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.

 

[Akashn]

Btw I am new to all this so to whom exactly we write this cheque to? To self right?

ICICI Bank LTD- Your name

 

[devsfinance]

O

ICICI Bank LTD- Your name

Oh okay thanks

 

[Deleted member 11974]

Oh really? But then they deposit the money in our account right? I am confirming this cause I am actually going to open account tomorrow and the person doesn’t know his stuff.

i opened another account for my family member and for that the rm had come home and she told me to write only icici bank
then that amount got debited into the family members account which got opened

 

[devsfinance]

Thank you for letting me know

i opened another account for my family member and for that the rm had come home and she told me to write only icici bank
then that amount got debited into the family members account which got opened

 

[RadioactiveTabela]

For people who are able to write cheques of one, or a few lakhs, there are already a number of account variants at ICICI. WM accounts are supposed to cater to customers from much higher segments. Ironically, customers of the lesser variants are apparently expected to pay more for the banking services!

'Higher segment' is free to chose Wealth Select or Private Banking.

There's not much useful or 'fancy' or 'premium' about WM, all it offers is 0AMB and waiver of small charges. Only thing ICICI pays for is free CIBIL report (I'd assume this costs ICICI like INR 50/year/per customer given their volumes) and few lounge access (~INR 100-200 per visit also given their volumes).

Hence, it's a profitable proposition for them even at few lakhs initial funding. With your 100,000 they'll give you 3% interest (3000), but lend out that money to someone at 10% (10000). Easy 7000 interest income right there per lakh. Most people don't collect bank accounts for the lulz, the small community of bank enthusiast at TF does. If the average person has liquid 1 lakh, she is very likely to have liquid many lakhs.

 

[kishorvr]

ICICI takes time to link the new account with old account and user id. It is not suggested to transact or do anything until you get the welcome kit. I was also facing several issues. All of them got resolved once I received my welcome kit.
Now the old account is also mereged in the wealth management account. It took around a month for all this to happen.
My RM suggested me to wait a little longer for requesting wealth dc on my old account and other stuffs.

Strange thing happened. I am able to login with my user id. But when I called customer service today, they said my user id does not exist. I had actually called to link my credit card with my bank account.

 

[palen]

'Higher segment' is free to chose Wealth Select or Private Banking.

There's not much useful or 'fancy' or 'premium' about WM, all it offers is 0AMB and waiver of small charges. Only thing ICICI pays for is free CIBIL report (I'd assume this costs ICICI like INR 50/year/per customer given their volumes) and few lounge access (~INR 100-200 per visit also given their volumes).

Hence, it's a profitable proposition for them even at few lakhs initial funding. With your 100,000 they'll give you 3% interest (3000), but lend out that money to someone at 10% (10000). Easy 7000 interest income right there per lakh. Most people don't collect bank accounts for the lulz, the small community of bank enthusiast at TF does. If the average person has liquid 1 lakh, she is very likely to have liquid many lakhs.

This 5/10L is only initial funding and can be withdrawn any time right?

 

[SSV]

Strange thing happened. I am able to login with my user id. But when I called customer service today, they said my user id does not exist. I had actually called to link my credit card with my bank account.

Hence, what did we learn today ???..

Customers know MORE THAN Customer support 😉

 

[RadioactiveTabela]

This 5/10L is only initial funding and can be withdrawn any time right?

Yes.

Unrelated: A branch in Andheri West, Mumbai offered me WM with 1 lakh IP. DM for RM deets.

 

[kishorvr]

Hence, what did you we learn today ???..

Customers know MORE THAN Customer support 😉

Absolutely. Lot of things came up with ICICI since the last month actually.

1. I know the existence of three accounts with ICICI, but it seems I had two more accounts once in 2008 and once in 2015. But 2015 one is closed.
2. I had opened a zero MAB account in 2008. It was dormant yet they converted to wealth account recently. I came to know about this when I opened my credit card account to see the black wealth theme after an LE. I activated it and am using it.
3. My credit card and saving account have different user id. Now, they are moving mountains to bring it under a single user id.
4. Today, I came to know I have an e-wallet since 2011. I don't even know what that is.
5. I went back and saw my credit card statement since 2015. I know the existence of two cards. One I am using. But there are two more numbers, I never knew I had.
6. I don't know what will I come to know I have with ICICI next.

 

[SSV]

Absolutely. Lot of things came up with ICICI since the last month actually.

1. I know the existence of three accounts with ICICI, but it seems I had two more accounts once in 2008 and once in 2015. But 2015 one is closed.
2. I had opened a zero MAB account in 2008. It was dormant yet they converted to wealth account recently. I came to know about this when I opened my credit card account to see the black wealth theme after an LE. I activated it and am using it.
3. My credit card and saving account have different user id. Now, they are moving mountains to bring it under a single user id.
4. Today, I came to know I have an e-wallet since 2011. I don't even know what that is.
5. I went back and saw my credit card statement since 2015. I know the existence of two cards. One I am using. But there are two more numbers, I never knew I had.
6. I don't know what will I come to know I have with ICICI next.

A+ grade for you in this ICICI WM program test1 ....🫡🫡

Please prepare well for the test 2

 

[SSV]

Btw I am new to all this so to whom exactly we write this cheque to? To self right?

A very good question...
First thing first... Getting basics right... Like it..

I know I am late to the party..
My commrades have answered the question... All the best..

 

[devsfinance]

A very good question...
First thing first... Getting basics right... Like it..

I know I am late to the party..
My commrades have answered the question... All the best..

Yes they have suggested that the cheque should be written to ICICI, I believe your experience was same as well.

Anyway does anyone know what was the initial funding to get wealth select or has anyone opened wealth select like this?

 

[AritraSaha]

Yes.

Unrelated: A branch in Andheri West, Mumbai offered me WM with 1 lakh IP. DM for RM deets.

I live in West Bengal, can they open my account..
The nearby branch seems to useless..😝

 

[saucy]

Strange thing happened. I am able to login with my user id. But when I called customer service today, they said my user id does not exist. I had actually called to link my credit card with my bank account.

Your new user I'd will be discontinued and the old will continue -- that's what happened with me

 

[devsfinance]

I live in West Bengal, can they open my account..
The nearby branch seems to useless..😝

Even for me my nearby branch is asking for 5 L funding but I found a guy through the branch only who opens accounts by visiting home. He agreed for 1 Lac IP but was clueless about the account he just said it will be a wealth account. If you can try like this.

 

[Venky]

Does anyone have a Wealth Management current account? I have opened the same but nowhere I can see wealth being mentioned. Does the theme go black for current account too? The executive who opened the account says it is HNI Wealth, but I still see the quaterly avg balance and the UI is orange. How do I confirm wealth management is the variant?

 

[SSV]

Does anyone have a Wealth Management current account? I have opened the same but nowhere I can see wealth being mentioned. Does the theme go black for current account too? The executive who opened the account says it is HNI Wealth, but I still see the quaterly avg balance and the UI is orange. How do I confirm wealth management is the variant?

Age of you WM current account please?

 

[Venky]

Age of you WM current account please?

Recently opened. Just been 2 weeks!

 

[SSV]

Your new user I'd will be discontinued and the old will continue -- that's what happened with me

Reverse is my case even though not exactly..
I started using my new user ID voluntarily and abandoned my old user ID.. not sure what happened to that..
Note
My old ID: for cc accounts
New id: for WM account