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).

 

[varun__goel_]

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 ?

Around 50k in fd and 6k mab
Acc opened in Sep 22, and upgraded to classic in march/april 23

 

[Vasuki]

Around 50k in fd and 6k mab
Acc opened in Sep 22, and upgraded to classic in march/april 23

Kya faida jb card moneyback hai 😂

 

[varun__goel_]

Kya faida jb card moneyback hai 😂

Arre bas bhai, rulake maanega kya?🤣🤣🤣 Moneyback bhi nhi, freedom hai🙂 Vo bhi classic upgrade hone se phle

 

[Vasuki]

Arre bas bhai, rulake maanega kya?🤣🤣🤣 Moneyback bhi nhi, freedom hai🙂 Vo bhi classic upgrade hone se phle

Limit? Close nhi krna ??

 

[varun__goel_]

Limit? Close nhi krna ??

Abhi to 1 saal hua hai, dhairya rakhiye.
Kya pta karishma ho jaye😂

 

[Vasuki]

Abhi to 1 saal hua hai, dhairya rakhiye.
Kya pta karishma ho jaye😂

Me going to close after 8 month &20k limit.
Mujhe koi umeed nhi h hdfc se

 

[stech18]

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

Wondering if debit card fees will be immediately charged after downgrade

 

[stech18]

Is this the error we get if we try to logging to account type change for Classic/Preferred?

 

[imdjay]

Is this the error we get if we try to logging to account type change for Classic/Preferred?

Same for me when I try to upgrade.

 

[stech18]

Can anyone having standard account try this and let us know if seeing the same page

 

[Viper1057]

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

You got through Pravin?🌚

 

[_ayush]

Yes, ULIP and Infinia Metal FYF thru Pravin

Infinia Metal LTF - request thru my own contacts via BM Hyderabad all the way to GH based on my
1) My Total Current relationship (more than 30L TRV as of now)
2) my future potential relationship thru my work contacts ( both domestic and overseas) and HDFC SKY business
3) and last but not the least my communication, inter-personal, presentation and negotiation skills...

Do you think is it worth it investing this much time and energy into considering you'll be saving around 2k per year (remaining fees you'll get via reward points)

 

[SSV]

Do you think is it worth it investing this much time and energy into considering you'll be saving around 2k per year (remaining fees you'll get via reward points)

Yes you are right, it depends on the individual case.
For me once this mission is done, I will move away from HDFC with Infinia Metal LTF,
leaving 1 or 2 lakhs relationship..
It's worth for me.
I won't spend any more time on HDFC after say in about a month.. until now my relationship with hdfc is 8 months old.
So in total 9 months I will complete my mission and move on to something else.

For others it depends on their individual circumstances

 

[vivdwive]

I think they are doing this looking at ICICI.

This indirectly gave me another benefit of having ulip, with 0 mab, I can maintain my imperia

Not following ICOCI, HDFC has been doing this all along.
Have been downgraded, upgraded several times all automatically....never cared enough as such.

For the post, when downgraded to standard... you'll be charged for debit card, imps, demat amc if any ... suggestion would be to add some funds and enroll for classic

 

[its_karan]

Not following ICOCI, HDFC has been doing this all along.
Have been downgraded, upgraded several times all automatically....never cared enough as such.

For the post, when downgraded to standard... you'll be charged for debit card, imps, demat amc if any ... suggestion would be to add some funds and enroll for classic

Thanks,

• Monitoring through emails, closed SMS, so 0 in Insta alerts.
• Hotlisted all unnecessary debit cards. Only 1 Debit card which is Easyshop Rupay.
• All Demats are with Zerodha. So 0.
• IMPS is not used in these accounts. So 0.
• Already, 40k (10K*4) kept. Any incremental money if added has to be bought in by selling units of Investments and added to these accounts. Will lose atleast net 5% p.a..

I don't think the bank will levy any other charges just for in and out transactions into mutual funds and keeping the accounts active.

 

[its_karan]

Mainly DCs like Plat DC are free.


It depends on when they charge DC fee ( year beginnig or year end) ..
I think HDFC charges DC fee at the commencement of the year. Going by this logic, you will be charged for your Millenia DC as soon as you lose HNI program status.

Hey @SSV
I noticed in one of the posts that you opted for an RBL savings account specifically for Signature+ credit card payments. I have a question: why did you choose RBL Signature+ over Easyshop Platinum, which is a Lifetime Free (LTF) card with an HDFC Savings Max Account? The renewal charges for Signature+ are around 1800. From what I've read, both cards offer 1% cashback on credit card bill payments. The only difference I see is that RBL also provides cashback on HDFC credit cards and on all apps. Am I missing something? Because I'm considering getting the Easyshop Platinum.

 

[Vasuki]

Hey @SSV
I noticed in one of the posts that you opted for an RBL savings account specifically for Signature+ credit card payments. I have a question: why did you choose RBL Signature+ over Easyshop Platinum, which is a Lifetime Free (LTF) card with an HDFC Savings Max Account? The renewal charges for Signature+ are around 1800. From what I've read, both cards offer 1% cashback on credit card bill payments. The only difference I see is that RBL also provides cashback on HDFC credit cards and on all apps. Am I missing something? Because I'm considering getting the Easyshop Platinum.

Bcz 75 k bill payment is not sufficient..
Rbl has high interest rate

 

[SSV]

Hey @SSV
I noticed in one of the posts that you opted for an RBL savings account specifically for Signature+ credit card payments. I have a question: why did you choose RBL Signature+ over Easyshop Platinum, which is a Lifetime Free (LTF) card with an HDFC Savings Max Account? The renewal charges for Signature+ are around 1800. From what I've read, both cards offer 1% cashback on credit card bill payments. The only difference I see is that RBL also provides cashback on HDFC credit cards and on all apps. Am I missing something? Because I'm considering getting the Easyshop Platinum.

Signature + gives 1% ... and for 5L spends in a year it gives another 5K GV.
so for 5L spends it is 2% CB.. (1% regular + 1% milestone benefit = 2% for 5L spends)
for 3 lakh spends anuual fee waiver..

so in a month min 10k to max 1L spends... and total 5L spends in a year is the best case scenario to get 2% CB..
if you spend more than 5L the % CB decreases from 2%

 

[its_karan]

Signature + gives 1% ... and for 5L spends in a year it gives another 5K GV.
so for 5L spends it is 2% CB.. (1% regular + 1% milestone benefit = 2% for 5L spends)
for 3 lakh spends anuual fee waiver..

Thanks, this helps

 

[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?

I have received my free locker today after escalating to Grievance team, first the branch near me asked for some investment which I denied and e-mailed the same to Grievance team and the branch called me and allotted the locker. It's a new branch which is six months old so the lockers are available and the lucky part is it's only 100mtrs away from my place..