy process tbh, I've been through one. I eventually raised a complaint in RBI ombudsman and then RM visited my house had a tea with me and finally converted my account to select 😭
Though I asked for wealth

Well done.

How much balance you had in your account?
Did you add anything more to get it done?

 

[2024]

Okay, I will keep this also in my mind..
but did you check anywhere in the app/ web site that it is a 0 balance account??

Yes I checked from their site but before some months when I was trying to upgrade, to be sure you can confirm from site or BM/RM/CC

 

[SSV]

@S S V Wait for financial year ending.... 0 MAB savings account offer may come again like before.

yes, that's a far better approach unless you have immediate requirement

I can wait .. no hurry ..

 

[vaibhav111vaibhav111 is verified member.]

Okay, I will keep this also in my mind..
but did you check anywhere in the app/ web site that it is a 0 balance account??

It will show as 10k variant though. You can email and get a confirmation and then from idfc Team someone will call you ans confirm this too.

 

[SSV]

It will show as 10k variant though. You can email and get a confirmation and then from idfc Team someone will call you ans confirm this too.

Okay sure ..

 

[SpiesCan'tCatchMe]

Well done.

How much balance you had in your account?
Did you add anything more to get it done?

2-3 lacs for 1 month and 5 lakhs for 1 month, after that 25k for lifetime

 

[Chaitanya-a]

Does auto upgrade happen for wealth cause I can't upgrade through branch. If auto upgrade happen without any human interaction then 3 month I can wait for sure otherwise would have look elsewhere how to approach for wealth upgrade.

Auto upgrade is hit or miss. Takes so much time. If your branch isn't interested in upgrading, try with another branch. If none of them are helpful, then you can raise a complaint about your branch with PNO.

 

[Quantum]

Now that I got my Wealth CC , I am intersetd in how to get 0 MAB Wealth Saving Account ..
I don't have any existing relationship with IDFC other thatn recently acquired Wealth CC..
I can do initial funding of 5L...
I need both 0 MAB and Wealth SB account.. Any tips about how to approach..
IDFC bank sales gus called me twice to open an SB account with 10K or 25K variant.. I don't think they can get me Wealth 0 MAB account..

Thanks

1) There is no regular running IDFC 0 MAB account. It only comes via an offer.
2) You can go for 10K or 25K variant, open the account with initial deposit of 5L to 10L based on the condition that your account would be upgraded to Wealth program as soon as the account gets opened, otherwise you would get the account closed right away. Once the account gets upgraded to Wealth program, you can withdraw your funds and just maintain base (10K/25K) MAB. There will be no charges for not maintaining the 5L/10L MAB. IDFC has still not reached to the point of charging customers for not maintaining the privilege accounts' MAB.
3) If you really want the 0 MAB account with Wealth, then one option I could think of is opening a salary account. As with other salary accounts, IDFC salary account is a type of zero balance savings account. You can do initial deposit of 5L to 10L based on the above condition that I mentioned in point#2 and get it upgraded to Wealth program. Once upgraded, withdraw all the funds.
4) Keep looking for 0 MAB account offer. Once it is there, avail it. Ask the RM/BM to upgrade your account to Wealth with 5L/10L deposit. Once upgraded, withdraw all the funds.

 

[SSV]

in was in march/april 2023 few/tons not sure how many though of people received WhatsApp message from idfc first bank that we are eligible for idfc zero MAB saving account.

I have a first hand experience,
After getting the wealth card stay put for 1 month and then on WhatsApp you'll get a notification of 0 MAB account in 1-2 months that's it.
Open the account online and then visit the branch and ask for manual upgrade into wealth account by giving some funds.

Many IDFC Cardholders received 0 MAB account opening offer few months ago. Now that you've acquired their card, you may receive that promotional mail as well. Not sure if they're still providing it. Other than that, no way to get their 0 MAB account.

Received the 0 MAB IDFC sb account offer, thanks guys…
@Quantum

 

[vaibhav111vaibhav111 is verified member.]

