0 AMB ICICI Account (Privilege Banking program)

[VISION]

I have two cards Apay 2.3 lakh and coral 2.3 both are having separate limit, can i eligible for this account?

>4lac on anyone card is needed

 

[Fini7777]

Yes they do have personal individual savings account. Only if you want and only if you wish you can link other family members accounts to primary holders account and make it F360. It's not mandatory.
It's just an add-on to personal account.
Yes after withdrawing the IF it remains 0mab for lifetime. It's needed only to open the account.

looks good, I reached out to my mother's RM, she said that she need 1L IP each to open my and my father's account
And she said that she couldn't open accounts right now due to FY end 🤣 🤣, for the 1st time in my life I heard a banker refused to open accounts in march. usually they run behind us to open/park some funds at FY end - strange

My query:
If I add my parents to my account will it still remain as 0 MAB or I've to maintain 1L (My CC limit is >4L) like Indus Select ?

 

[cardio_guycardio_guy is verified member.]

looks good, I reached out to my mother's RM, she said that she need 1L IP each to open my and my father's account
And she said that she couldn't open accounts right now due to FY end 🤣 🤣, for the 1st time in my life I heard a banker refused to open accounts in march. usually they run behind us to open/park some funds at FY end - strange

My query:
If I add my parents to my account will it still remain as 0 MAB or I've to maintain 1L (My CC limit is >4L) like Indus Select ?

You can add parents to family360 and it will remain 0MAB. (AFAIK)

 

[cardio_guycardio_guy is verified member.]

So after completing my extensive research and investigation for opening a 0 MAB account with ICICI, I have some seriously big learnings and experiences. I have written many posts on this thread and also on wealth management thread. But all in all, it is very difficult (near to impossible) to open a full 0 MAB account with 0 initial funding whatsoever.

0. Experiences differ widely across people. For the same product and same account, different people will have different experiences. Nothing can be considered as standard and applicable for all.

1. Every branch told one common thing. They have shifted their focus to affluent customers and do not encourage basic accounts.

2. Give 50k or 1L initial funding and open their so called privilege account. It also comes with: (a) family 360 where you can add your family members or (b) 3-in-1 where you get demat and trading. Both these are not mandatory.

3. Give 3L and open WM account. Maintain a minimum of 3L across all products (TRV) and retain the wealth status. Otherwise silent downgrade may happen.

4. Biggest learning of last week - Our personal investments are not counted in TRV/DIV. We need to invest through iMobile itself. This was a huge difference. I would say 98% of RMs would just say that our personal investments like direct mutual funds are counted for TRV calculation. But one BM told me clearly. It has to be through iMobile. This impacts the wm status very heavily.

5. Private banking is altogether a different beast. That will have a regional RM who will directly work with you for all your banking, investment, loans, business needs. Your net worth is counted there and everything depends on overall business you bring to the table. It can be through your employment, family, business, investments or whatever. That's not for someone who is just looking for banking needs. Normal banking is the lowest thing in private relation.

6. It doesn't matter if you hold a credit card with 10L limit or more. To open an account, you need to give initial funding. Those criteria given in the site are just to maintain a relation not to open an account.


Given all this, I have decided to open a salary account and use it as a savings account. Opening a salary account is very seamless process with no initial funding and minimal documents etc. After three months of salary not getting credited, it may be converted to savings account with some minimum balance requirement and charges for other services. But still better than going through other hassles of normal account opening.

I wanted to ask some questions as well:

1. Has anyone's salary account got closed due to non credit of salary? Usually they don't touch salary account, getting converted to normal account is also rare. But is there any chance of they closing it?

2. What are the charges after converting from salary account to normal account?
Like minimum balance, ATM charges, limits, cheque book charges, NEFT charges, SMS alert charges etc?

Thanks for the support. Tagging some people who might be interested in this:

@Anindya98 @abhiaj98 @Panthera_Tigris @hender @2025 @Fini7777 @Anupama_Jha @vijay.vj

 

[hender]

So after completing my extensive research and investigation for opening a 0 MAB account with ICICI, I have some seriously big learnings and experiences. I have written many posts on this thread and also on wealth management thread. But all in all, it is very difficult (near to impossible) to open a full 0 MAB account with 0 initial funding whatsoever.

