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.

 

[SSV]

I think they will downgrade it according to the DIV as written in official mail, I opened WM in September thinking that it will be 0 balance, I thought ham chuna lagayenge bank ko lekin bank ne hame he chuna laga diya🥲, till now haven't received downgrade email, hoping for the best🙂

See everyone is missing a point here..
When we open a WM account with 1 Lakh IP, it was awarded as a 0 MAB account. It was correct then it is even correct now.. as far sb account is concerned 0 MAB is still valid.
What everyone is missing (what ICICI never explained at the opening of account).. the customer is expected to maintain TRV of 25 L to maintain WM status within a certain time..

This they are expecting but never conveyed to the customer with a reasonable clarification…

 

[cardio_guy]

Yes, new accounts are not getting this email, asked 3 known people who have opened WM after June

I have just given request to upgrade previlege to wm. He told it's submitted. Let's see what happens. My previlege salary account has 0 rs balance as of now 🙂 that too I just opened the salary account few weeks back and instantly I asked for wm upgrade and he agreed .. 😂

 

[Akashn]

See everyone is missing a point here..
When we open a WM account with 1 Lakh IP, it was awarded as a 0 MAB account. It was correct then it is even correct now.. as far sb account is concerned 0 MAB is still valid.
What everyone is missing (what ICICI never explained at the opening of account).. the customer is expected to maintain TRV of 25 L to maintain WM status within a certain time..

This they are expecting but never conveyed to the customer with a reasonable clarification…

Yes.. I don't think anyone is blaming ICICI here.. Party over

 

[DarthYoda]

Mera wm open toh krte, jab number aata tab aata. Tb tk ek decent amt maintain toh krte hi.
Pehle bol diya hum 1l lekr open krdenge and last moment mein manna.

 

[SSV]

Yes.. I don't think anyone is blaming ICICI here.. Party over

Yes no one is blaming ICICI ,but very much concerned about the downgrade , because they were expecting 0 MAB WM account without any further relationship..

 

[DarthYoda]

Yes no one is blaming ICICI ,but very much concerned about the downgrade , because they were expecting 0 MAB WM account without any further relationship..

From today's meeting with BM, i dont think they'll touch above 6-7l trv person.

 

[SSV]

From today's meeting with BM, i dont think they'll touch above 6-7l trv person.

Good to know, so that I can move my funds in SB, as FD s themselves are more than enough. Thanks

 

[Akashn]

Mera wm open toh krte, jab number aata tab aata. Tb tk ek decent amt maintain toh krte hi.
Pehle bol diya hum 1l lekr open krdenge and last moment mein manna.

Koi different branch try karo

 

[palen]

I guess we should try IDFC weath next.

 

[DarthYoda]

I guess we should try IDFC weath next.

does it require trv or just one time 5l?

 

[DarthYoda]

Koi different branch try karo

Yeah i'll try but ek baar November ka result aane dete h.
btw, should i complain on X, promising me the account and getting IP also and then denying?
@ssv

 

[palen]

does it require trv or just one time 5l?

5-10L IP and 25k mab.

 

[SSV]

As I said before, I got a new RM recently..
My earlier RM was very good and he visited my home about 6 times for all my banking needs. I never visited branch including for my account opening.

Now I need to close my OD on FD, this I can’t do online, where as the same functionality is available in HDFC net banking.
Initially he has sort of indicated me to visit branch.
Upon my way of talking, he is now visiting my home to get the forms signed for OD closing.
Luckily with this RM also I will make him to do home banking from my doorsteps..
So tomorrow I will ask him more about this WM downgrade and Metal Card and see what he says…

Wow. Keep us posted.

My new 'Service RM" came and visited me at my home...
Got the papers signed for my OD closure..
Asked him about WM downgrade and Private metal...
1) WM downgrade has started happening now and a minimum TRV of 5 lakhs and above will be safe..
2) Private Metal is purely on invite basis only as of now, the eligibility criteria is same as the current emeralde..

As my account will be 1 year old in this month with 20L TRV, I asked him to look into Wealth Select Upgrade.. he said he would try in the coming months..
My Private Metal request, he promised me to pursue after 6 months.. by that time he would know how things work..

One interesting comment he made.. ICICI goes purely by " profit motive" in conducting their business where as HDFC has a bit relaxed work environment in this perspective.
He had earlier worked for HDFC..

PS: It seems 'Service RM' is a one step above regular RM... Not sure how true it is... He says he processes all the requests of the regular RMs..

 

[D₹V]

Just now, my new 'Service RM" came and visited me at my home...
Got the papers signed for my OD closure..
Asked him about WM downgrade and Private metal...
1) WM downgrade has started happening now and a minimum TRV of 5 lakhs and above will be safe..
2) Private Metal is purely on invite basis only as of now, the eligibility criteria is same as the current emeralde..

As my account will be 1 year old in this month with 20L TRV, I asked him to look into Wealth Select Upgrade.. he said he would try in the coming months..
My Private Metal request, he promised me to pursue after 6 months.. by that time he would know how things work..

One interesting commnet he made.. ICICI goes purely by " profit motive" in coducting their business where as HDFC is a bit relaxed in this perspective.
He had earlier worked for HDFC..

PS: It seems 'Service RM' is a one step above regular RM... Not sure how true it is... He says he processes all the requests of the regular RMs..

Thanks for the update.

So 5L is criteria now to keep wealth active.

 

[SSV]

Thanks for the update.

So 5L is criteria now to keep wealth active.

Yes.. not strictly according to the books, a general suggestive amount.. in my view around 10L will definitely help in maitaining WM status..

 

[RadioactiveTabela]

I also got this downgrade intimation email. I was using this account for daily UPI transactions, max 10-15k balance maintained. I have no intention to maintain 25k MAB if they downgrade me to Privilege Account.

Please suggest an alternative 0 balance bank account for daily spends. Ideally should come with- (i) minimum UPI downtime; (ii) LTF debit card and (iii) few free cheques.

 

[Akashn]

I also got this downgrade intimation email. I was using this account for daily UPI transactions, max 10-15k balance maintained. I have no intention to maintain 25k MAB if they downgrade me to Privilege Account.

Please suggest an alternative 0 balance bank account for daily spends. Ideally should come with- (i) minimum UPI downtime; (ii) LTF debit card and (iii) few free cheques.

Indusind select if you have legend card

 

[RadioactiveTabela]

Indusind select if you have legend card

I don't have. Might apply since Legend is LTF

 

[Akashn]

I don't have. Might apply since Legend is LTF

Take a look at this thread

Premium Bank accounts to collect (usually with 0mab)

Planning to collect bank accounts as well? Here are all the accounts you should look into. 0 MAB accounts will be added at the botton, because then it's not a collection, is it? salary accounts not included yet - since they get 0 MAB pretty much everywhere except SC I guess🤔 Do let me know if...

www.technofino.in

 

[vijay.vj]

I have a salary account in ICICI bank. Upon my request to Bank via email, they upgraded my account to wealth. But they said since its an upgrade, I won't be receiving on welcome kit (I was more interested in the leather pouch)... I can only raise request for debit card and cheque book. Is this true?

@TechnoFino , please comment