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ICICI IMobile app shows Wealth Management for 3 credit card!! Possibility for a 0 balance account?

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varunsridharan

varunsridharan

TF Premier
Verified User
I have been utilizing Amazon Pay for the past 11 months, having a limit of 4.6 lakh. A few days ago, I made the decision to upgrade to a platinum card with a shared limit, and my request was approved within a day. Shortly after, I also requested a coral Rupay card, and it was approved within a few hours after my platinum card approval.

Upon receiving both cards, I noticed that the ICICI mobile app theme changed to black and displayed "Wealth Management." Does this imply that I am eligible for a wealth management account with a zero balance requirement?
 
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ssv said:
One thing I want to ask you: Is your branch manager being consistent in whatever he is saying about WM account? IF so just go along with him, If not, don't believe him and try not to waste time anymore. Every situation is different and unique, we should adopt to the situation to get our things done successfully. No point in arguing why this, why not that?? We should find whatever works for us !!

See, they have offered you to promote you to WM soley based on your CC profile subject to the conditions in opening the SB account. It is a kind of a perk, you have to be tactical in getting that done by fulfilling both yours and his condtions. We can't complain about perks... Can we??

Technically, WM is not a invite based. According to ICICI, NRV 25 lakhs entitles you to get a WM account. It seems the BM has discretionary powers to alter this NRV conditions based on many unknwon internal policies which may vary branch to branch ...Simple... Don't fret about it. Have fun and enjoy life..
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After engaging in multiple conversations and meetings with him, I don't perceive him as consistent. Furthermore, he seems to lack awareness of certain details, often resorting to seeking information from others, which is somewhat acceptable. However, my doubts arose when he began pressuring me to maintain a minimum balance of 50,000 rupees every month. I informed him that I would deposit 1 lakh rupees within a few hours of opening the account yesterday, yet he still expressed concerns about charges and fees. When I inquired about the zero charges for a WM account stated on the ICICI website, he claimed it was outdated information that hadn't been updated yet.
This led me to question whether I really need to proceed with this situation, especially considering that the person in question lacks a thorough understanding of such accounts and basic concepts like the Minimum Average Balance (MAB). I didn't intend to complain; instead, he twisted my words and his speech left me feeling confused.
 
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varunsridharan said:
After engaging in multiple conversations and meetings with him, I don't perceive him as consistent. Furthermore, he seems to lack awareness of certain details, often resorting to seeking information from others, which is somewhat acceptable. However, my doubts arose when he began pressuring me to maintain a minimum balance of 50,000 rupees every month. I informed him that I would deposit 1 lakh rupees within a few hours of opening the account yesterday, yet he still expressed concerns about charges and fees. When I inquired about the zero charges for a WM account stated on the ICICI website, he claimed it was outdated information that hadn't been updated yet.
This led me to question whether I really need to proceed with this situation, especially considering that the person in question lacks a thorough understanding of such accounts and basic concepts like the Minimum Average Balance (MAB). I didn't intend to complain; instead, he twisted my words and his speech left me feeling confused.
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Hello.

I've recently opened a WM account.
I understand your confusion.

Here is what I'd do in your shoes
Say yes to the BM - get the wm account.
They will then pressurise you for a insurance or demat account. In no case open those, as they are chargeable.

The BM would say that you need to give them the txn is of the 1L deposit, so be prepared for it.

Keep 1L for a week in the account.
Once the account starts to reflect in your imobile app, ho and check the AMB requirement.
If it's 0, you're done ✅
Enjoy your account.
 
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saucy said:
Hello.

I've recently opened a WM account.
I understand your confusion.

Here is what I'd do in your shoes
Say yes to the BM - get the wm account.
They will then pressurise you for a insurance or demat account. In no case open those, as they are chargeable.

The BM would say that you need to give them the txn is of the 1L deposit, so be prepared for it.

Keep 1L for a week in the account.
Once the account starts to reflect in your imobile app, ho and check the AMB requirement.
If it's 0, you're done ✅
Enjoy your account.
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Thanks

Yes that's what they said but in overall experience it's different here

He argues that icici never provided 0 balance account and it's chargeable after a year and so on..

I am currently looking for other nearby branch to open a account

I don't feel like the current branch where i decided to open has basic knowledge about these perks
 
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varunsridharan said:
Thanks

Yes that's what they said but in overall experience it's different here

He argues that icici never provided 0 balance account and it's chargeable after a year and so on..

I am currently looking for other nearby branch to open a account

I don't feel like the current branch where i decided to open has basic knowledge about these perks
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BM or any other employees at bank will be like this. They don't want customers with 0 MAB because it does not benefit them much.

You can try another branch if it's close by but just get the account even if it's 0 MAB for first year. Check if the account status is actually the same as what other members have posted and if yes, it's fairly safe to assume you now have a true 0 MAB account.
Worst case, if they change the terms in future, you still have a choice to close the account !
 
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mad.technomaniac said:
BM or any other employees at bank will be like this. They don't want customers with 0 MAB because it does not benefit them much.

You can try another branch if it's close by but just get the account even if it's 0 MAB for first year. Check if the account status is actually the same as what other members have posted and if yes, it's fairly safe to assume you now have a true 0 MAB account.
Worst case, if they change the terms in future, you still have a choice to close the account !
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Agreed 👍💯
 
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varunsridharan said:
Thanks

Yes that's what they said but in overall experience it's different here

He argues that icici never provided 0 balance account and it's chargeable after a year and so on..

I am currently looking for other nearby branch to open a account

I don't feel like the current branch where i decided to open has basic knowledge about these perks
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Like i said, this is just the first part, they would pressure to sell other products too.

You may want to check out a "wealth management branch"
 
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I would like to express my gratitude to everyone who responded to my inquiries and provided answers. Today, I had a conversation with a branch manager from the wealth management branch, and they informed me that I can open an account without any further questions. When I inquired about the account details and the initial funding required, they clarified that no initial funding is necessary, and it is a zero balance account.
 
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varunsridharan said:
I would like to express my gratitude to everyone who responded to my inquiries and provided answers. Today, I had a conversation with a branch manager from the wealth management branch, and they informed me that I can open an account without any further questions. When I inquired about the account details and the initial funding required, they clarified that no initial funding is necessary, and it is a zero balance account.
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Congratulations.. we are all happy for you.. Enjoy WM .....
 
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Rkr said:
Thats why i have asked..they have given you instant generic kit...Processing of your WMB is still going on in backend in WMB linking system...
Hopefully you will get Black theme in netbanking withing 2-3 working days.
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Thanks for the information

Yesterday day bm called me evening and said i can start using this account but when i said the same they said it's already linked and done and u can use

But nothing worked imps , NEFT, UPI
 
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irohitpragya said:
is this limited only to non icici savings account holders? I have a basic savings a/c with icici 10k and 3 credit cards- amz pay (ltf), Coral (ltf), and mine (ltf- plan based). how do I can upgrade to wealth management? willing to give up to 1 lakh.
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I got when i reached 4.6L limit if you are willing to open a wealth management account just reach out to the exclusive branch they give you the right information
 
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