0. Experiences differ widely across people. For the same product and same account, different people will have different experiences. Nothing can be considered as standard and applicable for all.

1. Every branch told one common thing. They have shifted their focus to affluent customers and do not encourage basic accounts.

2. Give 50k or 1L initial funding and open their so called privilege account. It also comes with: (a) family 360 where you can add your family members or (b) 3-in-1 where you get demat and trading. Both these are not mandatory.

3. Give 3L and open WM account. Maintain a minimum of 3L across all products (TRV) and retain the wealth status. Otherwise silent downgrade may happen.

4. Biggest learning of last week - Our personal investments are not counted in TRV/DIV. We need to invest through iMobile itself. This was a huge difference. I would say 98% of RMs would just say that our personal investments like direct mutual funds are counted for TRV calculation. But one BM told me clearly. It has to be through iMobile. This impacts the wm status very heavily.

5. Private banking is altogether a different beast. That will have a regional RM who will directly work with you for all your banking, investment, loans, business needs. Your net worth is counted there and everything depends on overall business you bring to the table. It can be through your employment, family, business, investments or whatever. That's not for someone who is just looking for banking needs. Normal banking is the lowest thing in private relation.

6. It doesn't matter if you hold a credit card with 10L limit or more. To open an account, you need to give initial funding. Those criteria given in the site are just to maintain a relation not to open an account.


Given all this, I have decided to open a salary account and use it as a savings account. Opening a salary account is very seamless process with no initial funding and minimal documents etc. After three months of salary not getting credited, it may be converted to savings account with some minimum balance requirement and charges for other services. But still better than going through other hassles of normal account opening.

I wanted to ask some questions as well:

1. Has anyone's salary account got closed due to non credit of salary? Usually they don't touch salary account, getting converted to normal account is also rare. But is there any chance of they closing it?

2. What are the charges after converting from salary account to normal account?
Like minimum balance, ATM charges, limits, cheque book charges, NEFT charges, SMS alert charges etc?

Thanks for the support. Tagging some people who might be interested in this:

@Anindya98 @abhiaj98 @Panthera_Tigris @hender @2025 @Fini7777 @Anupama_Jha @vijay.vj

Thanks for taking your time out, and writing in details, things might have changed now both in terms of policy, customer awareness, access to higher authorities and RBI, moreover to MB/NB via Good Internet.

I"ll share my experience -

First with UTI - now Axis
Salary account with ATM, at that time.
Left the company, with few months salary in UTI, as hard earned saving.
After some time withdraw some amount.
When reached to bank ATM after some time, shocked 😳 to see, most of the money disappeared!!!
HOW- reached the bank, got to know, that post account shifted from 0Bal Salary to Normal , we have to keep minimum balance as normal saving (Ex 12982 was the initial balance, I withdraw some 3000 in round figure from ATM, so short of 18 Rupees (Min Bal), in the span of few months or quarters, charges got levied and half of total saved money - shifted to (???).
LEARNING: Post that HDFC, Citi etc The day I Left company closed the account very same day.
NEVER TURNED BACK TO PVT.
Except HDFC money back credit card nothing.
On a side note, my ex colleague continuing in the same organisation and have the same HDFC account using the same HDFC Card as well.
After reading here the card name for which many aspirations I have seen, out of curiosity I asked him, What's your card variant name - "Infinity LTF" got the answer.
Just last week he got new card(replacement of Infinity expired).

Moral of the story: If you are aware enough and have zeal to spend time energy and effort later, keep money with them, else think of Salary Account post not disbursement of salary for 3 months,() it's Normal Saving account with normal rules.

On the other hand , if you have money, go to any bank, They will dance as you sing.

 

[hender]

1. Every branch told one common thing. They have shifted their focus to affluent customers and do not encourage basic accounts.

I wanted to ask some que
1. Has anyone's salary account got closed due to non credit of salary? Usually they don't touch salary account, getting converted to normal account is also rare. But is there any chance of they closing it?

