Got IDFC account upgrade SMS despite low MAB, should I proceed or wait?

[sharpened]

Hello all, I visited the IDFC branch to ask whether they can upgrade my 25k MAB account to Wealth after a month or so. But they were more than happy to just send me an upgrade SMS right away when they noticed I have >10L in the account.

I told them that the average balance is still really low because I only transferred the 10L a few days ago, but they said it doesn't matter and I should get upgraded after providing my consent. According to them, the only long-term criteria is that the savings account should be >6 months old.

What should I do here? My average balance is probably around 1-2L for this month now, but the real-time balance is well above the required threshold. If I accept, will another team perform a backend eligibility check and potentially disqualify the upgrade? Or is it guaranteed once the branch employee gives the green light?

 

[yolofino]

Hello all, I visited the IDFC branch to ask whether they can upgrade my 25k MAB account to Wealth after a month or so. But they were more than happy to just send me an upgrade SMS right away when they noticed I have >10L in the account.

I told them that the average balance is still really low because I only transferred the 10L a few days ago, but they said it doesn't matter and I should get upgraded after providing my consent. According to them, the only long-term criteria is that the savings account should be >6 months old.

What should I do here? My average balance is probably around 1-2L for this month now, but the real-time balance is well above the required threshold. If I accept, will another team perform a backend eligibility check and potentially disqualify the upgrade? Or is it guaranteed once the branch employee gives the green light?

What's the harm? Do it.

 

[BCh]

Just click on the consent message..as simple as that. Its a zero balance account. You'll receive the debit card in 2 weeks.

 

[Paritosh]

What is MAB for wealth account? Do I need to pay charges if the balance is not maintained?

 

[xiddy]

I read here that upgrading to wealth is difficult even if you have 10L balance in the account. I'll call my branch in the morning and ask if they will send me the upgrade invite. I am mainly looking to get the wealth credit card, but I also have Select CC now, so not sure how this will go.

 

[Paritosh]

I read here that upgrading to wealth is difficult even if you have 10L balance in the account. I'll call my branch in the morning and ask if they will send me the upgrade invite. I am mainly looking to get the wealth credit card, but I also have Select CC now, so not sure how this will go.

You can ask for card upgrade if your card limit is above 5L.

 

[xiddy]

I read here that upgrading to wealth is difficult even if you have 10L balance in the account. I'll call my branch in the morning and ask if they will send me the upgrade invite. I am mainly looking to get the wealth credit card, but I also have Select CC now, so not sure how this will go.

UPDATE: My branch wants me to keep a 10L average quarterly balance before they will invite me to upgrade to wealth. There is no way I am doing that, this bank's app is buggy AF, and barely anything works.

 

[xiddy]

You can ask for card upgrade if your card limit is above 5L.

They gave me only a 2L limit on the Select card. I wonder if I can request them to raise the limit instead.

 

[Paritosh]

They gave me only a 2L limit on the Select card. I wonder if I can request them to raise the limit instead.

You can request them with supporting documents. They will process your request. You can upgrade card without account opening.

 

[xiddy]

You can request them with supporting documents. They will process your request. You can upgrade card without account opening.

Do you know how? Do I email their customer care? I already have an account with them.

 

[Paritosh]

Do you know how? Do I email their customer care? I already have an account with them.

Just call their customer care. They will tell you the procedure.

 

[sharpened]

UPDATE: My branch wants me to keep a 10L average quarterly balance before they will invite me to upgrade to wealth. There is no way I am doing that, this bank's app is buggy AF, and barely anything works.

Yeah, see? This is why I was skeptical that my branch just sent me an upgrade link even though my average balance is like 25k. I had just transferred 10L earlier that week.

Anyway, I've provided my consent. Let's see if they go through with the upgrade or not.

 

[xiddy]

Yeah, see? This is why I was skeptical that my branch just sent me an upgrade link even though my average balance is like 25k. I had just transferred 10L earlier that week.

Anyway, I've provided my consent. Let's see if they go through with the upgrade or not.

Good luck.

 

[Chaitanya-a]

UPDATE: My branch wants me to keep a 10L average quarterly balance before they will invite me to upgrade to wealth. There is no way I am doing that, this bank's app is buggy AF, and barely anything works.

Yeah its required to get Wealth account. My RM asked me to keep 5L for a month to upgrade to Select account which I did and then upgraded to Select. For wealth a/c, he demanded same 10L condition.

 

[sharpened]

Yeah its required to get Wealth account. My RM asked me to keep 5L for a month to upgrade to Select account which I did and then upgraded to Select. For wealth a/c, he demanded same 10L condition.

How did you have a RM without Select or higher, if I may ask? My 25k MAB account didn't come with one and I had to visit the branch instead.

 

[Chaitanya-a]

How did you have a RM without Select or higher, if I may ask? My 25k MAB account didn't come with one and I had to visit the branch instead.

Actually I Directly wanted to open Wealth Account. So I called IDFC CC and placed request for that. My area specific Wealth RM called me and told me the procedure. It got upgraded in next 1 month.

I stretched till 8L but he said min 10L required for wealth account and hence I went with Select.

 

[djrocky]

Actually I Directly wanted to open Wealth Account. So I called IDFC CC and placed request for that. My area specific Wealth RM called me and told me the procedure. It got upgraded in next 1 month.

I stretched till 8L but he said min 10L required for wealth account and hence I went with Select.

Do IDFC consider both Savings + FD for the upgrade to Select / Wealth account ?

One of my friends told that his neighbour received amazon prime membership with wealth account last year. Not very sure regarding the criteria. Can anyone guide with benefits of IDFC wealth account ?

 

[Chaitanya-a]

Do IDFC consider both Savings + FD for the upgrade to Select / Wealth account ?

One of my friends told that his neighbour received amazon prime membership with wealth account last year. Not very sure regarding the criteria. Can anyone guide with benefits of IDFC wealth account ?

Subscription benefits have been stopped now.

Yes FD can be considered for upgradation. But you should discuss everything before opening account with them. If they're not promising, then don't go for it.

In my case, I discussed everything beforehand with the RM and then only opened account.

 

[Paritosh]

The bank executive told I can keep low AMB in both select and wealth account. There are no charges. I think he is giving false promises. I didn't open the account yet.

 

[Chaitanya-a]

The bank executive told I can keep low AMB in both select and wealth account. There are no charges. I think he is giving false promises. I didn't open the account yet.

He is right. There's no compulsion of maintaining AMB as there's no charge. Just have to maintain basic 10k or 25k balance.