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Got a call from ICICI Wealth RM regarding 'downgrade trigger'!

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xfactcc

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Today I got a call from my Wealth account assigned RM that he has got a 'downgrade trigger' for my account because my account is not maintaining sufficient balance i.e., I am maintaining around 10k these days... so he has apparently got a trigger to downgrade my account to 10k MAB variant one.

I said the bank must inform me in writing via email or letter first before it actually does that, but he said no it happens centrally/automatically without any notification and his call is the intimation of that.

During account opening the branch official confirmed no downgrade will happen to this account, I mentioned that. He was silent about it.

It did sound like a threat call initially before he went on about the possible ways I can use their services and products etc and ended on a polite sales pitch tone.

Today's the month end, so is he bluffing or ICICI Wealth downgrade is going to happen? What do you guys think?

😕
 
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S S V said:
Okay, I will explain you the whole scenario in detail:


I recevied the invite to open a WM account from a WM branch.. The invitation contains the following content.. I don't think I got any special terms and conditions here ,.. this is basically a general standard template::

The highlights:

1) No minimum balance requirement for SB account and
2) Complementary Master World DC

The interesting points about the above two highlights is : they are unconditional... there are no strings attached to it.. ( no *, in T&Cs)..

Where as there are other two features that are with T& Cs .. they are:

1) Waiver of joining fees on Saphiro card *
2) free brokerage of up to 29,500 on ICICI direct a/c ** ...

So these two facilities are provided on their respective conditions....

Hope you got my point...



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I have a privilege salary account with them can I change it into wealth ?
 
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telescope said:
How to know which is WM branch?
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like this:

photo.jpg




List here:

Wealth Management branches/ lounges/ cabin - ICICI Bank

Wealth Management branches/ lounges/ cabin, Wealth Management branches icici bank, Wealth Management lounges, Wealth Management cabin
www.icicibank.com www.icicibank.com
 
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mgforce said:
From ICICI Website

Wealth Management services are available for customer maintaining a Deposits and Investment Value* (DIV) of minimum INR 25 lac.

*Deposit and Investment Value includes:

  • Savings and Current Account Balance
  • Fixed Deposits
  • Mutual Fund Holdings Value
  • ULIP Holdings Value.
Note that the definition of DIV can be changed at any time by ICICI Bank at its own discretion.
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That's right. The Savings Accounts falling under Wealth Management Services do indeed have "No minimum Balance Requirement" separately. But the argument that that benefit comes "with no strings attached" as the norm is at best tenuous. For one thing, the ICICI Wealth Management page listing the Savings Account benefits clearly says "T & C apply". For another, these Savings Accounts obviously fall under the Wealth Management Services, the conditions for which you have quoted above from the ICICI website. Those are the strings! So I don't think the OP has a case if ICICI see it fit to go ahead with the downgrade for some reason.

Indian private banks like ICICI choose to be devious (HDFC too) about things when that suits their purpose somehow. For example, like the definition of DIV mentioned above, ICICI have another definition of TRV (Total Relationship Value) on their website for their Privilege accounts. After a couple of months of struggle in vain to get them to honour their own definition of TRV (they had chosen to be non-commital all along), I had finally decided it to be easier to move my money elsewhere.
 
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Trust Me said:
That's right. The Savings Accounts falling under Wealth Management Services do indeed have "No minimum Balance Requirement" separately. But the argument that that benefit comes "with no strings attached" as the norm is at best tenuous. For one thing, the ICICI Wealth Management page listing the Savings Account benefits clearly says "T & C apply". For another, these Savings Accounts obviously fall under the Wealth Management Services, the conditions for which you have quoted above from the ICICI website. Those are the strings! So I don't think the OP has a case if ICICI see it fit to go ahead with the downgrade for some reason.

Indian private banks like ICICI choose to be devious (HDFC too) about things when that suits their purpose somehow. For example, like the definition of DIV mentioned above, ICICI have another definition of TRV (Total Relationship Value) on their website for their Privilege accounts. After a couple of months of struggle in vain to get them to honour their own definition of TRV (they had chosen to be non-commital all along), I had finally decided it to be easier to move my money elsewhere.
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Agreed. Upgrading for me was a hassle. Despite maintaining much more than the required NRV, they had to take product-team approvals for upgrading my 7 year old account with them. It took roughly 2 weeks+ in my case. Reading forum posts, found that opening new account is much simpler. If it becomes a hassle, you start losing trust.
 
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shrewdoc said:
Agreed. Upgrading for me was a hassle. Despite maintaining much more than the required NRV, they had to take product-team approvals for upgrading my 7 year old account with them. It took roughly 2 weeks+ in my case. Reading forum posts, found that opening new account is much simpler. If it becomes a hassle, you start losing trust.
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I echo your thoughts.I have maintained over 10L+MAB for many years only to stop using their services and moved my money to other accounts .Before moving i did check with customer service if having 0 balance in account will downgrade my status from WM to normal account and was told it will remain WM account. HAving to chase and explain everything everytime kinda tired me .For next 6 months i will be focusing on reviving my old accounts and upgrading along with increasing income to reach HNI.
 
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S S V said:
This is exactly correct.. that is why ICICI WM is a unique account unlike the other HNI accounts...

A truly 0 MAB account with no strings attached to it.......

I have explained the details in my previous post..
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Hi folks, today i recieved email from ICICI to maintain required relationship with them. I have been maintaining 50k balance since account opening while rest of the funding i withdrew. I asked useless RM she is clueless about it though confirmed that no amb is mandated for this account but said it is expected i do fd with them or take policies. What should i do? I don't intend to keep this account if they downgrade it.
 

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S S V said:
This is exactly correct.. that is why ICICI WM is a unique account unlike the other HNI accounts...

A truly 0 MAB account with no strings attached to it.......

I have explained the details in my previous post..
Click to expand...
I always looked it in another way...

they are giving 0 MAB account with the DC as free until you maintain their DIV requirement.

Example: you can keep 0 balance and use their DC for lounges, if you have 25L invested in term deposits, Mutual funds and Insurance combined. If you have invested only 20L in these 3, then keeping 5L in savings would become mandatory.

So, WM account is a 0 balance account (no T&C applicable), but the WM status requires 25L DIV which is calculated by adding those 4 products.

This is what I always assumed. the IP feature is to enable customer to grow their funds/investments gradually to 25L
 
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NOOBY said:
I always looked it in another way...

they are giving 0 MAB account with the DC as free until you maintain their DIV requirement.

Example: you can keep 0 balance and use their DC for lounges, if you have 25L invested in term deposits, Mutual funds and Insurance combined. If you have invested only 20L in these 3, then keeping 5L in savings would become mandatory.

So, WM account is a 0 balance account (no T&C applicable), but the WM status requires 25L DIV which is calculated by adding those 4 products.

This is what I always assumed. the IP feature is to enable customer to grow their funds/investments gradually to 25L
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True. I just wrote similar in other thread. Good thing is this is just banking relationship program and have to just downgrade but no penalty for non MAB. Underlying account type with MAB will Remain same. People have to be careful on debit card as they may charge in year end due to downgrade.
 
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My Hdfc savings max account (preferred banking) is miles ahead in terms of benefits. In comparison this account has zero benefits for my use. Any minimal way to keep this from downgrading? Else have to close this.
 
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