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.

 

[0xfallup]

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Thanks 😊

 

[SSV]

Benifits are-
1. You get lft debit card( mastercard world by default)
2. You get a black leather pouch.
3. You get priority in customer care(dedicated no)
4. Some dedication branch(wealth branch)
5. Weath rm. Lol
6. Most chargers are waived off.
7. A black theme in the app.

You may be encouraged to add to this list another item:
8. Free CIBIL report every 45 days... 😉

BTW: nice work ...

 

[devsfinance]

Benifits are-
1. You get lft debit card( mastercard world by default)
2. You get a black leather pouch.
3. You get priority in customer care(dedicated no)
4. Some dedication branch(wealth branch)
5. Weath rm. Lol
6. Most chargers are waived off.
7. A black theme in the app.
8. Free cibil score check ( courtesy to svv)

Thanks for explaining all this probably get that account already told the guy, he said he will come at home to open account. I told don’t give instant kit as my name won’t be there on card and wanted that.

 

[abc.xyz]

Benifits are-
1. You get lft debit card( mastercard world by default)
2. You get a black leather pouch.
3. You get priority in customer care(dedicated no)
4. Some dedication branch(wealth branch)
5. Weath rm. Lol
6. Most chargers are waived off.
7. A black theme in the app.
8. Free cibil score check ( courtesy to svv)

I got recently opened .. it was not a well planned decision but then zero MAB is fine. However they did asked cheque for initial funding 🙂

 

[SSV]

I got recently opened .. it was not a well planned decision but then zero MAB is fine. However they did asked cheque for initial funding 🙂

Well done.. 👍 👍 👏👏

 

[Trust Me]

Mate, do you have any more questions about WM?

Yes (although I was not your target, but here goes):

What is there, in your view (or anybody else's), in such accounts for ICICI? Is it a sustainable business model to provide a premium account to anybody and everybody who can come up with 1L (or a few lakhs) temporarily, and apparently have no interest in maintaining any substantial relationship with the Bank? What percentage of such customers do they expect to graduate to a really meaningful relationship with the Bank in the foreseeable future? If it is indeed a proven, successful model for acquiring premium customers, how come competitors haven't seen the light yet?!

 

[SSV]

Yes (although I was not your target, but here goes):

What, in your view (or anybody else's) is there in such accounts for ICICI? Is it a sustainable business model to provide a premium account to anybody and everybody who can come up with 1L (or a few lakhs) temporarily, and apparently have no interest in maintaining any substantial relationship with the Bank? What percentage of such customers do they expect to graduate to a really meaningful relationship with the Bank in the foreseeable future? If it is indeed a proven, successful model for acquiring premium customers, how come competitors haven't seen the light yet?!

Actually , it doen't cost that much to them.. Except for MC World DC, there is nothing much there cost wise... All others are feel good factors.. and premium support..
Also they won't give it everyone , I think... I got it basis APAY relationship with CL > 5lakhs for 4 years..
Others also have to have some sort of relationship..

THis is my quick answer.. When I find time will try to give some elaborative answer..

 

[SSV]

Yes (although I was not your target, but here goes):

What is there, in your view (or anybody else's), in such accounts for ICICI? Is it a sustainable business model to provide a premium account to anybody and everybody who can come up with 1L (or a few lakhs) temporarily, and apparently have no interest in maintaining any substantial relationship with the Bank? What percentage of such customers do they expect to graduate to a really meaningful relationship with the Bank in the foreseeable future? If it is indeed a proven, successful model for acquiring premium customers, how come competitors haven't seen the light yet?!

I will give another example, they are giving me 60 lakhs pre approve home loan offer without any dcoumentation... Even one out of 10/20 customers opted for this, all the costs are recovered... just saying... Another one giving 12.5 k Emeralde offer ,just like that, with a click of a button... I am sure some people will take it... another revenue stream...
No one in this forum actually mention these, there are some very easy to get loan options with no/minimum documentation..
For the real customer who require these loans , it is a win / win for both...
More later...

 

[Trust Me]

Also they won't give it everyone , I think... I got it basis APAY relationship with CL > 5lakhs for 4 years..
Others also have to have some sort of relationship..

