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

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xfactcc

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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mgforce said:
No, PPF are not considered in TRV/NRV/DIV in any of the banks
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You might not know about it... but that doesn't mean you can say "its not considered in any bank" without checking it 😛

Axis burgundy considers PPF... but there is a caveat that PPF account should be loaded via Axis Bank account

Example: for maintaining Burgundy status solely on the basis of PPF account, you can not shift your PPF account (lets say you have 30L) from SBI to Axis and ask them to maintain burgundy status..

Those 30L should come to your Axis account first and then should be transferred axis ppf for it to be counted under Investment Relationship..

See criteria for more info: https://www.axisbank.com/docs/defau...ent-library/burgundy-eligibility-criteria.pdf
 
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NOOBY said:
You might not know about it... but that doesn't mean you can say "its not considered in any bank" without checking it 😛

Axis burgundy considers PPF... but there is a caveat that PPF account should be loaded via Axis Bank account

Example: for maintaining Burgundy status solely on the basis of PPF account, you can not shift your PPF account (lets say you have 30L) from SBI to Axis and ask them to maintain burgundy status..

Those 30L should come to your Axis account first and then should be transferred axis ppf for it to be counted under Investment Relationship..

See criteria for more info: https://www.axisbank.com/docs/defau...ent-library/burgundy-eligibility-criteria.pdf
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Ok, thanks for correction, was not aware of this.

But then herein, your quoted example of Axis B, PPF is considered in "Investment Holding" where you need TRV of 1 cr.
 
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NOOBY said:
You might not know about it... but that doesn't mean you can say "its not considered in any bank" without checking it 😛
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That goes without saying (though there are few forum members who without having an account/experience will state info as facts).

I stand corrected for PPF, but what I shared was basis my experience and discussions at the time of opening account with bankers (Imperia, Burgundy, Wealth & Pioneer). I have these relationships and so know what works and what doesn't work 🙂

And before someone confuses, I mean the first slab of DIV/TRV/NRV requirements of 30L which is the typical ask across. This is without MF/Demat/Loan/ULIP blah blah etc because that goes into a different slab.

For me, MF are direct, get lower expense ratio. And Stocks are via Discount Brokers. So never a consideration. Only debt part & salary is with banks

Thanks to @S S V for correcting. ICICI considers MF in their DIV of 25L.
 
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Hey guys, reporting another strange occurrence

So I maintain 1-2L in my wealth management account. Did not get a downgrade trigger, confirmed with RM everything is fine with the account. However, since yesterday the CIBIL report section says "This service is currently unavailable" in Netbanking and throws a similar error when I try to view/create my CIBIL score/report in iMobile App. Let me know if anyone else is facing a similar issue.

What is happening guys? Any idea?
 
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dvader said:
Hey guys, reporting another strange occurrence

So I maintain 1-2L in my wealth management account. Did not get a downgrade trigger, confirmed with RM everything is fine with the account. However, since yesterday the CIBIL report section says "This service is currently unavailable" in Netbanking and throws a similar error when I try to view/create my CIBIL score/report in iMobile App. Let me know if anyone else is facing a similar issue.

What is happening guys? Any idea?
Click to expand...
Correct. Cibil services may be down or ICICI may be fixing this unlimited cibil bug. 🙂
Screenshot_20231104-175047.png
 
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dvader said:
Hey guys, reporting another strange occurrence

So I maintain 1-2L in my wealth management account. Did not get a downgrade trigger, confirmed with RM everything is fine with the account. However, since yesterday the CIBIL report section says "This service is currently unavailable" in Netbanking and throws a similar error when I try to view/create my CIBIL score/report in iMobile App. Let me know if anyone else is facing a similar issue.

What is happening guys? Any idea?
Click to expand...
Its a one day off thing.. happened in the past.. try tomorrow
 
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