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Can I get idfc wealth account in less that 10 lacs.

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ashish216

ashish216

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I am opening fresh account in IDFC First bank. They are saying minimum requirement is 10L for wealth account. Also, I agreed than while opening wealth account and then I was not getting option of wealth account as they already said I have customer id in their bank because of Flipkart BNPL. So, they opened regular account and told me to add 10L funds and they will request it to convert it into wealth account in a week. I tried negotiating with them for lower funds for wealth account but they said it was not possible. What should I do?
 
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ashish216 said:
I am opening fresh account in IDFC First bank. They are saying minimum requirement is 10L for wealth account. Also, I agreed than while opening wealth account and then I was not getting option of wealth account as they already said I have customer id in their bank because of Flipkart BNPL. So, they opened regular account and told me to add 10L funds and they will request it to convert it into wealth account in a week. I tried negotiating with them for lower funds for wealth account but they said it was not possible. What should I do?
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Bhai pata chale to mujhe bhi batana, mai bhi 6 mahine se yahi try ker raha hu.
 
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ashish216 said:
I am opening fresh account in IDFC First bank. They are saying minimum requirement is 10L for wealth account. Also, I agreed than while opening wealth account and then I was not getting option of wealth account as they already said I have customer id in their bank because of Flipkart BNPL. So, they opened regular account and told me to add 10L funds and they will request it to convert it into wealth account in a week. I tried negotiating with them for lower funds for wealth account but they said it was not possible. What should I do?
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Close the existing account and move on to a different branch. They are giving you goli. There is no option to open a Wealth account directly you have to do an IF can be negotiated based on your skills. Generally, most of the branches give at 5L IF. Then after 2-3 weeks, they will take your consent for Wealth Account within 2-3 days it will converted to Wealth account.
Having Flipkart BNPL doesn't affect it.
 
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Thank you for your response. One thing is that there is only one branch within 50km area that's the main concern.The RM i met showed me their circular for wealth account there it was 10L for wealth and 3L for select. I tried but couldn't negotiate properly i guess.....(p.s I'm a newbie in this..so some tips may help to achieve good or great negotiation thanks!). Also please tell me what IF is. Thanks
 
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ashish216 said:
Thank you for your response. One thing is that there is only one branch within 50km area that's the main concern.The RM i met showed me their circular for wealth account there it was 10L for wealth and 3L for select. I tried but couldn't negotiate properly i guess.....(p.s I'm a newbie in this..so some tips may help to achieve good or great negotiation thanks!). Also please tell me what IF is. Thanks
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I live in tier 2 city
 
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ashish216 said:
Thank you for your response. One thing is that there is only one branch within 50km area that's the main concern.The RM i met showed me their circular for wealth account there it was 10L for wealth and 3L for select. I tried but couldn't negotiate properly i guess.....(p.s I'm a newbie in this..so some tips may help to achieve good or great negotiation thanks!). Also please tell me what IF is. Thanks
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IDFC has no home branch concept you can open an account in any of the branches. How much funding can you do now? Based on that I can suggest you the next steps.
 
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ashish216 said:
I have 10L funding right now. And I need wealth account in least funds possible
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I was given Wealth Upgrade on 10L deposit. I withdrew around 3-5L within a week of upgrading. And now it's 0 Balance as it's linked under family Banking so family member's account has funds.
 
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Dragon_slayer said:
Just go to iDFC and give them a 10L cheque, they will open wealth account directly. Let the funds stay there for 30 days, and after that you can withdraw as much you want.

Do note you are still get higher interest rates on that 10L deposit, so its not a loss
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I am considering opening wealth account
I have 10L IF that they asking
Will they open wealth directly or will I need to wait ?
I will withdraw after some time though to park in high yield instruments or such
Do they downgrade account ?

Also considering wealth credit card too, how to get it ?
 
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ashish216 said:
I am opening fresh account in IDFC First bank. They are saying minimum requirement is 10L for wealth account. Also, I agreed than while opening wealth account and then I was not getting option of wealth account as they already said I have customer id in their bank because of Flipkart BNPL. So, they opened regular account and told me to add 10L funds and they will request it to convert it into wealth account in a week. I tried negotiating with them for lower funds for wealth account but they said it was not possible. What should I do?
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Try and keep 10 lakhs for a while.
 
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bhavyakjain said:
I am considering opening wealth account
I have 10L IF that they asking
Will they open wealth directly or will I need to wait ?
I will withdraw after some time though to park in high yield instruments or such
Do they downgrade account ?

Also considering wealth credit card too, how to get it ?
Click to expand...
Open account on Day 1 of the month, hold it for full 30 days then withdraw next month.

In general start of month / quarter banks guys would be very interested in opening account for you so to meet their targets. You can ask for wealth CC at same time
 
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