ICICI Emeralde Private Metal Card - Investment ask

[Heyyy]

Is it worth changing my DP from Zerodha to ICICI iDirect for securities in tune of 10lakh, getting this as a paid card? My net monthly salary is > 2.5 but < 3lakh. RM is asking for this along with changing my salary account to ICICI as they need to show relationship with the bank.

 

[drsel]

The requirements for Emerald private metal card are 2 crore TRV + 36 lakhs ITR + the bank has to make minimum 50000 per month profit out of you
So you do not qualify for Emerald private metal.

RM is just getting business out of you and you will not get the card.
You will be taken for a ride, beware!

 

[Credit_Cards]

The requirements for Emerald private metal card are 2 crore TRV + 36 lakhs ITR + the bank has to make minimum 50000 per month profit out of you
So you do not qualify for Emerald private metal.

RM is just getting business out of you and you will not get the card.
You will be taken for a ride, beware!

When will you be getting this CC Doc?

 

[abhiaj98]

The requirements for Emerald private metal card are 2 crore TRV + 36 lakhs ITR + the bank has to make minimum 50000 per month profit out of you
So you do not qualify for Emerald private metal.

RM is just getting business out of you and you will not get the card.
You will be taken for a ride, beware!

The requirements for Emerald private metal card are 2 crore TRV + 36 lakhs ITR + the bank has to make minimum 50000 per month profit out of you
So you do not qualify for Emerald private metal.

RM is just getting business out of you and you will not get the card.
You will be taken for a ride, beware!

No harm in doing this tho right? He can change back to zerodha. And if he is getting a good deal in terms of brokerage amc etc, why not.

 

[Credit_Cards]

No harm in doing this tho right? He can change back to zerodha. And if he is getting a good deal in terms of brokerage amc etc, why not.

rightly said .

 

[ashwinikumar900]

Is it worth changing my DP from Zerodha to ICICI iDirect for securities in tune of 10lakh, getting this as a paid card? My net monthly salary is > 2.5 but < 3lakh. RM is asking for this along with changing my salary account to ICICI as they need to show relationship with the bank.

First of all get it in writing from your RM before agreeing on any terms.

 

[drsel]

When will you be getting this CC Doc?

Emerald private metal is highly recommended for those who don't have infinia.
but I have infinia, so I don't really need it

 

[drsel]

Also Kotak solitaire will be launched in April which is a competitor to both Infinia and Emerald private metal

 

[Heyyy]

First of all get it in writing from your RM before agreeing on any terms.

Sure, thanks for reminding this 🙂

 

[Heyyy]

No harm in doing this tho right? He can change back to zerodha. And if he is getting a good deal in terms of brokerage amc etc, why not.

He told me that there would be zero brokerage. Yet to get this in writing. What other aspects should I look for here? Never used iDirect.

 

[sourpai]

There is no zero brokerage plan of ICICI.... Whenever you do rebalance / selling of 10L securities, there itself you will loose lot of money compared to zerodha. Please do all the calculations properly before jumping into it.

Also 10L demat is relatively small amount for it to be considered as TRV for Emerald Metal. Something here does not seem right

 

[drsel]

There is no zero brokerage plan of ICICI.... Whenever you do rebalance / selling of 10L securities, there itself you will loose lot of money compared to zerodha. Please do all the calculations properly before jumping into it.

Also 10L demat is relatively small amount for it to be considered as TRV for Emerald Metal. Something here does not seem right

Yes, this is too good to be true, so obviously it won't happen

 

[abhiaj98]

Yes, this is too good to be true, so obviously it won't happen

People have gotten EPM for lesser. You can’t say never in icici case as everything depends on BM, how much persistent they are,

Honestly I would have given it a shot, but after talking to BM once. Demat is not a big deal, I can always transfer the portfolio back or in case I need to rebalance, I will just sell there and buy on zerodha. The only issue is the salary part. Salary < 3L is difficult to get approved.

 

[theXfactor]

No harm in doing this tho right? He can change back to zerodha. And if he is getting a good deal in terms of brokerage amc etc, why not.

ICICI direct is expensive, my friend. He may lose out every trade, delivery, brokerage and if mutual funds then expense ratio.

 

[theXfactor]

Emerald private metal is highly recommended for those who don't have infinia.
but I have infinia, so I don't really need it

Yes, if you have one of these you can let go the other. However, it would be great to have both if you can get both. EPM fills in where Infinia lacks and vice versa. EPM has access to 67+ domestic lounges which Infinia about 42 (at this point as PP was being used which could be reviewed), BOGO 750 twice every month on primary & add-ons, 12k cancellation refund twice, No processing charges on vouchers, up to 100% redemption of points for now ...good enough to recover the GST that you pay as a part of the fee.

Something I really like with EPM is that you can get add-ons for your 12+ yr old children which, I believe, no other bank allows. This comes handy when you need to have your kids access international lounges with PP.

Likewise, Infinia has much better daily points cap (as against per statement with EPM) on Insurance, utility, education etc. Reduced forex with GVP, better base reward rate and so on. I see Infinia to be a more practical card but EPM comes with certain features that'd be hard to beat.

 

[Ash8]

the bank has to make minimum 50000 per month profit out of you

How will this happen for the bank? If EPM is given to someone with 3L salary and assuming the expenditure on EPM is around 2L per month, 2% MDR on every transaction will only mean 4k Rs.

 

[Nishan11]

How will this happen for the bank? If EPM is given to someone with 3L salary and assuming the expenditure on EPM is around 2L per month, 2% MDR on every transaction will only mean 4k Rs.

This criteria is before approval of EPM. One should have such TRV with bank where they can make 50k per month.

But it's official wording and used as excuse by most BM/RM to avoid trying for Emeralde until customer give them some business. Depending on one's negotiation skill and BM's willingness to get you EPM after cracking any mutual beneficial professional deal, EPM can be approved bypassing this criteria.

 

[Bodhi]

Yes, if you have one of these you can let go the other. However, it would be great to have both if you can get both. EPM fills in where Infinia lacks and vice versa. EPM has access to 67+ domestic lounges which Infinia about 42 (at this point as PP was being used which could be reviewed), BOGO 750 twice every month on primary & add-ons, 12k cancellation refund twice, No processing charges on vouchers, up to 100% redemption of points for now ...good enough to recover the GST that you pay as a part of the fee.

Something I really like with EPM is that you can get add-ons for your 12+ yr old children which, I believe, no other bank allows. This comes handy when you need to have your kids access international lounges with PP.

Likewise, Infinia has much better daily points cap (as against per statement with EPM) on Insurance, utility, education etc. Reduced forex with GVP, better base reward rate and so on. I see Infinia to be a more practical card but EPM comes with certain features that'd be hard to beat.

Well put forth @theXfactor actor

 

[anotheruser]

He told me that there would be zero brokerage. Yet to get this in writing. What other aspects should I look for here? Never used iDirect.

Icici direct user here : There no zero brokerage in icici direct.
He's just saying things.
They'll might give zero brokerage for certain time period (as nee customer)
Ask him in writing that is will be zero brokerage not just for few months/ 1 year

 

[abhiaj98]

Icici direct user here : There no zero brokerage in icici direct.
He's just saying things.
They'll might give zero brokerage for certain time period (as nee customer)
Ask him in writing that is will be zero brokerage not just for few months/ 1 year

Any practical benefits in choosing icici direct over zerodha?