Feedback On SBI Wealth Salary Account

[maulik]

Looking for feedback/past experience on SBI Wealth account.

They give Wealth Signature Debit card as LTF and SBI Elite Credit Card as FYF.

Locker concession 25%.( if one can get locker available)

And SBI Wealth investment outlook (via Email).

I Know SBI staff sometime could be difficult to deal with but once things are setup, generally never need to visit bank.

Axis Staff told they won't give Burgandy due to 3L net credit requirement, even if they open it will automatically downgraded to priority.

ICICI - Staff told no extra benefit for salary account. It may or may not get upgrad to ICICI wealth.

Any other bank suggestions also welcome.

 

[bugmenot]

Check IDFC Wealth, HDFC preferred/imperia and IndusInd bank

 

[suhailmz]

I would not suggest SBI. No matter what they offer, their customer service is unbearable. Check out HDFC & IDFC premium accounts.

 

[BCh]

I've SBI salary account for a long time and almost never visit the branch... Everything can be done online except on rare cases (ex. to update kyc). You need to have net salary of 2 lakhs for wealth relationship in SBI.

 

[Chaitanya-a]

Check IDFC Wealth, HDFC preferred/imperia and IndusInd bank

I'm a HDFC Preferred account holder. Believe me there's nothing special about HDFC's premium banking.
Even Inperia customers aren't happy as debit card and most of the services are same from 25k MAB Savings max account till 10L MAB Imperia account.

I also hold IDFC Select account and I can say they're far better in providing premium services when compared to HDFC Bank.

 

[ankit_tf]

I got sbi wealth account upgrad recently despite not meeting eligibility. Yet, I don't see any significant benefits for an account that has 30L average balance requirement. HDFC lacks transparency so I closed that. Icici wealth is slightly better. Got Indus partner (@ 0MAB) and Axis Burgundy recently. But onboarding hasn't really been great. Though I am closing my idfc account, I have better experience with it. So I would recommend icici/idfc wealth variants.

 

[jack333]

Sbi wealth requirement is 30 lakh. They give visa signature debit card free. Better take indusind pioneer or axis burgundy which require 10 lakh or icici wealth which can be opened with 5 lakh but gives wealth platinum debit card. You can open wealth select account with 25 lakhs which gives visa infinite debit card

 

[roadrunner]

Looking for feedback/past experience on SBI Wealth account.

They give Wealth Signature Debit card as LTF and SBI Elite Credit Card as FYF.

Locker concession 25%.( if one can get locker available)

And SBI Wealth investment outlook (via Email).

I Know SBI staff sometime could be difficult to deal with but once things are setup, generally never need to visit bank.

Axis Staff told they won't give Burgandy due to 3L net credit requirement, even if they open it will automatically downgraded to priority.

ICICI - Staff told no extra benefit for salary account. It may or may not get upgrad to ICICI wealth.

Any other bank suggestions also welcome.

Axis Burgundy has a requirement of 30 Lks FD requirement. If you have the funds, they are running offering 8.01% for senior citizens for 2 year FD.
This is a good Rate of return considering competition.
If you do not have the funds, then consider opening a burgundy family (family members can open their account and then the funds under the family ID can be used to satisfy 30 Lks).

Another option is to take Priority now. You will get locker concession of 50%. Eventually, plan and save 30laks and get upgraded.

3rd option is ICICI wealth account (in my city, the requirement is 10Lks FD). I have not used ICICI wealth services and I am happy with the regular service they provide as part of my salary account.

I was an employee (Asst Mgr) of State bank group and quit the service in 2013. Though I have a SB account with them, I bank with them only for the competitive rates. When it comes to service, it is a hit or miss.
I do not hold an Axis bank SB but do hold a Magnus card.
My salary account is with ICICI.

 

[sauravkumar]

Axis Burgundy has a requirement of 30 Lks FD requirement. If you have the funds, they are running offering 8.01% for senior citizens for 2 year FD.
This is a good Rate of return considering competition.
If you do not have the funds, then consider opening a burgundy family (family members can open their account and then the funds under the family ID can be used to satisfy 30 Lks).

Another option is to take Priority now. You will get locker concession of 50%. Eventually, plan and save 30laks and get upgraded.

3rd option is ICICI wealth account (in my city, the requirement is 10Lks FD). I have not used ICICI wealth services and I am happy with the regular service they provide as part of my salary account.

I was an employee (Asst Mgr) of State bank group and quit the service in 2013. Though I have a SB account with them, I bank with them only for the competitive rates. When it comes to service, it is a hit or miss.
I do not hold an Axis bank SB but do hold a Magnus card.
My salary account is with ICICI.

On 3rd option I have a query:
May I know in which you are?
And are you sure 10 Lks FD will work for ICICI Wealth?

 

[roadrunner]

On 3rd option I have a query:
May I know in which you are?
And are you sure 10 Lks FD will work for ICICI Wealth?

Yes 10 lak FD for wealth but this depends on the city. The branch I enquired at was in south India (non metro).
Please note that quality of service purely depends on the staff and perception of service by customers.
I am planning to upgrade to ICICI as the branch staff are delightful to interact. Other positives, they are closest to my home and I have a locker with them.
Unfortunately for credit cards, ICICI lags. Magnus is my primary card.

 

[ashwinrow]

I got sbi wealth account upgrad recently despite not meeting eligibility. Yet, I don't see any significant benefits for an account that has 30L average balance requirement. HDFC lacks transparency so I closed that. Icici wealth is slightly better. Got Indus partner (@ 0MAB) and Axis Burgundy recently. But onboarding hasn't really been great. Though I am closing my idfc account, I have better experience with it. So I would recommend icici/idfc wealth variants.

Could you share in detail which branch or wealth manager who helped with it and how much of a difference was there in salary or trv

 

[ankit_tf]

Could you share in detail which branch or wealth manager who helped with it and how much of a difference was there in salary or trv

I think I was just lucky (seriously???) to get it. The manager probably wanted to achieve her target for promotion so might have converted randomly chosen accounts, because soon after I got my account she was replaced. I was only using it as secondary account, no salary credits just the account is 10+ yr old.

Anyway, I would suggest against SBI wealth. Having a wealth account, from any bank, in itself may be an issue as RMs are primarily assigned to cross-sell products instead of helping us. But seems situation is rather worse with SBI. In fact, I am thinking of reverting my account to regular account. I mean, seriously. Despite being a wealth account holder I got no benefit or expedition in Home Loan Approval. In fact I think it caused me even more trouble than if it wasn't a wealth account. On top of that, RM doesn't help on things that a regular branch can get done which is close to my home, but then my base branch people redirect me to a far off wealth branch.

 

[CardTox]

Looking for feedback/past experience on SBI Wealth account.

They give Wealth Signature Debit card as LTF and SBI Elite Credit Card as FYF.

Locker concession 25%.( if one can get locker available)

And SBI Wealth investment outlook (via Email).

I Know SBI staff sometime could be difficult to deal with but once things are setup, generally never need to visit bank.

Axis Staff told they won't give Burgandy due to 3L net credit requirement, even if they open it will automatically downgraded to priority.

ICICI - Staff told no extra benefit for salary account. It may or may not get upgrad to ICICI wealth.

Any other bank suggestions also welcome.

What is the salary requirement of SBI wealth salary account? I have platinum salary account in SBI...will i be upgraded automatically once i meet with the salary eligibility?

 

[Desu Sarath]

What is the salary requirement of SBI wealth salary account? I have platinum salary account in SBI...will i be upgraded automatically once i meet with the salary eligibility?

I don't think it is automatic. You need to get in touch with bank, Fill few forms and there is a approval process.