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.

 

[dvader]

I sense something different

Instead, now ICICI will make it difficult to get the top cards.

Coz killing the exclusivity won't help in the long term, axis is an example.

I don't think it would be difficult to get EPM and TB, it's just that they should not be issued LTF. For HDFC, they are not only done with LTF DCB and Infinia, but they also make it difficult to get them for no obvious reasons. Given that ICICI is getting 20K upfront with TB and a reasonable Fee every year they are sorted. As I have said in the past, ICICI has some real competent people at the top which can't be said about Most private and ALL PSU banks. They have distributed their LTF cards to everyone at this point with reasonable limits and now they have started launching paid cards with real benefits which existing customers can easily get. They have played a long game and are reaping the rewards.

SBI Cards got stuck in the Fee and number game and they have lost customers left and right, and rightfully so. 60-80% of their market share is manufactured and they are just a bunch of bast**ds.

All's not well with SBI Card: Here's why profits and market share are falling - CNBC TV18

SBI Card is facing mounting challenges as profits drop, and market share shrinks. Regulatory pressures, rising credit costs, and shifting consumer trends are squeezing India’s second-largest credit card issuer.

www.cnbctv18.com

Axis is just a POS overall.

Exclusivity is no longer the Credit Card game unless you are Charles Schwab or Amex. The game is creating good products with a good Fee/Rewards ratio. Keeping manufactured spends out of CC without hurting genuine customers should be the next focus of the CC industry. ICICI already has an advantage in this, they know their existing customers and their habits, and they must have made a list of customers who are auto-eligible for TB given their genuine spending.

 

[Dr.Anand456Dr.Anand456 is verified member.]

This may or may not be true all the time.

Mine was same story, account got upgraded to Wealth without doing much overtime... However last year it got downgraded to Privilege despite two LEs received on cards of >12L. Although over time, I stopped using ICICI account much due to poor cards and shifted most of my investments from ICICI direct to Zerodha

Yes, this depends on the individual. Also, simply having a higher credit limit does not automatically upgrade your account. The type of card you hold determines how much your account can be upgraded.

Earlier, the system worked differently, but now it has changed. Previously, upgrades and downgrades used to happen more frequently. However, now upgrades and downgrades are based solely on valuation. Even customer care representatives have confirmed this.

 

[Credit_Cards]

I Smell some EPM & TB here

what is the trick ?

 

[cardio_guycardio_guy is verified member.]

Technically as per ICICI website, the eligibility criteria for wealth is this.

 

[Credit_Cards]

Technically as per ICICI website, the eligibility criteria for wealth is this.

indeed that has been the criteria but lot of people were upgraded to some form of Wealth and majority of them had their accounts downgraded to some other variant in second half of 2024. My guess would be people with very less TRV/MAB/QAB were downgraded

 

[panchabhut]

Any way to confirm acct status from imobile?

 

[cardio_guycardio_guy is verified member.]

indeed that has been the criteria but lot of people were upgraded to some form of Wealth and majority of them had their accounts downgraded to some other variant in second half of 2024. My guess would be people with very less TRV/MAB/QAB were downgraded

Yes, I am aware of it, my account was also downgraded few month back. After that I closed that account.
Now I am trying to open a new ICICI account. Last 2 pages in this thread has most of my thoughts and findings.
Mostly I will be opening WM directly rather than opening 0MAB Privilege and then upgrading to WM later.

 

[Credit_Cards]

Yes, I am aware of it, my account was also downgraded few month back. After that I closed that account.
Now I am trying to open a new ICICI account. Last 2 pages in this thread has most of my thoughts and findings.
Mostly I will be opening WM directly rather than opening 0MAB Privilege and then upgrading to WM later.

Yes directly opening is the best

 

[BMR]

Thanks. This is what I was also thinking. Because if I go for upgrade route, then there is always a chance for downgrade to privilege later (they will say non maintenance of TRV).
Another thing is how to get MF valuation included in the TRV. It should be done, because all of my TRV is in MF, much more than what they need for WM. But without MF, my ICICI relation is almost 0. So I need to make sure that MF value is considered before opening Wealth.

