Calling ICICI Private Banking (GPB) clients - Share your experience

[Deleted member 14753]

Hi,

As the title goes, I would like to know if any of the members here are Global Private Banking clients (note: Wealth & Wealth Select are a separate client base). What has your experience been like?

I have confirmed that the NRV to be upgrade to Private is 15cr. Has anyone been able to upgrade their family account with a lower NRV?

P.S. Email requests to their dedicated team - headprivatebanking@icicibank.com - have always gone blank.

 

[BloreBro]

Hi,

As the title goes, I would like to know if any of the members here are Global Private Banking clients (note: Wealth & Wealth Select are a separate client base). What has your experience been like?

I have confirmed that the NRV to be upgrade to Private is 15cr. Has anyone been able to upgrade their family account with a lower NRV?

P.S. Email requests to their dedicated team - headprivatebanking@icicibank.com - have always gone blank.

One of my friends was checking about ICICI Private Banking a year back, and the RM had indicated that 15 crores NRV (if demat shares value is also included) and lower NRV(it was either 5 crores or 7.5 crores, don't remember exactly) without demat. Most likely it's 7.5 crores as Wealth Select NRV requirement is 3 crore. If one can offer 5 crores NRV(Savings/Current Accounts/FDs/Insurance/Mutual Funds etc), they might upgrade.

 

[Deleted member 14753]

Hmm interesting. RM flat out said 15cr NRV no exceptions. I wonder if there is any contact with ICICI where a lower NRV could be considered?

 

[BloreBro]

Had a chat with a BM. He mentioned they look for customers with an investible surplus of 15 crores. They target to grab 25%-30% of the 15 crores for AUM purposes. That translates to 4-5 crore of investments through them.

In general, $1 million is the entry threshold for private banking globally.

 

[Cardmarvel]

I wonder why anyone would keep 15cr with the bank. What kind of market outperformance they look for? Even at 0.5%, you’re paying 7.5L to the bank every year 😊

 

[BloreBro]

I wonder why anyone would keep 15cr with the bank. What kind of market outperformance they look for? Even at 0.5%, you’re paying 7.5L to the bank every year 😊

Yes, Private Banking is essentially wealth management and they compete with the likes of pureplay wealth managers like IIFL Wealth(now called 360 One), Avendus, etc.
They run a risk profile assessment and based on that they advise/distribute products like bonds, MF, PMS, AIF, REIT, and Structured Products depending on portfolio size.

At lower portfolio sizes(say up to 1-2 crores) they sell products in the distribution model, where they make 1%-2%.

On larger portfolio sizes(5 crores and beyond), they work in an advisory model, where they make 0.3%-0.5%.

 

[BloreBro]

Live Mint Article : Premium Banking Services for HNIs

 

[card_007]

There aren't a lot of benefits of Private Banking that are of use. I have experienced much better banking at branch compared to wealth/private at ICICI and some other. If you have a high salary deposited in your salary account, it can be upgraded to Private. I believe they offer Emirated Emeralde FYF only.