HDFC Preferred Banking Upgrade offer Query

[SC_23]

So I am already under Classing Family banking program and have just received the offer on net banking to upgrade it to Preferred " upgrade for free" don't even know what free means here. Shall I go with the upgrade but I am not looking forward to 2L mab requirement, so do they downgrade account after few months or are lenient as ICICI ? The only benefit I can see is Free Demat account and IMPS with better ui coloring scheme.

BTW on the topic of free demat account can someone share there experience with HDFC for trading and demat account only for long term holding purposes so getting low equity delivery with minimum charges possible is a must. (Any Tips and Tricks)?

 

[talkwithfino]

So I will strt with Demat and Trading Hell No!! (The only plus point for me till now is the customer service is kind of good... at least for now)

Here's what... The share prices, order, trade book and other widgets don't get automatically updated on home screen. You need to purchase Pro Terminal for that which is additional 2k!! Yes, you all have read it correct Share prices for trading account don't get automatically updated ...Hdfc is literally is some adamkhor zamana time. You need to pay 2k extra for that.

There are almost no benefits of having Classic/ Preferred/Imperia with demat.... I mean a bank employee did tell me that brokerage plan charges gets waived off from second year.... but its not mentioned on their website, and he wasn't willing to state this in an email either.

Talking about Brokerage (Rs 5999 is the costliest annual plan with 0.10% equity; and Rs 1lakh for Lifetime Validity Yess 1 Lakh!!!) I have done some calculations ... You need to have a turnover of more than ~~ 15 Lakhs in one year to avail benefits of 0.10% brokerage. ( if you have purchased 5999 plan) .

Talking about Preferred...... I have heard Hdfc is very prompt in downgrading (though there are some people with good relationship with their branch/ rm an have been able to maintain their Program)

And btw they just write free for everyone kind of gimmick

 

[SC_23]

Talking about Brokerage (Rs 5999 is the costliest annual plan with 0.10% equity; and Rs 1lakh for Lifetime Validity Yess 1 Lakh!!!) I have done some calculations ... You need to have a turnover of more than ~~ 15 Lakhs in one year to avail benefits of 0.10% brokerage. ( if you have purchased 5999 plan)

Yea for any substantial trading they are totally not worth it.But Was thinking of opening it for my parents for a long term investment pov but their free plan break even with Zerodha AMC with just 50k worth of equity delivery whereas groww can give 6lakh worth of equity delivery at the same time to counter zerodha amc. These bank based broker are in for a ride only thing going for them is trust factor.

Talking about Preferred...... I have heard Hdfc is very prompt in downgrading (though there are some people with good relationship with their branch/ rm an have been able to maintain their Program)

They really did classic account dirty but not giving them free IMPS but looks like it's not worth a hassle to get preferred and get back to classic in few months

And btw they just write free for everyone kind of gimmick

Lmao so true

 

[SiddharthR]

In preferred banking, the only benefit I saw is you first need to upgrade in Preferred Easyshop DB in which they give 12 Lakh INR of personal accidental insurance, which in Classic Easyshop DB is 10 Lakh INR.
Also you can get Premium Credit Card.

 

[SC_23]

So I went for the upgrade via netbanking but was forwarded to Eva chat section from where I had to accept all t&c but at the final process got error message "currently the service is not available" meanwhile received the otp for the same to provide my consent

 

[chinnodu]

What is free about it? Does it mean I don't have to maintain 2L AMB and continue to maintain 1L only even post upgradation to preferred banking?