ICICI Wealth Management Account Holders please share your experience.

[TheTrickySid]

What's the MAB you guys maintaining in your Wealth management account.

And what's would be the ideal mab to prevent it from getting downgraded.
Or any tips to avoid getting the account downgraded without maintaining mab.

 

[Chaitanya-a]

What? Such things also happen? I thought once an ICICI account becomes a Wealth management account, it becomes a 0 balance account? It can go back to MAB requirement? That too, 50K?

There are few ICICI Wealth accounts with MAB conditions. So we have to specifically ask for non MAB Wealth account.

 

[TheTrickySid]

What? Such things also happen? I thought once an ICICI account becomes a Wealth management account, it becomes a 0 balance account? It can go back to MAB requirement? That too, 50K?

The things are a bit complex
If you directly open a wealth savings account the mab is then zero and will show the same in imobile.

But when such accounts are upgraded which need to maintain some mab, those accounts still have to maintain that amount.
For eg I have regular savings account with 10k mab requirement and this account is upgraded to wealth management then the mab requirement will still show 10k, you'll just get all the features of wealth management.
But even if it show's any mab requirement for wealth management account there shouldn't be any charges levied for non maintenance as wealth account has no non maintenance charges.

IDFC also follows the same, even if you have a wealth account still they will ask you to atleast maintain 10k/25k according to the variant.

 

[Chaitanya-a]

IDFC also follows the same, even if you have a wealth account still they will ask you to atleast maintain 10k/25k according to the variant.

True

 

[adityad]

The things are a bit complex
If you directly open a wealth savings account the mab is then zero and will show the same in imobile.

But when such accounts are upgraded which need to maintain some mab, those accounts still have to maintain that amount.
For eg I have regular savings account with 10k mab requirement and this account is upgraded to wealth management then the mab requirement will still show 10k, you'll just get all the features of wealth management.
But even if it show's any mab requirement for wealth management account there shouldn't be any charges levied for non maintenance as wealth account has no non maintenance charges.

IDFC also follows the same, even if you have a wealth account still they will ask you to atleast maintain 10k/25k according to the variant.

You are right Bro, its complex. Seeing so many variations, I doubt they follow any policy or criteria.

 

[jack333]

Mine is also upgraded one still showing zero mab. I think when you get wealth status on some other criteria other than account like Sapphiro credit card or some loan, then the account mab remains same as earlier and won't be zero.

 

[sma]

My experience
I started with icici as 0 balance account when I am in college. Its the only bank I can get that time. so I used to maintain all my future earning in that and reached to wealth management account now with way more TRV than they want for wealth management.

I never had any use case of calling RM or visiting bank until recently, I went to wealth management bank for some account operations, it went smoothly by sitting in their sofa their staff did all the work and came to me for signatures. Good experience

I used to get calls from my RM with some investment offers which I ignore.

I recently got Emerald emirates LTF card offer and when i applied online for nearly 5 times without success and got rejected message. Followed up on Twitter with no luck, called RM not able to reach her.

Raised a complaint on RM in Twitter they given branch manager email, dropped a email on Friday morning, got approval message by Saturday morning and card dispatched on Saturday with 30L+ credit limit. That’s fast.

so my experience is mixed, but I also have imperia account in Hdfc no much different in RM experience.

 

[Bodhi]

My experience
I started with icici as 0 balance account when I am in college. Its the only bank I can get that time. so I used to maintain all my future earning in that and reached to wealth management account now with way more TRV than they want for wealth management.

I never had any use case of calling RM or visiting bank until recently, I went to wealth management bank for some account operations, it went smoothly by sitting in their sofa their staff did all the work and came to me for signatures. Good experience

I used to get calls from my RM with some investment offers which I ignore.

I recently got Emerald emirates LTF card offer and when i applied online for nearly 5 times without success and got rejected message. Followed up on Twitter with no luck, called RM not able to reach her.

Raised a complaint on RM in Twitter they given branch manager email, dropped a email on Friday morning, got approval message by Saturday morning and card dispatched on Saturday with 30L+ credit limit. That’s fast.

so my experience is mixed, but I also have imperia account in Hdfc no much different in RM experience.

What's your approximate TRV and how many years of relationship do you hold with the Bank?

Thanks @smanne

 

[ltf_seeker]

I recently opened ICICI wealth management account with 2lacs cheque in a metro city. There are a few benefits according to me:
- 0 MAB
- Priority customer support
- Priority banking services in specialized branches. Never experienced it till now.
- Reduced loan processing fee. Can see in iMobile app.
- Cool black theme
- Mastercard world debit card
> Some minimal reward points
> 2 Lounge access in a quarter
> Free golf games & lessons. Not used till now.

These benefits are not at all amazing but nice to have. So in my opinion if you can get it for ~5L initial funding, you can go ahead with it.

