Can somebody assist with a strategy to get ICICI Sapphiro LTF

[vodom]

I have a 4 yr old salary account with ICICI (high balance). I got an LTF Rubyx in my first year of work based on salary levels. My salary has increased to 2.3L pm post deductions and tax. I want to covert to Sapphiro LTF because of dreamfolks. I have 15L credit limit on my current rubyx

When i texted the ICICI RM, they said they dont run salary based LTF offers anymore. I think its untrue. How should i approach this. Because of ICICI's bad reward system, Im not interested in paying for the card. I generate enough business for them in other areas.

 

[ashwinkashwink is verified member.]

For these salary requirements, do they consider pre-tax or post-tax salaries?

Pre tax is also accepted.

 

[dhshankar]

For these salary requirements, do they consider pre-tax or post-tax salaries?

>2L is net salary - which means after all deductions (Official) .. However, they may still process request with backend approval if sum of basic+HRA+Allowances is more than 2L ( bonus, variable pay is not considered) . But, in this method the approval can't be guaranteed

 

[sauchadh]

It's very simple. if you employer disburse salary in ICICI Bank, 95% possibility is there to have a Corporate Tie-Up.

I am working for IBM and I know some people have salary account in ICICI. I don't have a salary account in ICICI. Am I still eligible ? If yes, how can I initiate the card application ? bank or online ?

 

[Batman]

@dhshankar @ashwink I take a LOT of deductions to ensure my tax is low. This means that net take home is much lower than the gross monthly pay.

If I'm being completely honest, the net take home after all these (reimbursement deductions at source + PF + NPS employer + tax) is about 57% of my gross salary.

Net Salary = 57% of Gross Salary
My Pay slip clearly mentions both Gross and Net.

In this case, will ICICI or any other bank consider net salary or gross salary?

 

[dhshankar]

@dhshankar @ashwink I take a LOT of deductions to ensure my tax is low. This means that net take home is much lower than the gross monthly pay.

If I'm being completely honest, the net take home after all these (reimbursement deductions at source + PF + NPS employer + tax) is about 57% of my gross salary.

Net Salary = 57% of Gross Salary
My Pay slip clearly mentions both Gross and Net.

In this case, will ICICI or any other bank consider net salary or gross salary?

If you combine your HRA, Basis, Allowances - is it crossing 2L ?

 

[dhshankar]

I am working for IBM and I know some people have salary account in ICICI. I don't have a salary account in ICICI. Am I still eligible ? If yes, how can I initiate the card application ? bank or online ?

Offline is preferred. You may have the contact details of bank SPOCs in your internal portal. You can call them and request for it. Otherwise, your induction program HRs also have these details ( as they arrange for Bank Kiosk during new joiners induction programs)

If nothing working mentioned above -Final option is to get the RM details from your colleague who opened ICICI salary account from IBM , and call him if can he assist in the same

 

[ashwinkashwink is verified member.]

@dhshankar @ashwink I take a LOT of deductions to ensure my tax is low. This means that net take home is much lower than the gross monthly pay.

If I'm being completely honest, the net take home after all these (reimbursement deductions at source + PF + NPS employer + tax) is about 57% of my gross salary.

Net Salary = 57% of Gross Salary
My Pay slip clearly mentions both Gross and Net.

In this case, will ICICI or any other bank consider net salary or gross salary?

Thrn Net salary is considered.

 

[souvikdey2002]

I have Rubxy LTF from pre approved offer and have less than 1 lakh salary... There might be exception on the high cibil score and MAB/MQB you maintain in your account

Did you have any account with ICICI?? If Yes, then I really don't know
If no, then it has come purely based on your Cibil, my wife has also got this.

 

[dhshankar]

I have Rubxy LTF from pre approved offer and have less than 1 lakh salary... There might be exception on the high cibil score and MAB/MQB you maintain in your account

My post is related to LTF eligibility based on the salary conditions.
Of course, There could other ways where LTF could be obtained based on relationship with Icici.

What is account variant you have with Icici and AMB for the same ?

 

[alphadark7]

@dhshankar @ashwink I take a LOT of deductions to ensure my tax is low. This means that net take home is much lower than the gross monthly pay.

If I'm being completely honest, the net take home after all these (reimbursement deductions at source + PF + NPS employer + tax) is about 57% of my gross salary.

Net Salary = 57% of Gross Salary
My Pay slip clearly mentions both Gross and Net.

In this case, will ICICI or any other bank consider net salary or gross salary?

33% tax is for people who have salary above 50 lakhs
Net or Gross wouldn't really matter in this case, would it?

