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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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xfactcc said:
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?

😕
Click to expand...
Does your MAB shows "0" like below in your net banking?

If so, nothing to worry....

1693488002587.png
 
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I won't say bluff unless RM asked you to invest somewhere else to avoid getting out of AMB/AQB.

Lately they have become active in monitoring the accounts and DIV/TRV
 
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mgforce said:
I won't say bluff unless RM asked you to invest somewhere else to avoid getting out of AMB/AQB.

Lately they have become active in monitoring the accounts and DIV/TRV
Click to expand...
Yes, may be true...

Whatever conditions attached to your account must be followed.... Its upto the bank whether to enforce them or not...
In this case if a WM account was granted on the basis of MAB "0" , then the bank have no say...
 
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0xfallup said:
My branch RM is asking for reference daily for WM acc and advertising it LIFETIME 0MAB , as long as he is my RM i don't have to be worried that's for sure 🙂
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It is miss-selling. But yes, atleast for last few years have seen ICICI not enforcing the TRV/DIV mandate.

PS: I was offered Wealth Select with IP of 10 lakhs and later on told the employee was wrong etc (all over email).
 
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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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S S V said:
Yes, may be true...

Whatever conditions attached to your account must be followed.... Its upto the bank whether to enforce them or not...
In this case if a WM account was granted on the basis of MAB "0" , then the bank have no say...
Click to expand...
It's not simple as that. It's a zero balance account, provided you maintain required NRV with the bank. Lest, it's upto the bank to downgrade you.
(According to what I believe, practically, it's opened with initial funding as per mutual understanding with the customer and the bank and it's expected of customer to reach the required NRV within some time frame.)
 
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shrewdoc said:
It's not simple as that. It's a zero balance account, provided you maintain required NRV with the bank
Click to expand...
That is what I am saying, the condtions on which the account is opened have to be respected...

My account and most of the WM accounts that are opened by invite (or by IP) ( Not upgrade or based on TRV) are 0 MAB means. there are no condtions attached..
You can ask your RM / CC about if there are any conditions attached...
 
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S S V said:
That is what I am saying, the condtions on which the account is opened have to be respected...

My account and most of the WM accounts that are opened by invite (or by IP) ( Not upgrade or based on TRV) are 0 MAB means. there are no condtions attached..
You can ask your RM / CC about if there are any conditions attached...
Click to expand...
All WM accounts are 0 MAB. But it is expected of the customer to reach the required NRV in the coming months. It's not mentioned anywhere but that's how HNI accounts work. If you don't maintain the NRV, bank can downgrade you.
 
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shrewdoc said:
All WM accounts are 0 MAB. But it is expected of the customer to reach the required NRV in the coming months. It's not mentioned anywhere but that's how HNI accounts work. If you don't maintain the NRV, bank can downgrade you.
Click to expand...
There is no one rule that fits all "all HNI accounts works like that"... with rule it has, to be black or white...
If that is the expectation, then that expectation also must be in writing....
 
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xfactcc said:
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?

😕
Click to expand...
You tell us tomorrow 😜
 
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S S V said:
I am saying all WM are 0 MAB only .. but you are saying this 0 MAB is based on "expectation of maitaining NRV" .. I am asking if this maintaing NRV is also mandaroty for all or not??
Click to expand...
I said it's not written with ICICI, but that's how HNI programs work. You can check with SBI, BOB, Axis.
shrewdoc said:
It's not mentioned anywhere but that's how HNI accounts work. If you don't maintain the NRV, bank can downgrade you.
Click to expand...
Although from what I have read on this forum, ICICI and HDFC haven't downgraded yet.

But well, why should we break sweat when something doesn't concern us. Whatever the result, maybe our OP will confirm soon hopefully. 😀
 
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shrewdoc said:
All WM accounts are 0 MAB. But it is expected of the customer to reach the required NRV in the coming months. It's not mentioned anywhere but that's how HNI accounts work. If you don't maintain the NRV, bank can downgrade you.
Click to expand...
shrewdoc said:
Yes, all ICICI WM are 0 MAB accounts. If you find otherwise, do let me know. I'll learn something new.
Click to expand...


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...



1693493471553.png


1693493526840.png

1693493744560.png
 
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shrewdoc said:
I said it's not written with ICICI, but that's how HNI programs work. You can check with SBI, BOB, Axis.
Click to expand...
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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