2. What are the charges after converting from salary account to normal account?
Like minimum balance, ATM charges, limits, cheque book charges, NEFT charges, SMS alert charges etc?

Thanks for the support. Tagging some people who might be interested in this:

@Anindya98 @abhiaj98 @Panthera_Tigris @hender @2025 @Fini7777 @Anupama_Jha @vijay.vj

That's the Pvt Bank Business means.
Now, I would suggest 80:20 (PSB😛VT)

 

[Trust Me]

6. It doesn't matter if you hold a credit card with 10L limit or more. To open an account, you need to give initial funding. Those criteria given in the site are just to maintain a relation not to open an account.

Is it possible to convert an old Privilege account (requiring a TRV) to a new Privilege account supported by a CC with a > 4L CL, so the TRV amount could be removed?
.

 

[cardio_guycardio_guy is verified member.]

Is it possible to convert an old Privilege account (requiring a TRV) to a new Privilege account supported by a CC with a > 4L CL, so the TRV amount could be removed?
.

I am not sure. You might have to check with your RM or nearest branch.

 

[Fini7777]

Is it possible to convert an old Privilege account (requiring a TRV) to a new Privilege account supported by a CC with a > 4L CL, so the TRV amount could be removed?
.

Upgrade to f360

 

[Strange]

Now, I would suggest 80:20 (PSB😛VT)

What do you mean?

 

[hender]

What do you mean?

Public Sector Bank 80% of cash wealth FD/Saving, very less requirements to go. min Balance, not that much to worry about, FD auto renewal mode. Debit Cards 5-6 years Validity (1-2), nearest to home.

Private sector bank 20% of cash wealth Transaction/Credit Cards/Offers/Day to day use, Cash/ATM etc may be Salary Account or Normal. or Rotating Account HDFC to ICICI to Axis to Indusind to Kotak...
They just value money 🤑, If you have, just go anytime, Relationship Manager is assigned to you...At your service - "Sir...

Hope now, I am somehow clear.

 

[cooldude2.0]

So after completing my extensive research and investigation for opening a 0 MAB account with ICICI, I have some seriously big learnings and experiences. I have written many posts on this thread and also on wealth management thread. But all in all, it is very difficult (near to impossible) to open a full 0 MAB account with 0 initial funding whatsoever.

0. Experiences differ widely across people. For the same product and same account, different people will have different experiences. Nothing can be considered as standard and applicable for all.

1. Every branch told one common thing. They have shifted their focus to affluent customers and do not encourage basic accounts.

2. Give 50k or 1L initial funding and open their so called privilege account. It also comes with: (a) family 360 where you can add your family members or (b) 3-in-1 where you get demat and trading. Both these are not mandatory.

3. Give 3L and open WM account. Maintain a minimum of 3L across all products (TRV) and retain the wealth status. Otherwise silent downgrade may happen.

4. Biggest learning of last week - Our personal investments are not counted in TRV/DIV. We need to invest through iMobile itself. This was a huge difference. I would say 98% of RMs would just say that our personal investments like direct mutual funds are counted for TRV calculation. But one BM told me clearly. It has to be through iMobile. This impacts the wm status very heavily.

5. Private banking is altogether a different beast. That will have a regional RM who will directly work with you for all your banking, investment, loans, business needs. Your net worth is counted there and everything depends on overall business you bring to the table. It can be through your employment, family, business, investments or whatever. That's not for someone who is just looking for banking needs. Normal banking is the lowest thing in private relation.

6. It doesn't matter if you hold a credit card with 10L limit or more. To open an account, you need to give initial funding. Those criteria given in the site are just to maintain a relation not to open an account.


Given all this, I have decided to open a salary account and use it as a savings account. Opening a salary account is very seamless process with no initial funding and minimal documents etc. After three months of salary not getting credited, it may be converted to savings account with some minimum balance requirement and charges for other services. But still better than going through other hassles of normal account opening.

I wanted to ask some questions as well:

1. Has anyone's salary account got closed due to non credit of salary? Usually they don't touch salary account, getting converted to normal account is also rare. But is there any chance of they closing it?

