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.

 

[thanix]

Has anyone been downgraded? I just moved funds 2 weeks ago got this mail.


View attachment 33745

Looks like music is slowing down everywhere - Devaluations, lounge removals and now MAB crackdown. In case of downgrade, guess only impact is CIBIL score refresh?? Is there anything will be missed apart from that nice feeling?

 

[D₹V]

Looks like music is slowing down everywhere - Devaluations, lounge removals and now MAB crackdown. In case of downgrade, guess only impact is CIBIL score refresh?? Is there anything will be missed apart from that nice feeling?

I mean once you availed that feature, you can keep using it.

Until ICICI do some changes to that.

I believe ICICI must be watching this Forum/post closely.

 

[D₹V]

🤷‍♂️ not nice man, but okay.

I understand 😢 the pain bro.

 

[Deleted member 11974]

icici is facing the heat of interest rates peaking out
other banks must be snattching buisness for 50 bps each
now nims will start to crack down
achi baat hai
downgrade kiya to nikal jaunga yaha se

 

[Venky]

? Is there anything will be missed apart from that nice feeling?

nope thats about it. Got over the fomo but okay any loss is bad. 😮‍💨

 

[cardio_guy]

I opened a salary account with ICICI. It was a privilege account variant. Just asked the branch staff that I wanted to upgrade to WM. He got my sign on physical form (4 pages). and Aadhar and Pan copy and he said he would get the BM approval and submit. Today he called and told that it SR is raised to upgrade and I will get an update within a week.
He told minimum balance can be 0, but just keep it active. Also, same account number, but different cheque book and ATM card will come by post it seems. I am waiting for more details on this. Just started the process 2 days back.

 

[Venky]

He told minimum balance can be 0, but just keep it active.

phir in logon ne..

 

[thanix]

AFAIK, all these privilege, wealth etc are banking relationship programs. Just offer some product features with some waivers like MAB etc. They will just try to get more business to compensate the spend.

I guess underlying are the bank account types - BSBD, Regular, The One, Women, Senior citizen, etc which has different MAB requirements and fees and charges.

For salary accounts of select corporates, they offer 0 MAB anyway as a Variant of regular savings account.

Mine is that type salary account and didn't see any real world difference when it was privilege or wealth programs. I upgraded the underlying regular savings to One account but except for first year benefits, nothing is there to write home. I don't even know where that debit card is 😀

 

[mgforce]

Has anyone been downgraded? I just moved funds 2 weeks ago got this mail.

Yes!

S S V - Many folks have got downgrade warnings in last few weeks if DIV not met.

Read here. https://www.technofino.in/community/threads/regarding-icici-wealth-account.12675/

@Venky In your case, are you saying that you moved out funds just 2 weeks back and got mail? That means they surely have started auto-monitoring

 

[Venky]

@Venky In your case, are you saying that you moved out funds just 2 weeks back and got mail?

Yes. Moved funds on the 20th but anyway the balance was well below 25 lakhs.

Will confirm with the RM tomorrow. If they are to downgrade, I’ll ask if the downgraded account is 0 balance and if not, “khatam bye bye tata goodbye.”

 

[mgforce]

Yes. Moved funds on the 20th but anyway the balance was well below 25 lakhs.

Will confirm with the RM tomorrow. If they are to downgrade, I’ll ask if the downgraded account is 0 balance and if not, “khatam bye bye tata goodbye.”

Ok.

If you don't mind, can you share how much was DIV prior 20th? And later on?

Most of the folks, from other thread, had < 1L (guess even < 50K) balance (and no other Investment). Hence wondering if some min threshold at which they trigger.

As per my understanding downgraded account is min 10K else they will start charging for most of the things. Mine was downgraded and I was charged for IMPS etc.

 

[thanix]

Yes. Moved funds on the 20th but anyway the balance was well below 25 lakhs.

Will confirm with the RM tomorrow. If they are to downgrade, I’ll ask if the downgraded account is 0 balance and if not, “khatam bye bye tata goodbye.”

I guess if they downgrade, it will be to privilege banking relationship program. I think 1L in savings account is enough or some 3L TRV was there earlier. Please be careful with debit card charges.

 

[Venky]

If you don't mind, can you share how much was DIV prior 20th? And later on?

It was about 5 lakhs and change before 20th with 5 lakhs in some FD scheme or something. I moved 3 lakhs from it on the 20th and the remaining is still the available balance.

 

[AritraSaha]

I guess if they downgrade, it will be to privilege banking relationship program. I think 1L in savings account is enough or some 3L TRV was there earlier. Please be careful with debit card charges.

I think they maintained 25k account in the mail( the downgraded account)

 

[thanix]

I think they maintained 25k account in the mail( the downgraded account)

Then probably it means regular savings account without any banking relationship program. I guess then the balance would have been very less. For privilege, even loan accounts were counted. Don't know now.

 

[mgforce]

I think they maintained 25k account in the mail( the downgraded account)

Yes, those who got downgrade notice were having close to none.

@Venky still had ~2 lacs as balance. Still got downgrade. So strange

For me, one of the accounts has 6L+ FD, zero balance; still was downgraded.

 

[thanix]

Yes, those who got downgrade notice were having close to none.

@Venky still had ~2 lacs as balance. Still got downgrade. So strange

For me, one of the accounts has 6L+ FD, zero balance; still was downgraded.

Already downgraded?? How much time was given after the email Notice? And downgraded to regular savings account without even privilege??

 

[AritraSaha]

Yes, those who got downgrade notice were having close to none.

@Venky still had ~2 lacs as balance. Still got downgrade. So strange

For me, one of the accounts has 6L+ FD, zero balance; still was downgraded.

Yeah.. this is backend system doing.. less then 25L get a notice...

Lets see what rm do..

 

[mgforce]

Already downgraded?? How much time was given after the email Notice? And downgraded to regular savings account without even privilege??

It was in Aug. Not sure of a/c type but I was asked to maintain min MAB of 10K

The accounts are back to WM now and into a family grouping. Will see next year end when FDs mature and I take out funds 🙂

 

[mgforce]

Yeah.. this is backend system doing.. less then 25L get a notice...

ya, it is automatic backend system trigger, but trying to find trigger point.