I had opened a 3 in 1 trading account with ICICI. I had a normal savings accounts attached with icicidirect.com. Over the years, my MF portfolio grew and they automatically upgraded the bank account to WM. Hope that info helps.

 

[cardio_guycardio_guy is verified member.]

Coming back to this discussion, the dilemma still remains regarding ICICI savings account opening. I understand that it's just about getting it done, but I don't want another bad experience from ICICI. Just sharing it all here, so that people in this position can consider these points before taking a decision.
The only reason for opening a wealth account with ICICI is because of my personal investments in ICICI Pru AMC, which exceed the TRV requirements for WM. If I am maintaining a significant amount in investments, why not enjoy the banking benefits as well.

The benefits of a WM savings account that I see are:
1. World Master DC with lounge access.
2. Direct access to customer care via 18001080.
3. The ability to add other family members to the wealth family and provide them with the same benefits.
4. Black UI and a WM branded cheque book (useless though).

Now, about account opening - I have checked with several branches and they all require two standard things:
1. 1L IF for Privilege (which can be later upgraded to WM).
2. 5L IF for WM.

In both cases, I can set up family banking and add other family members after opening primary account.
The only thing stopping me is that I don't want to open with an IP cheque.

Now, comparing this with a salary account:
1. The benefits of a salary account include zero charges for anything as long as the salary is credited.
2. There are some additional benefits like better inward remittance rate etc. (although most of them are unused or unwanted).
3. For Wealth Salary, net salary credit of 3L is required. Basically opening salary account as Wealth directly is mostly ruled out.

I need to finalize whether to open a 0 balance salary account (and then possibly get upgraded to WM) or open a direct WM account with a 5L IP (which I don't like to). I will be talking to two more ICICI staff over the next week and then take a decision. Will update here.

 

[_deb_]

Black UI

Black UI is long gone and replaced with Orange 🍊.

 

[panchabhut]

Black UI is long gone and replaced with Orange 🍊.

still see it in net banking

 

[shu_sha]

Black UI is long gone and replaced with Orange 🍊.

Black in Net banking
Orange 🍊 in iMobile app 😁

 

[Panthera_Tigris]

Guys, quick question. Can someone check the max txn limits for WS and WM?

I have PB and mine are as following. I want to see if I downgrade my account will these get lowered. Check the "spl option" if you have it. This is in netbanking.

 

[cardio_guycardio_guy is verified member.]

Guys, quick question. Can someone check the max txn limits for WS and WM?

I have PB and mine are as following. I want to see if I downgrade my account will these get lowered. Check the "spl option" if you have it. This is in netbanking.

View attachment 85300

Quick check - what is the TRV requirement for PB? Also what is the best way to move to PB?

 

[Panthera_Tigris]

Quick check - what is the TRV requirement for PB? Also what is the best way to move to PB?

No idea about the TRV requirement. I just use it as my main account with a lot of business income coming in and one day it was PB. Honestly, I don't even know which year it was upgraded lol.

 

[cardio_guycardio_guy is verified member.]

Update:

Attached is the latest Private banking proposition, if it helps.
As per their latest terms & conditions, Wealth Management is 25L to 50L TRV.
Wealth Select is merged into Private banking. There is no separate Wealth Select segment.

Private banking starts at 50L TRV and within 1-2 years, they expect you to be at 2cr TRV. (Not mandatory though)

Everything under ICICI umbrella is counted under TRV - personal demat with ICICI and direct mutual fund investments included.

 

[Jack007]

direct mutual fund investments

Is this possible for ICICI Demat?

 

[cardio_guycardio_guy is verified member.]

Is this possible for ICICI Demat?

Yes of course.

 

[cardio_guycardio_guy is verified member.]

Attaching the latest Wealth Management Proposition