Having a high limit APay CC is not that difficult (this is not directed specifically towards you)! I merely had a Titanium Privilege account, and they offered me one, and quickly enhanced the limit to 5L for no good reason.

 

[SSV]

Having a high limit APay CC is not that difficult (this is not directed specifically towards you)! I merely had a Titanium Privilege account, and they offered me one, and quickly enhanced the limit to 5L for no good reason.

True, it doesn't really bother me even if it is directed at me..

It is not the case.. See my above post..

There are different ways to get into the market , penetrate and maintain...
Every method has its own pros and cons..
You have to look at the picture wholisitcally... Need real time to discuss this...

 

[SSV]

Having a high limit APay CC is not that difficult (this is not directed specifically towards you)! I merely had a Titanium Privilege account, and they offered me one, and quickly enhanced the limit to 5L for no good reason.

Actually there are several factor goes into the play, not just Apay >5 L..
your spending pattern, CIBIL score, their own proprietory rating system to name a few...

 

[Trust Me]

they are giving me 60 lakhs pre approve home loan offer without any dcoumentation... Even one out of 10/20 customers opted for this, all the costs are recovered......
No one in this forum actually mention these, there some very easy to get loan options with no/minimum documentation..

That's a puzzle too! How could they offer substantial loans without documentation (i.e. without due diligence)?!

I have been suspecting for some time that banks somehow have access to our financial status (ITR data etc.) through our PAN and Aadhaar! Could it be true?

 

[AritraSaha]

Yes (although I was not your target, but here goes):

What is there, in your view (or anybody else's), in such accounts for ICICI? Is it a sustainable business model to provide a premium account to anybody and everybody who can come up with 1L (or a few lakhs) temporarily, and apparently have no interest in maintaining any substantial relationship with the Bank? What percentage of such customers do they expect to graduate to a really meaningful relationship with the Bank in the foreseeable future? If it is indeed a proven, successful model for acquiring premium customers, how come competitors haven't seen the light yet.

I agree with ssv, it doesn't cost the bank to have low maintenance wealth account.
Only major cost is if you use atm.
And your money work for them & you are just a piece of code in their server with a customer id.

 

[SSV]

That's a puzzle too! How could they offer substantial loans without documentation (i.e. without due diligence)?!

I have been suspecting for some time that banks somehow have access to our financial status (ITR data etc.) through our PAN and Aadhaar! Could it be true?

No..
Here you got to think differently....
they are all SECURED loans, no risk at all , vert low acquisition costs... to acquire the business...
Excpet for personal loan , everything else is safe game for them..
In some cases, of course, there will be some risks.. IIts a business,..
Its all about risk/ reward ratio at the end..

You got to think BIG picture, if you think from micro point of view you never understand business..

 

[Trust Me]

Actually there are several factor goes into the play, not just Apay >5 L..
your spending pattern, CIBIL score, their own proprietory rating system to name a few...

You mean not spending much counts as a positive aspect?! 🙂.

I wonder if their own proprietary rating system somehow uses our ITR data without us actually providing it (like I suspect)!

 

[abc.xyz]

I agree with ssv, it doesn't cost the bank to have low maintenance wealth account.
Only major cost is if you use atm.
And your money work for them & you are just a piece of code in their server with a customer id.

this was nice line "you are just a piece of code in their server with a customer id" .. on a side note hope we don't become same in real life once AI takes a lead role in real world 🙂

 

[SSV]

You mean not spending much counts as a positive aspect?! 🙂.

I wonder if their own proprietary rating system somehow uses our ITR data without us actually providing it (like I suspect)!

BIG no, as far as I know no ITR data is shared to any financial institutions... For get about it..

If at all happend at a very very high level summary level.
You are still thinking micro.. think macro..

 

[SSV]

this was nice line "you are just a piece of code in their server with a customer id" .. on a side note hope we don't become same in real life once AI takes a lead role in real world 🙂

There is every possiblility, if cards are not played well..

 

[AritraSaha]

Thats how the credit card company works.
They expect small amount of their user to miss payment or convert the payment into emi. So that they can charge them heavily.

 

[SSV]

You mean not spending much counts as a positive aspect?! 🙂.

there is much more to it.. lets keep it there..