Received the 0 MAB IDFC sb account offer, thanks guys…

View attachment 40093

now once you opt for this and in the future if you want to maintain 10 lakhs for wealth upgrade then it would be difficult i think cause I'm waiting for 3 month (maintaining the required amount to be maintained for wealth upgrade) to be over so i can request again (even though i had a word with someone from nearest branch say sir we need 75 lakhs for wealth upgrade). so thought i should let you know.

 

[SSV]

now once you opt for this and in the future if you want to maintain 10 lakhs for wealth upgrade then it would be difficult i think cause I'm waiting for 3 month (maintaining the required amount to be maintained for wealth upgrade) to be over so i can request again (even though i had a word with someone from nearest branch say sir we need 75 lakhs for wealth upgrade). so thought i should let you know.

I know, that’s why my next question would be:

Will it ask for any employee code while opening the account thru this method?

If so, I will contact my local IDFC RM and ask him to provide his employee code and open this account if he is ready to upgrade my account to wealth for 5L IP.
I won’t apply for this straight away. I will do due diligence.
Thanks for the heads up anyway

 

[vaibhav111vaibhav111 is verified member.]

Will it ask for any employee code while opening the account thru this method?

i think it asks but it is optional so yeah head over in your free time to the nearest IDFC branch and have a word with them.

 

[SSV]

i think it asks but it is optional so yeah head over in your free time to the nearest IDFC branch and have a word with them.

If it asks, then that’s enough.. I will ask them to come to my place to open the account.
Thanks for the info

 

[quino]

we need 75 lakhs for wealth upgrade

he's bluffing. officially it's 10L only (unofficially you can get it for 5L, if you are NTB). if any branch person is saying more than that, you can ask him his employee id & name and say that you'll email to nodal with the information just for confirmation.

or you could visit other branches.

 

[TheGuy]

i am having idfc signature, will downgrade to 10k or future first whichever they agree to. then will go for wealth program with 10L. any precursors? word of caution? @vaibhav111

P.S. will try to ask if they'll agree for less (but then it maybe exercise in futile, if say- I maintain 5L for 3 months and then branch rescinds from word).
If they ask for 70L, i am asking Nodal as Quino suggested.

 

[ajitshukla19]

Received the 0 MAB IDFC sb account offer, thanks guys…
@Quantum
View attachment 40093

Ok let me share my experience with account.
My wife was having 25k account variant but I had only one idfc wealth CC. Then got massage about this 0 MAB account and opened the same .
After few months of usage kept 5L for one month and got upgraded to idfc wealth account. So yes it's possible to upgrade your idfc bank account but right person will be needed to do the same . Now I don't maintain any MAB on that and no problems faced yet

 

[SSV]

Ok let me share my experience with account.
My wife was having 25k account variant but I had only one idfc wealth CC. Then got massage about this 0 MAB account and opened the same .
After few months of usage kept 5L for one month and got upgraded to idfc wealth account. So yes it's possible to upgrade your idfc bank account but right person will be needed to do the same . Now I don't maintain any MAB on that and no problems faced yet

Thanks for the info

 

[vaibhav111vaibhav111 is verified member.]

i am having idfc signature, will downgrade to 10k or future first whichever they agree to. then will go for wealth program with 10L. any precursors? word of caution? @vaibhav111

P.S. will try to ask if they'll agree for less (but then it maybe exercise in futile, if say- I maintain 5L for 3 months and then branch rescinds from word).
If they ask for 70L, i am asking Nodal as Quino suggested.

Why you wanna downgrade in the first place maintain 10k balance.

 

[suresh_raina]

I know this is maybe not the right forum,
But does anybody know what amount should I maintain for Select ? and does it have no charge for non maintenance ?

 

[Pankhuri]

It's a very lengthy process tbh, I've been through one. I eventually raised a complaint in RBI ombudsman and then RM visited my house had a tea with me and finally converted my account to select 😭
Though I asked for wealth

Chai psnd nahi aayi hogi usse 😛