Here is how I Opened ICICI Bank Wealth Management Account

[saucy]

Delhi Jhandewalan offered me wealth management for 1L. It's doable, at BM Discretion.
Long story ahead

I went to my present ICICI branch (tier 2) and told BM that I'm being offered wealth account in wealth management branch of Delhi, but i want to maintain account with their branch.
She informed me that if u don't maintain amb, it will be downgraded in 2 years with heavy penalty and insisted that i don't open a new account. Me being the usual saucy self, politely helped her realise ki account khul k rahega, if not in her branch, some other.
She agreed.
Then she offered me *a lot* more of her products, and assigned me to deputy branch manager.
They opened my account, via UPI deposit of 1L. Gave me a small kit - chequebook, details etc. The other welcome kit will arrive in a few days at my permenant address.

And that's it folks! We did it!
Will update when the kit arrives.

I deposited the 1L on the next day. Already had the new account number and cust I'd, so could immediately check if the amount has reached.

Since I had an existing cust I'd, it took about a week to merge both of them together.

In a total of about two weeks time, my both account got linked, recieved the kit (a pay-in slip book, a cheque book and a pouch to keep those in, and ofc, the debit card -- it's got poor printing so was a "meh" experience)
And my imobile app evolved to black theme.

My both accounts are linked so both are wealth (it actually is at the cust level)

Free cibil checks. And now my credit card upgrade shows a paid emerald (earlier it was upgrade to sapphiro)

Feel free to ask me anything! (Please make sure you're tagging me in the reply)

 

[saucy]

Thanks a lot for the detailed answer.
I'm somewhat confused about 2nd point, how can i transfer funds via upi if they haven't activated it? Sorry if its noob question.
Also does this CC negotiations needs itr and payslips or do they provide without any income docs.
Thansk again.

Because the way they function is - imagine a cheque book - it has the cheque number, and is ready to be used. All it needs is payer and payee details, right?
Similarly that account is ready, hence you can send in funds. But actual linking to your existing cust I'd and everything will start after the agent gives green flag (post your IP)

YES needs ITR, payslips, other cards etc. How else would they know you would make an excellent customer?

 

[saucy]

Good points asked by reaper and we'll answered by you.
I would like to add some more too -
1) do both accounts - normal and WM get linked to one customer id and shows up in netbanking/imobile?


2) during cc negotiation, does C2C helps ?
3) if one tries to close normal account and get new WM ...howz the timeline and is it suggested?

1. Yes. It's compulsory as per RBI guidelines
2. Yes
3. Timeline.... Not sure why would it matter.
Your other account also becomes wm account (0amb) so you can open new wm account and then close the old one.
Ulte haath se kaan kyu pakadna hai?

 

[vivdwive]

1. Yes. It's compulsory as per RBI guidelines
2. Yes
3. Timeline.... Not sure why would it matter.
Your other account also becomes wm account (0amb) so you can open new wm account and then close the old one.
Ulte haath se kaan kyu pakadna hai?

Rightly said...thanks

 

[DarthYoda]

Because the way they function is - imagine a cheque book - it has the cheque number, and is ready to be used. All it needs is payer and payee details, right?
Similarly that account is ready, hence you can send in funds. But actual linking to your existing cust I'd and everything will start after the agent gives green flag (post your IP)

YES needs ITR, payslips, other cards etc. How else would they know you would make an excellent customer?

All doubts cleared, thanks a lot.

 

[smz]

Anybody opened in Bangalore? Which branch and how much IP ? About 2 years back,I enquired in my nearest branch and they were asking 10L IP

 

[SamPtnk]

Anybody opened in Bangalore? Which branch and how much IP ? About 2 years back,I enquired in my nearest branch and they were asking 10L IP

Dont open they are downgrading if you dont maintain 25L TRV

 

[CardCraftsman.]

Dont open they are downgrading if you dont maintain 25L TRV

Mere jis din mail aaya icici se us din indus jaake grande account khulwa lunga (waisai mera current account h to charges ke hisab se indusind sahi h).

 

[SamPtnk]

Mere jis din mail aaya icici se us din indus jaake grande account khulwa lunga (waisai mera current account h to charges ke hisab se indusind sahi h).

How much was IF?
NRV requirements ?

 

[Deleted member 11974]

How much was IF?
NRV requirements ?

grande 5L IF
and nrv bhi 5 L hai shayad

 

[hs23]

grande 5L IF
and nrv bhi 5 L hai shayad

You can get free pinnacle cc with grande and then downgrade to Exclusive account for zero mab by linking pinnacle. No NRV required.

 

[Deleted member 11974]

You can get free pinnacle cc with grande and then downgrade to Exclusive account for zero mab by linking pinnacle. No NRV required.

i already have pinnacle
will shift my nrv from icici if they dont change my status code and prevent my account from downgradation

 

[gauravraj]

Dont open they are downgrading if you dont maintain 25L TRV

My office's RM confirmed the statement and said that customers are also receiving notice of downgrade on mail. Downgrade process started through November 2023.

He said - sir, bank's back-end pressure us to bring funds as some WM customer keep a few hundred or thousands.

 

[Deleted member 11974]

seems like interest rate peaking out is affecting icici badly

 

[SamPtnk]

seems like interest rate peaking out is affecting icici badly

Every banks and NBFC . have you seen the provisioning in SBI cards

 

[Trust Me]

seems like interest rate peaking out is affecting icici badly

Every banks and NBFC .

How so? I don't understand. Didn't all the banks pass on only about half of the RBI's 2.5% Repo Rate hike to depositors (ICICI even less, at only about 1% of it at best), thereby making major gains over the past year or so due to the large Net Interest Margins? In fact, I remember the RBI Governor recently emphasizing this very point!.

 

[AritraSaha]

How so? I don't understand. Didn't all the banks pass on only about half of the RBI's 2.5% Repo Rate hike to depositors (ICICI even less, at only about 1% of it at best), thereby making major gains over the past year or so due to the large Net Interest Margins? In fact, I remember the RBI Governor recently emphasizing this very point!.

Probably they wanna some casa deposit before this financial year end..

Just send email to customer to get some deposit

 

[shrewdoc]

prevent my account from downgradation

Apko kiska downgradation? Select se WM mein downgrade?

 

[SamPtnk]

How so? I don't understand. Didn't all the banks pass on only about half of the RBI's 2.5% Repo Rate hike to depositors (ICICI even less, at only about 1% of it at best), thereby making major gains over the past year or so due to the large Net Interest Margins? In fact, I remember the RBI Governor recently emphasizing this very point!.

It means banks/Nbfc are anticipating high chances of default thats why they are increasing provisioning
This happens when rates are kept high for longer period

 

[Deleted member 11974]

Every banks and NBFC . have you seen the provisioning in SBI cards

provisioning ke sath writeoffs are at a all time high

 

[Deleted member 11974]

How so? I don't understand. Didn't all the banks pass on only about half of the RBI's 2.5% Repo Rate hike to depositors (ICICI even less, at only about 1% of it at best), thereby making major gains over the past year or so due to the large Net Interest Margins? In fact, I remember the RBI Governor recently emphasizing this very point!.

yes they did
but now that rates are stagnant
balance transfers even for 10-30 bps is at all time high for floating loans
so to retaoin buisness you have to reduce rates
and that retetntion pressure is quite evident by this move.