HDFC Downgrade from Preferred to Standard.

[its_karan]

A little help is needed, friends.
I have four savings accounts under family banking with HDFC so 40k is struck, currently all in Preferred, each maintaining a balance of 10k with no extra funds, as all my money is invested in mutual funds.

Although I used to be a preferred customer, the bank recently sent me a mail notifying that they will downgrade all my accounts. I assume it to a standard category.

Right now no charges were being deducted as all accounts were Preferred category customer.

Now, they will downgrade so I have some Qs.

Purpose: Want to pay minimum to maintain these accounts in charges. I don't need anything from the Bank but hate unnecessary charges. Will be keeping 10k in each account.

1. What all charges will start applying after downgrade to Standard Account, other than Insta Alerts and AMB non-fulfilment, i'll close the account which is not essential?
2. If I opt for the popular EasyShop Visa Platinum Debit card or Millenia Debit card now, should I issue it now as the charges are reversed from Preferred Category and save the the annual fee, which is around 850/600 something for 1 year, or will they charge no matter what? Right now have a Easyshop Rupay card(The 200 one).

 

[shashankrt]

Mis information what ? Seeing benefits @S S V received it is definitely good investment provided you are following the same route.

How? Not sure if you read my following post. If ULIPs required are 10 -20k then its ok. However if ULIPs worth 50K+ are required..then its a really bad deal. Ulip does not give more than 6 -7 percent returns after all the fees are deducted - whereas any MF will give 12+ returns for horizon of 5+ years. Now doe the maths and you will see that ULIPs taken even for infinia and imperia (which is useless anyways) can be quite loss making in long term.

 

[stech18]

Just downgrade / upgrade to as savings max and keep 25k, you will be fine

Is it possible to do this without visiting the branch?

 

[saucy]

See the thing is , we have to do apple to apple comparison to see this benefit..

1) ULIP is really a bad choice if we compare this to some other form for Investment choice

2) ULIP is great when we want to reap the benefits of cc spending via hdfc Infinia from the word go when compared to a typical and traditional way of getting the Infinia

What are the details of your ULIP

 

[varun__goel_]

Is it possible to do this without visiting the branch?

Only upgrade possible online:- https://instaservices.hdfcbank.com/?journey=102&LG=&LC=&source_type=103

 

[Vasuki]

See the thing is , we have to do apple to apple comparison to see this benefit..

1) ULIP is really a bad choice if we compare this to some other form for Investment choice

2) ULIP is great when we want to reap the benefits of cc spending via hdfc Infinia from the word go when compared to a typical and traditional way of getting the Infinia

How much ulip investment did u do ?

 

[Shin-Chan]

With ULIP as surrogate, I got
1) Infinia Metal ( FYF, soon to be LTF) and
2) Imperia program

First time I'm seeing someone getting the actual power of ULIP.

 

[Vasuki]

First time I'm seeing someone getting the actual power of ULIP.

You recovered from scapia shock

 

[Shin-Chan]

You recovered from scapia shock

Ha thoda Dard hua par Chalta hai !!

 

[SSV]

Is it possible to do this without visiting the branch?

Upgrade - Yes.
Downgrade - No.

Suppose say, you have normal SB account and under Classic / preferred.. and these HNI's are gone.
then you can upgrade your normal SB account to Savings Max online, using HDFC NOW...

HDFC BANK NOW - Click, Tab, Swipe, & Scan Your Banking Needs | HDFC Bank

HDFC Bank presents NOW. Click, Tab, Swipe, & Scan to fulfil your banking needs. NOW, cloud-based unified platform, is a digital ecosystem to simplify banking solutions.

v.hdfcbank.com

 

[Shin-Chan]

@SSV, I'm Imperia customer for 7-8 years now.



I maintain 40-50K avg balance, is there any possibility of downgrade. (80% times my MAB stays below 50K)


asking just in case you are aware !! wo kya hai na dhak dhak ho raha hai😬

 

[SSV]

@SSV, I'm Imperia customer for 7-8 years now.



I maintain 40-50K avg balance, is there any possibility of downgrade. (80% times my MAB stays below 50K)


asking just in case you are aware !! wo kya hai na dhak dhak ho raha hai😬

Do you have any other relationship? ,like FD, investments etc?

 

[Shin-Chan]

Do you have any other relationship? ,like FD, investments etc?

No other relationship.

Only 2 CCs (Debt relationship)

 

[SSV]

No other relationship.

Only 2 CCs (Debt relationship)

So you survived for 6 to 7 years means, you should survive this storm as well..

 

[hackymanoj]

I just have got upgraded to imperia 2 weeks ago and my MAB is around 50k and some how I received upgrade to Imperia. Now I see people getting downgraded. Just today I raised a complaint regarding locker facility as it is free for Imperia programme.

My salary gets credited to hdfc and I have a personal of 15 lakhs with them. Should I be worried?

 

[SSV]

I just have got upgraded to imperia 2 weeks ago and my MAB is around 50k and some how I received upgrade to Imperia. Now I see people getting downgraded. Just today I raised a complaint regarding locker facility as it is free for Imperia programme.

My salary gets credited to hdfc and I have a personal of 15 lakhs with them. Should I be worried?

First thing is, its not worth worry at all..
As you are new kid on the Imperia block, you will be spared now, atleast until 6 to 12 months.
In the meanwhile, just park some spare money for a few days especially during month ends or quarter end. all the best

 

[varun__goel_]

@SSV, I'm Imperia customer for 7-8 years now.



I maintain 40-50K avg balance, is there any possibility of downgrade. (80% times my MAB stays below 50K)


asking just in case you are aware !! wo kya hai na dhak dhak ho raha hai😬

My father had preferred acc for 10yrs with less than 1k mab, and now it has been automatically upgraded to imperia🤣🤣
So most prob should not happen. Baaki kuch bhi ho skta h

 

[Vasuki]

I just have got upgraded to imperia 2 weeks ago and my MAB is around 50k and some how I received upgrade to Imperia. Now I see people getting downgraded. Just today I raised a complaint regarding locker facility as it is free for Imperia programme.

My salary gets credited to hdfc and I have a personal of 15 lakhs with them. Should I be worried?

No .. salary & loan should take care

 

[ksen13]

I have also recd the same for Classic🙂

What?
Do you have any kind of fd
And also how much balance do you maintain every month in your account?
Kitna purana account hain with classic relationship ?

 

[Vasuki]

Please avoid spreading mis information. ULIP is a bad investment. Period. Compare returns from ULIP with any Index linked Mutual funds (the safest type of funds as they directly follow the index) and you will know. Dont base your opinion on absolute returns as they mean nothing for comparison.

Ulip is bad if u think it can grow money .
But he took ulip for getting imperia cc .& Not just as investment instrument.
It was more like give and take from bm

 

[Vasuki]

What?
Do you have any kind of fd
And also how much balance do you maintain every month in your account?
Kitna purana account hain with classic relationship ?

What are you trying to get from hdfc ?