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.

 

[Vasuki]

We are talking about ICICI WM here..

Still that way pre approved offer can be seen

 

[SSV]

Still that way pre approved offer can be seen

okay thanks ..

 

[ADITYA1904]

Cibil working ? I am getting error from few days

Cibil in wm not working since few days i also got same error…

 

[hs23]

Cibil in wm not working since few days i also got same error…

Its not working for me also.

 

[Trust Me]

It's an eligibility criteria for Privilege Banking Program.
A CC limit of >= 2L; and you will can enroll for Privilege Banking

Thanks. I am actually a Privilege customer already (through TRV), but didn't know about this! So, this also waives the MAB requirement? Could you please point me to some document that specifies this?

 

[shrewdoc]

Could you please point me to some document that specifies this?

Family 360 Banking - ICICI Bank

Complete banking solutions for your personal, business and family needs

www.icicibank.com

 

[talkwithfino]

Thanks. I am actually a Privilege customer already (through TRV), but didn't know about this! So, this also waives the MAB requirement? Could you please point me to some document that specifies this?

Okay yess tht is something Idk so didn't mention in my post. [what is your Privilege Banking variant btw? and how much MAB req it shows in Net Banking? ]

Earlier, Icici had variants of Privilege Banking (Gold Savings Acc, Titanium, Magnum, The One etc) which all had MAB charges; MAB req could be waived on basis of FD Fd Relationship for example For Gold Privilege Account Fd of 2.5L and it would be zero balance.

Now they have phased out Privilege Banking Savings Acc variants and introduced the Program and no where could I find mention of MAB charges... So, Ig you will have to chck tht with the Branch

Family 360 Banking - ICICI Bank

Complete banking solutions for your personal, business and family needs

www.icicibank.com

Thanks for the SS bro ; but Ig it would be better if he chcks with Branch for MAB charges; since CC/TRV limit makes you eligible for the Program; but they haven't clearly mentioned if the MAB charges for non maintenance of Balance in Savings will be waived off...

 

[RadioactiveTabela]

I have WM account and got email saying this:

> Your Accounts & Investments held with us are below this threshold amount. Please maintain the minimum required balance by Nov 22, 2023 else we may have to convert your Account to Privilege Banking as per your current DIV. This calls for a Minimum Average Balance (MAB) of ₹25,000, failing which, MAB charges will be applicable.

I obviously could not be bothered to maintain 25L, I maintain max 25k only. But I checked the MAB requirement on netbanking today and it still shows INR 0 as applicable on WM Account. I suppose this means I'm not downgraded yet. When does downgrade actually happen?

 

[Akashn]

I have WM account and got email saying this:

> Your Accounts & Investments held with us are below this threshold amount. Please maintain the minimum required balance by Nov 22, 2023 else we may have to convert your Account to Privilege Banking as per your current DIV. This calls for a Minimum Average Balance (MAB) of ₹25,000, failing which, MAB charges will be applicable.

I obviously could not be bothered to maintain 25L. But I checked the MAB requirement on netbanking today and it still shows INR 0 as applicable on WM Account. I suppose this means I'm not downgraded yet. When are downgrade actually happen?

Haha everyone is waiting. no answers yet

 

[saucy]

Haha everyone is waiting. no answers yet

Banega ek thread "ICICI devalued my account!"

 

[KrishnaSharma]

Still CIBIL issue is not fixed and customer care says they are working on it

 

[SpiesCan'tCatchMe]

Still CIBIL issue is not fixed and customer care says they are working on it

Their main focus is on downgrading the accounts and only after that they'll look into this matter of cibil

 

[panu24]

Still CIBIL issue is not fixed and customer care says they are working on it

It was never advertised in icici wealth management account features. So if they were providing this service, they can withdraw it anytime also. Let's hope they will start it soon not daily check but periodically maybe 🙂
I think they must have got huge bill from CIBIL because many used it multiple times and I believe for each cibil check or report download they should be paying to CIBIL some amount.