2. What are the charges after converting from salary account to normal account?
Like minimum balance, ATM charges, limits, cheque book charges, NEFT charges, SMS alert charges etc?

Thanks for the support. Tagging some people who might be interested in this:

@Anindya98 @abhiaj98 @Panthera_Tigris @hender @2025 @Fini7777 @Anupama_Jha @vijay.vj

So after completing my extensive research and investigation for opening a 0 MAB account with ICICI, I have some seriously big learnings and experiences. I have written many posts on this thread and also on wealth management thread. But all in all, it is very difficult (near to impossible) to open a full 0 MAB account with 0 initial funding whatsoever.

0. Experiences differ widely across people. For the same product and same account, different people will have different experiences. Nothing can be considered as standard and applicable for all.

1. Every branch told one common thing. They have shifted their focus to affluent customers and do not encourage basic accounts.

2. Give 50k or 1L initial funding and open their so called privilege account. It also comes with: (a) family 360 where you can add your family members or (b) 3-in-1 where you get demat and trading. Both these are not mandatory.

3. Give 3L and open WM account. Maintain a minimum of 3L across all products (TRV) and retain the wealth status. Otherwise silent downgrade may happen.

4. Biggest learning of last week - Our personal investments are not counted in TRV/DIV. We need to invest through iMobile itself. This was a huge difference. I would say 98% of RMs would just say that our personal investments like direct mutual funds are counted for TRV calculation. But one BM told me clearly. It has to be through iMobile. This impacts the wm status very heavily.

5. Private banking is altogether a different beast. That will have a regional RM who will directly work with you for all your banking, investment, loans, business needs. Your net worth is counted there and everything depends on overall business you bring to the table. It can be through your employment, family, business, investments or whatever. That's not for someone who is just looking for banking needs. Normal banking is the lowest thing in private relation.

6. It doesn't matter if you hold a credit card with 10L limit or more. To open an account, you need to give initial funding. Those criteria given in the site are just to maintain a relation not to open an account.


Given all this, I have decided to open a salary account and use it as a savings account. Opening a salary account is very seamless process with no initial funding and minimal documents etc. After three months of salary not getting credited, it may be converted to savings account with some minimum balance requirement and charges for other services. But still better than going through other hassles of normal account opening.

I wanted to ask some questions as well:

1. Has anyone's salary account got closed due to non credit of salary? Usually they don't touch salary account, getting converted to normal account is also rare. But is there any chance of they closing it?

2. What are the charges after converting from salary account to normal account?
Like minimum balance, ATM charges, limits, cheque book charges, NEFT charges, SMS alert charges etc?

Thanks for the support. Tagging some people who might be interested in this:

@Anindya98 @abhiaj98 @Panthera_Tigris @hender @2025 @Fini7777 @Anupama_Jha @vijay.vj

Is WM banking's initial funding only Rs. 3 lakh and TRV only Rs. 3 lakh and whether this TRV includes FIXED DEPOSIT as well?

 

[Fini7777]

Is WM banking's initial funding only Rs. 3 lakh and TRV only Rs. 3 lakh and whether this TRV includes FIXED DEPOSIT as well?

Today asked my RM for the same
She said it's 5L MAB LoL
Actual trv is 25L incl FDs or 10L in savings account

 

[cooldude2.0]

I have two cards Apay 2.3 lakh and coral 2.3 both are having separate limit, can i eligible for this account?

No. Although the individual limit is mentioned separately, total limit is shared.

 

[cardio_guycardio_guy is verified member.]

Is WM banking's initial funding only Rs. 3 lakh and TRV only Rs. 3 lakh and whether this TRV includes FIXED DEPOSIT as well?

You need to give 3L to open the WM account, even if you have FD of 30L or 3cr.
Minimum Initial funding is required without which you cannot open an account.

After opening the account, you can withdraw that 3L initial funding and the rest will be taken care of by your FD. But just with 3L FD, you may not be able to maintain and continue WM forever. They will ask you to increase it from time to time, or they will downgrade your account to a lower variant. It all depends on your relation with the bank. There are no clear hard and fast rules as far as I know.