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Converting ₹25K MAB IDFC FIRST Bank account to a ₹10K MAB one
- Thread starter CosmicCat
- Start date
Solution
Me.
No, platinum won't be blocked but additional classic will be issued.
No charges.
CosmicCat
TF Ace
Thanks for answering my query. Really appreciate it.
Could you please answer the following questions?
- How long ago did you convert it?
- Was the Visa Classic debit card issued automatically after the successful conversion?
- When you visited the branch, was it done instantly? Or it took time? If so, how long?
1. March
2. Yes automatically within 2 days
3. On visiting branch I was given a simple form which I needed to sign along with pan and id proof copy. The downgrade happened same day evening.
CosmicCat
TF Ace
I see. But since you converted it in March and a year hasn't passed already, so we don't know whether they would charge annual fees on the Platinum one or not, since the only differences between both the savings account variants are the debit card, and of course, the MAB requirement.
Anyway, how do you check what account variant you have? I can't find that option anywhere in both netbanking and the mobile app.
Once you downgrade, "savings regular 10k" will be written just beside account number, on both mobile app and netbanking.
IDFC has no charges for dc for both 25k and 10k accounts. I called customer care and they said I won't be charged for platinum dc if I maintain 10k
CosmicCat
TF Ace
That's some great news. I think, to be on the safe side, I would still block the Platinum debit card.
The account actually belongs to my father, who created it solely for FDs as their interest rates are one of the best, and for the zero charges levied for most services. They outright refused to open the ₹10K variant at the branch, and opened the ₹25K variant instead.
If you wish to block platinum dc, can you do an experiment for me?
Without blocking platinum dc, use classic dc once and wait for few days to see if platinum dc gets canceled automatically. If it doesn't, then you can cancel it manually.
CosmicCat
TF Ace
UPDATE: Today, in the afternoon, dad went to the branch to convert his 25K Savings account variant to the 10K one. They just asked him to fill out an Account Conversion form. And an SR was created for it by the branch official. (No SMS/email was sent for SR number creation; it was just visible in the app.)
Within 2 hours, he got an SMS as well as email that the SR has been successfully processed and closed. When I logged in, I noticed that his account was successfully converted to the 10K variant. It used to previously show as "Savings - Regular" for the 25K MAB variant, then was automatically converted to "Savings - Senior Citizen" the day he turned 60. And, now, after the conversion, it shows the account variant as "Savings - Senior Citizen 10K."
Also, a new Visa Classic debit card is showing in the app too as "Inactive." And the existing Visa Platinum one is active as well. So far no charges have been deducted. Will keep you all posted if any charges are deducted.
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it won't & no charges. ive 5 debit cards from idfc (same acc), so im aware of the process.
Visa Plat (on acc. opening), Visa Sig. (on acc variant change), First Select (upgrade), First Wealth (upgrade). separately ordered Firstap sticker debit card.
ontherocks
TF Premier
For activating a new DC, the only option available in the IDFC app and IVR is "Generate PIN". Is that the only way for IDFC DCs?
SpidySpider
TF Premier
Are you able to use all of them currently? Or only 1 is active?
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