 

[Bodhi]

I recently opened ICICI wealth management account with 2lacs cheque in a metro city. There are a few benefits according to me:
- 0 MAB
- Priority customer support
- Priority banking services in specialized branches. Never experienced it till now.
- Reduced loan processing fee. Can see in iMobile app.
- Cool black theme
- Mastercard world debit card
> Some minimal reward points
> 2 Lounge access in a quarter
> Free golf games & lessons. Not used till now.

These benefits are not at all amazing but nice to have. So in my opinion if you can get it for ~5L initial funding, you can go ahead with it.

" > Free golf games & lessons. "

Never heard of this before. Is it on the basis of your Master debit card?

Thanks @ltf_seeker

 

[Lakshya Mahani]

I recently opened ICICI wealth management account with 2lacs cheque in a metro city. There are a few benefits according to me:
- 0 MAB
- Priority customer support
- Priority banking services in specialized branches. Never experienced it till now.
- Reduced loan processing fee. Can see in iMobile app.
- Cool black theme
- Mastercard world debit card
> Some minimal reward points
> 2 Lounge access in a quarter
> Free golf games & lessons. Not used till now.

These benefits are not at all amazing but nice to have. So in my opinion if you can get it for ~5L initial funding, you can go ahead with it.

2L cheque, seriously?😳

 

[ltf_seeker]

2L cheque, seriously?😳

yup.
I also had an existing salary account with Icici but I don't think it was taken into consideration.

 

[ltf_seeker]

" > Free golf games & lessons. "

Never heard of this before. Is it on the basis of your Master debit card?

Thanks @ltf_seeker

yes

 

[thanix]

I recently opened ICICI wealth management account with 2lacs cheque in a metro city. There are a few benefits according to me:
- 0 MAB
- Priority customer support
- Priority banking services in specialized branches. Never experienced it till now.
- Reduced loan processing fee. Can see in iMobile app.
- Cool black theme
- Mastercard world debit card
> Some minimal reward points
> 2 Lounge access in a quarter
> Free golf games & lessons. Not used till now.

These benefits are not at all amazing but nice to have. So in my opinion if you can get it for ~5L initial funding, you can go ahead with it.

Also one can get Free credit score and report from CIBIL using net banking of ICICI wealth account. I think it is monthly.

 

[DevD]

My experience
I started with icici as 0 balance account when I am in college. Its the only bank I can get that time. so I used to maintain all my future earning in that and reached to wealth management account now with way more TRV than they want for wealth management.

I never had any use case of calling RM or visiting bank until recently, I went to wealth management bank for some account operations, it went smoothly by sitting in their sofa their staff did all the work and came to me for signatures. Good experience

I used to get calls from my RM with some investment offers which I ignore.

I recently got Emerald emirates LTF card offer and when i applied online for nearly 5 times without success and got rejected message. Followed up on Twitter with no luck, called RM not able to reach her.

Raised a complaint on RM in Twitter they given branch manager email, dropped a email on Friday morning, got approval message by Saturday morning and card dispatched on Saturday with 30L+ credit limit. That’s fast.

so my experience is mixed, but I also have imperia account in Hdfc no much different in RM experience.

How did you get the communication of LTF emerald card ? via email or sms ? Can you please share a screenshot of it.. Actually I also got an email like this but after clicking on the link it shows like new application not pre-approved.

 

[Sanskar]

2 months after upgrade to wealth account I got a CC upgrade offer from 1.5L to 4.2L 🙂

Did you maintain the Balance? If yes how much?

 

[thunderbolt]

Did you maintain the Balance? If yes how much?

1L

 

[jivesh]

What's the MAB you guys maintaining in your Wealth management account.

And what's would be the ideal mab to prevent it from getting downgraded.
Or any tips to avoid getting the account downgraded without maintaining mab.

0 bal MAB

 

[sma]

How did you get the communication of LTF emerald card ? via email or sms ? Can you please share a screenshot of it.. Actually I also got an email like this but after clicking on the link it shows like new application not pre-approved.

To be clear I got emerald emirates card ltf, I have Amazon Icici pay and it’s not eligible for Icici card offers so planning to take any free card. I started their application and in list of applicable card I found emerald emirates as LTF. But when I completed my application I get call from icici agency from 022 number and say that card is not applicable for LTF to anyone. Then I reached out to twitter and the RM as mentioned above.

 

[sma]

What's your approximate TRV and how many years of relationship do you hold with the Bank?

Thanks @smanne

TRV is way more than what’s required for wealth, now it 16+ yrs of relationship. 2 or 3 yrs in wealth status.

 

[Bodhi]

TRV is way more than what’s required for wealth, now it 16+ yrs of relationship. 2 or 3 yrs in wealth status.

Ballpoint figure?

Because for ICICI Wealth Management account - there is no minimum requirement from what I understand. Except for initial funding or a premium card or a Salary account, etc.