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

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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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samm255 said:
I've WM account but they charged me for IMPS. Isn't it fee for wealth customer?
Click to expand...
wait for 24-48 hours.. then check your statement again..
Once they charged me and later corrected the statement..

If it doesn't get corrected, check MAB details or try if they let you connect to WM customer care number.
 
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Actually as per mail you need to maintain 25k.
"we may have to convert your Account to Privilege Banking as per your current DIV. This calls for a Minimum Average Balance (MAB) of ₹25,000, failing which, MAB charges will be applicable"
 
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xywowowvw said:
downgrade happened for you?
Click to expand...
kshitij_0 said:
Has anyone's ICICI Wealth A/c downgraded ever?
Share your experiences
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hellobois said:
No one is waiting for downgrade. Everyone is going for account closure or Zero mab
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kshitij_0 said:
I mean even if they downgrade to Privilege also, it'll be zero mab only with less benefits than Wealth.
Worst thing they can do is to convert to 10k A/c, then best thing we can do is to close that.
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anotheruser said:
Actually as per mail you need to maintain 25k.
"we may have to convert your Account to Privilege Banking as per your current DIV. This calls for a Minimum Average Balance (MAB) of ₹25,000, failing which, MAB charges will be applicable"
Click to expand...
My icici wealth management downgraded from wealth management to privilege banking. Black theme gone and it's showing privilege banking in net banking.
Also received mail to maintain 25k balance or NMC will be charged.

I was given warning of 24th November 2023 to maintain TRV of 25 lakhs for wealth via email. But i didn't do anything as I'm not using that account.
I only opened it and after 1 month removed funding of 5 lakhs.
 

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Bhagat Singh said:
My icici wealth management downgraded from wealth management to privilege banking. Black theme gone and it's showing privilege banking in net banking.
Also received mail to maintain 25k balance or NMC will be charged.

I was given warning of 24th November 2023 to maintain TRV of 25 lakhs for wealth via email. But i didn't do anything as I'm not using that account.
I only opened it and after 1 month removed funding of 5 lakhs.
Click to expand...
Maybe they extended the timeline by 1 month. By that logic my downgrade will happen next month 🥲
 
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I have been Wealth management customer for so many years (may be due to old salary account). Never got any email about MAB. But now suddenly got an email on maintaining 25K MAB for Dec. Is this happening for everyone? Has ICICI suddenly woken up from slumber?
 
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sourpai said:
I have been Wealth management customer for so many years (may be due to old salary account). Never got any email about MAB. But now suddenly got an email on maintaining 25K MAB for Dec. Is this happening for everyone? Has ICICI suddenly woken up from slumber?
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It seems so. But wealth account is showed as 0 balance account on icici website and RM AND BM also said same. Only weath select have 10 lakhs mab or 25-30lakhs nrv and private account has nrv condition
Normal wealth account is mentioned 0 balance without any conditions everywhere.
 
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Bhagat Singh said:
It seems so. But wealth account is showed as 0 balance account on icici website and RM AND BM also said same. Only weath select have 10 lakhs mab or 25-30lakhs nrv and private account has nrv condition
Normal wealth account is mentioned 0 balance without any conditions everywhere.
Click to expand...
Maybe take them for a tour to RBI BO. 😉
 
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Bhagat Singh said:
My icici wealth management downgraded from wealth management to privilege banking. Black theme gone and it's showing privilege banking in net banking.
Also received mail to maintain 25k balance or NMC will be charged.

I was given warning of 24th November 2023 to maintain TRV of 25 lakhs for wealth via email. But i didn't do anything as I'm not using that account.
I only opened it and after 1 month removed funding of 5 lakhs.
Click to expand...
So it is already happening. 😌
 
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