 

[D₹V]

It was never advertised in icici wealth management account features. So if they were providing this service, they can withdraw it anytime also. Let's hope they will start it soon not daily check but periodically maybe 🙂
I think they must have got huge bill from CIBIL because many used it multiple times and I believe for each cibil check or report download they should be paying to CIBIL some amount.

It was Free for mine account too.

Don't say it is wealth feature.

 

[panu24]

It was Free for mine account too.

Don't say it is wealth feature.

I am not knowing anything about mine account. Thought as it's much hyped here as wealth account benefit so no other icici account would have been giving such benefit in any other account type.
So is it still free like everyday one can check and download cibil report for mine account?

 

[saucy]

Seems like the banks saw these smaal freebies as low-hanging -fruits because it'd look good on their offering list, but actually only a few people would be availaing. They never really intended providing these benefits. Hence the possible devaluation

 

[D₹V]

I am not knowing anything about mine account. Thought as it's much hyped here as wealth account benefit so no other icici account would have been giving such benefit in any other account type.
So is it still free like everyday one can check and download cibil report for mine account?

Not working for now. It's stopped from backend.

 

[Trust Me]

Okay yess tht is something Idk so didn't mention in my post. [what is your Privilege Banking variant btw? and how much MAB req it shows in Net Banking? ]

Was Titanium. Unhappy with their service, I had it downgraded to Gold. It used to show 50k MAB requirement, although I haven't checked it lately. Since the TRV is maintained, they don't charge me anything.

Now they have phased out Privilege Banking Savings Acc variants and introduced the Program and no where could I find mention of MAB charges... So, Ig you will have to chck tht with the Branch

I didn't know about this change! But they usually don't bother customers with older accounts satisfying original requirements.

..... it would be better if he chcks with Branch for MAB charges; since CC/TRV limit makes you eligible for the Program; but they haven't clearly mentioned if the MAB charges for non maintenance of Balance in Savings will be waived off...

This got me confused! Doesn't meeting the eligibility criteria itself guarantee waiver of MAB charges? What does "eligibility" mean then?!

 

[talkwithfino]

I didn't know about this change! But they usually don't bother customers with older accounts satisfying original requirements.

True Tht!!!

This got me confused! Doesn't meeting the eligibility criteria itself guarantee waiver of MAB charges? What does "eligibility" mean then?!

Thanks for the SS bro ; but Ig it would be better if he chcks with Branch for MAB charges; since CC/TRV limit makes you eligible for the Program; but they haven't clearly mentioned if the MAB charges for non maintenance of Balance in Savings will be waived off...

See, in Hdfc Classic, Preferred etc even if you don't maintain MAB, the charges are waived off as long as you are program and it's clearly mentioned in their Fees and Charges as well.

The thing is Icici offers Privilege Banking Program even on CC limit [ compare tht to Hdfc who offer on Savings, FD's, TRV but NOT CC LIMIT ] . And Icici haven't mentioned clearly if MAB charges will be waived or not based on enrollment to the Program based on CC eligibility ; so it's better you chck with the Branch. [ I mostly think it will be waived off....]

While most Banks do waive off MAB charges if you are enrolled in their "Program" ; ; ; I have seen Banks like DBS have charges even for their Premium Savings account. If you TRV falls below 30L in DBS Treasures you will be charged a Service fee of ₹1500. If you opted for 5L-30L TRV Premium acc and your TRV falls below 5L; you will again be charged Service Fee of ₹1500 [NOTE -I am telling you this only for understanding purpose. Cause Treasures is a Wealth Management proposition in DBS and not a 'Program' ]

Eligibility simply means you can enroll for the Privilege Banking Program. It can be based on CC limit, Loan, Investments, Savings etc; whether or not they waive off MAB charges for Savings is not mentioned in their Fees and charges exclusively.

 

[KrishnaSharma]

Suppose, if I don't want to continue my ICICI Bank as salary account what is th and best variant to downgrade to? With below features like zero mab, free debit card issuance and maintenance, free neft, imps, rtgs, can any body suggest any icici SB variant or nearest variant?