 

[alphadark7]

Don't know how to check but it shows account type saving with category SBKIT, MAB of 7 Lakhs.

Also can i get a better one than this?

+++++++++++++++++++

Update- Customer care is saying am holding Salary account with 0 balance as criteria, app is showing upgrade to The "One Salary Account" and "Gold Account". For gold one they are setting a criteria of 50k as MAB.

They can't see my company name... if i change the salary from this account to another bank will there be any charges levied or downgrade by them?

any trick for 0 MAB ICICI gold/Wealth management account?

Yes, they might convert it to a Savings account in 3 months
You can upgrade it to One Titanium if the salary is 1 lakh per month

 

[akshayhs]

My employer is mostly opting for a corporate tie up with ICICI. Can someone share their opinions on whether Coral will be a good choice for the first credit card from ICICI? Or will ICICI Plat Chip do? No preference personally but would go with the one that's better than the other (only between the two).

 

[ashwinkashwink is verified member.]

My employer is mostly opting for a corporate tie up with ICICI. Can someone share their opinions on whether Coral will be a good choice for the first credit card from ICICI? Or will ICICI Plat Chip do? No preference personally but would go with the one that's better than the other (only between the two).

Go for coral only if offered as LTF...

 

[Batman]

33% tax is for people who have salary above 50 lakhs
Net or Gross wouldn't really matter in this case, would it?

It isn't just the taxes. I've also maxed out on PF employee and employer (12% + 12% of basic) + NPS employee and employer ( 4100 + 10% of basic). So the total deduction is huge.

If you mean that even after deductions, the salary should be high enough - I've not had a great time negotiating with these banks. Most of them get nit picky, just choosing absurd reasons just to deny issuing their super premium cards.

 

[alphadark7]

It isn't just the taxes. I've also maxed out on PF employee and employer (12% + 12% of basic) + NPS employee and employer ( 4100 + 10% of basic). So the total deduction is huge.

If you mean that even after deductions, the salary should be high enough - I've not had a great time negotiating with these banks. Most of them get nit picky, just choosing absurd reasons just to deny issuing their super premium cards.

Do you pay employers contribution or they match your 12%?

 

[SC_23]

In this case, will ICICI or any other bank consider net salary or gross salary?

Did you found out whether they consider net or gross ? If anyone also have idea about axis kindly revert.

 

[helloworld]

Did you found out whether they consider net or gross ? If anyone also have idea about axis kindly revert.

AFAIK, banks usually considers net salary, based on this they offer personal loan, credit cards etc.

They may relaxed a bit based on credit score, other credit cards or limits, relationship with bank.

But, if we particularly talking about salary part, it is net salary (I came to know when I applied personal loan and one of the credit card).

 

[Batman]

Do you pay employers contribution or they match your 12%?

Writing a long note in case that helps -

I work in a public listed IT company. For PF and NPS, both employee and employer contribution are part of my CTC.

My CTC = Basic + HRA + Special Allowance

Special Allowance is flexible and fully taxable. If I opt for PF, NPS etc the Special Allowance money is reduced and allocated to these sections.

Example: Let's say total Special Allowance = 20,000.

If I take PF = 1800, Special Allowance = 20,000 - 1800 - 1800. Now 16,400 would be taxable.
If I take PF = 12% of Basic, Special Allowance = 20,000 - 24% of Basic. Now this amount would be taxable.

Does this help?

 

[Batman]

Did you found out whether they consider net or gross ? If anyone also have idea about axis kindly revert.

No answer yet. Once again, bank people did not clarify.

 

[SubhankarSubhankar is verified member.]

I have a 4 yr old salary account with ICICI (high balance). I got an LTF Rubyx in my first year of work based on salary levels. My salary has increased to 2.3L pm post deductions and tax. I want to covert to Sapphiro LTF because of dreamfolks. I have 15L credit limit on my current rubyx

When i texted the ICICI RM, they said they dont run salary based LTF offers anymore. I think its untrue. How should i approach this. Because of ICICI's bad reward system, Im not interested in paying for the card. I generate enough business for them in other areas.

ICIC sometimes provide spend based LTF. If you have that long relationship, take the upgrade to Sapphiro, pay the fee. Spend 6-8L. Drop a mail to PNO, asking for the conversion of Sapphiro to LTF.
Except that unless you get "pre-approved LTF" offer, you can't get it LTF in any other way. Ofcourse unless you're holding big fat NRV with them. Like with 2 Cr+ NRV one can get Emeralde as LTF on approval basis.