Account Downgrade Timeline

[Nemesis]

So we have been jumping too much into premium banking segment.

Keeping this thread to update, downgrade/warning time line of premium segment, might be auto triggered or by BM/RM
Anyone can chip in to post their maximum time to hold the premium segment without the maintenance of required MAB or buying any product....

1) IDFC Wealth Management - ( Starting today 14/12/2022 am lowering the 10L MAB)

2) ICICI Wealth Management (Will soon apply and will already be having lower NRV... since they want 25L NRV)

3) Indusind Pioneer Account (Seen people talking here too much)

4) Axis Burgundy - (Quarterly checks applicable with 2 email warnings before downgrade to Priority account): Credits @promoking

5) Axis Priority - (1 month for warning for low MAB else non maintenance charges and possible downgrade by automated system later): Credits @Copycat

6) Any more... please share
They might downgrade you to any lower level regular account.

I know people say once converted would they never downgrade... but the bank staff says otherwise. People who have been downgraded kindly share your experiences.

 

[anonymuos]

Yes please any information on this topic would be very useful from those who have HNI/premium segment accounts upgraded but haven't been downgraded despite non MAB maintenance. Please mention the exact time period for how long you've been able to retain it.

 

[Copycat]

You can include Axis Burgundy and Axis Priority if you want. Here is my experience with Priority

I was mis-sold the Priority product by their frontline staff. I went there to open an account (never had Axis before) and created a savings account with 25K and an FD of 5L (part of my risk diversification strategy). When they saw the FD value, they discarded the earlier forms they had completed and made me sign the Priority forms. I told them I didn't want Priority because I was not comfortable with keeping 2L Savings/15L FDs but they said it would not be downgraded. Like an idiot I believed them.

Towards the end of the next month I got a call from the Priority RM. He seemed quite annoyed by the mis-selling by the other staff. Anyway, he told me that it would not be wise to remain in Priority without meeting the conditions. He said if I remained in Priority, the system would automatically charge me non-maintenance charges. So I could either increase Savings to 2L and remain in Priority or after I consented he would take immediate steps to downgrade it to the regular account and would also waive-off any non-maintenance charges because it wasn't my fault. He gave me 3 days to decide. Ultimately, I decided to remain in Priority and go with the family banking program. That way we could maintain the FD balance and still be protected by DICGC (we have an old school mindset; don't trust any private/co-operative bank only trust the PSU ones.)

 

[promoking]

My burgundy account was downgraded to priority after balance in account was short by just 30k. They Check balance on quarterly basis, if not maintained they downgrade. They will also send 2 email warnings regarding downgrade. Earlier this year they downgraded me to priority and it has been really painful to upgrade again to Burgundy.

 

[avishj]

So we have been jumping too much into premium banking segment.

Keeping this thread to update, downgrade/warning time line of premium segment, might be auto triggered or by BM/RM
Anyone can chip in to post their maximum time to hold the premium segment without the maintenance of required MAB or buying any product....

1) IDFC Wealth Management - ( Starting today 14/12/2022 am lowering the 10L MAB)

2) ICICI Wealth Management (Will soon apply and will already be having lower NRV... since they want 25L NRV)

3) Indusind Pioneer Account (Seen people talking here too much)

4) Axis Burgundy - (Quarterly checks applicable with 2 email warnings before downgrade to Priority account): Credits @promoking

5) Axis Priority - (1 month for warning for low MAB else non maintenance charges and possible downgrade by automated system later): Credits @Copycat

6) Any more... please share
They might downgrade you to any lower level regular account.

I know people say once converted would they never downgrade... but the bank staff says otherwise. People who have been downgraded kindly share your experiences.

1) No clue, hold future first 0 balance account with signature DC LTF.

2) Have opened with 10L cheque, kept barely chillar for the past 1.5 years, no issues whatsoever.

3) No clue about pioneer, had Select earlier, recently opened Exclusive under the diwali offer, no issues so far.

4) & 5) Depends highly on branch, I've held priority for almost 2.5 years, never maintained balance, no issues. After upgrading to Burgundy, haven't maintained much, but transact quite a bit as it is my primary account. Also, it is linked to family banking. As long as family has decent NRV, they won't utter a word at all.

 

[avishj]

My burgundy account was downgraded to priority after balance in account was short by just 30k. They Check balance on quarterly basis, if not maintained they downgrade. They will also send 2 email warnings regarding downgrade. Earlier this year they downgraded me to priority and it has been really painful to upgrade again to Burgundy.

Unless you're from a super urban type of branch, threaten them to remove all acounts, they will come in line, you need to push with Axis even at HNI tier FYI.

 

[anonymuos]

1) No clue, hold future first 0 balance account with signature DC LTF.

2) Have opened with 10L cheque, kept barely chillar for the past 1.5 years, no issues whatsoever.

3) No clue about pioneer, had Select earlier, recently opened Exclusive under the diwali offer, no issues so far.

4) & 5) Depends highly on branch, I've held priority for almost 2.5 years, never maintained balance, no issues. After upgrading to Burgundy, haven't maintained much, but transact quite a bit as it is my primary account. Also, it is linked to family banking. As long as family has decent NRV, they won't utter a word at all.

Wow you like almost grabbed all the right offers at the right time for 0 balance, LTF DC accounts What happens to the IDFC Future First account if you are no longer a student and reach working age?

 

[promoking]

Unless you're from a super urban type of branch, threaten them to remove all acounts, they will come in line, you need to push with Axis even at HNI tier FYI.

Bro, I belong to Delhi. It’s an urban branch and I talked with BM, he clearly told me it’s not in their hands. Account gets downgraded from back end. They can only hold it for sometime that too with multiple approval of seniors. So overall I axis if you can maintain balance then only open Burgundy account else it’s of no use.