IDFC Family Banking for First Select/Wealth/Private Customers

[Anindya98]

I am sharing my history with IDFC: (WOW Card) May 2023 only this was available -> SB Account 25KMAB Joint July 2023 (Secondary Holder) -> SB Account 25KMAB Joint October 2023 (Primary) -> Applied Via CashKaro got IDFC Millenia/Classic without docs via C2C (Selected Millenia 1.38L)-> SB Account 25KMAB May 2024 -> First Select Account Conversion on 14th June 2024 -> Called the CC asked for Select Card as I was pre-qualified instantly request taken card generated within few hours
I only spend Rs130 using my Millenia Card before the upgrade.
Also, got a new single account for my mother 25K MAB in June 2024.

My Family Banking Journey: Requested for family banking on 2nd July 2024. Received a consent message via them on my family member's registered mobile number "To complete the onboarding process for Privilege Program with IDFC FIRST Bank". After accepting that, I have to wait till 9th July for the grouping approval by the Regional Head(RH). On 12th July finally received the First Select Upgrade email on my family members' registered emails. After that, my family members' customer IDs also got upgraded to First Select status.

Key Points: * Only my mobile application/net banking First Select is mentioned beside the bank accounts. All other members in the First Rewards Portal is showing First Select.
** Select DC was not generated by Default I had to call the CC and ask them specifically first they denied issuing the cards mentioning only the primary account gets the Select DC and grouped members enjoy 0 MAB Accounts. However, after showing that all the Customer IDs are now in First Select they issued the cards which took around 5-7 days for all the cards to get delivered. The last Card got delivered today.
Individual Account: 2 Joint: 2
Total Received 6 Select DCs. Welcome benefits on the joint account is only given to the card linked with the primary holder. 2 Select Cheque-Books for the family members Cus ID linked accounts.

Note: All benefits are the same on all 6 cards. I checked on the Dreamfolks website, all 6 cards have 2+2 Lounge Access per Quarter.

 

[Anindya98]

What's so special about investing via IDFC private program?

FIRST Private | IDFC FIRST Bank

IDFC FIRST Bank's First Private offers Banking Solutions such as Offshore & Immigration linked Investments, Bonds and Planned Products and Multiple Investment Funds

www.idfcfirstbank.com

Main use case: Metal First Private DC LTF
Lounge Access 4+4 Domestic per quarter and 6 International per quarter.
Free Locker, under family banking everyone will get the same benefits, high cash withdrawal, and pos limit.

 

[yolofino]

FIRST Private | IDFC FIRST Bank

IDFC FIRST Bank's First Private offers Banking Solutions such as Offshore & Immigration linked Investments, Bonds and Planned Products and Multiple Investment Funds

www.idfcfirstbank.com

Main use case: Metal First Private DC LTF
Lounge Access 4+4 Domestic per quarter and 6 International per quarter.
Free Locker, under family banking everyone will get the same benefits, high cash withdrawal, and pos limit.

Only for international lounge access mainly, it's not worth to keep high amount in savings account https://www.technofino.in/community/threads/idfc-first-private-banking-full-review.30669/

 

[cc_dc_explorer]

FIRST Private | IDFC FIRST Bank

IDFC FIRST Bank's First Private offers Banking Solutions such as Offshore & Immigration linked Investments, Bonds and Planned Products and Multiple Investment Funds

www.idfcfirstbank.com

Main use case: Metal First Private DC LTF
Lounge Access 4+4 Domestic per quarter and 6 International per quarter.
Free Locker, under family banking everyone will get the same benefits, high cash withdrawal, and pos limit.

Did you got private cards as well?

 

[Anindya98]

Only for international lounge access mainly, it's not worth to keep high amount in savings account https://www.technofino.in/community/threads/idfc-first-private-banking-full-review.30669/

After getting the upgrade you can remove your funds even if they downgrade you after 1-2 years you will continue to get all the benefits till your card expires. In case of investment, you don't have to maintain funds. You also get good returns on bill payments via the Private DC.

Did you got private cards as well?

No, I will try next year. I am currently happy with the Select Account. Thinking of upgrading to wealth but not sure.

 

[MS R]

I currently hold an IDFC Savings Account (10K variant) with a 0 AMB offer, which I applied for via WhatsApp. Last week, I was upgraded to the Wealth variant. I want to open an IDFC account for my family and add them to family banking. Should I open a 10K or 25K account for them? Also, how soon will their accounts be added to family banking? Will they be upgraded to a Wealth account after being added to family banking? Approximately how long will the entire process take to get Wealth Debit card???

 

[Anindya98]

I currently hold an IDFC Savings Account (10K variant) with a 0 AMB offer, which I applied for via WhatsApp. Last week, I was upgraded to the Wealth variant. I want to open an IDFC account for my family and add them to family banking. Should I open a 10K or 25K account for them?

It's better to open a 10K variant Online. If you go via branch they will force you to open 25K as they will not get commissions on opening a 10K Variant account.

Also, how soon will their accounts be added to family banking?

It depends on the RM's/branch's efficiency as Sept is the Quarter end it may take 7-8 days to get the approval. Also, they will send consent SMS to add-on members. They need to sign up for the Privilege Banking Program. As you will open new accounts it will take around 3 weeks. First Base variant DC will be delivered then Wealth DC. Note don't forget to take the 2000 Welcome RPs on the base variant DCs for doing 1st 1K+ DC transaction.
Effective Gain: 2000 + 8000 = 10000 = Rs 2500 - 116.82= Rs. 2383.18

Will they be upgraded to a Wealth account after being added to family banking?

Yes

Approximately how long will the entire process take to get Wealth Debit card???

After the upgrade, you need to check if the Wealth DC is automatically generated or not if not generated then call the CC and ask them to replace the DC. Generally, after 24-36 hours of upgrading to Wealth, the Wealth DC shows in the app.

 

[MS R]

It's better to open a 10K variant Online. If you go via branch they will force you to open 25K as they will not get commissions on opening a 10K Variant account.

It depends on the RM's/branch's efficiency as Sept is the Quarter end it may take 7-8 days to get the approval. Also, they will send consent SMS to add-on members. They need to sign up for the Privilege Banking Program. As you will open new accounts it will take around 3 weeks. First Base variant DC will be delivered then Wealth DC. Note don't forget to take the 2000 Welcome RPs on the base variant DCs for doing 1st 1K+ DC transaction.
Effective Gain: 2000 + 8000 = 10000 = Rs 2500 - 116.82= Rs. 2383.18

Yes

After the upgrade, you need to check if the Wealth DC is automatically generated or not if not generated then call the CC and ask them to replace the DC. Generally, after 24-36 hours of upgrading to Wealth, the Wealth DC shows in the app.

Thank you bro

 

[theflash]

Thank you bro

You can use self refer as well for Online method. If not then use my refer .

 

[Bohra]

What is the cooling period after getting converted to Select account to start pushing for wealth to the RM is it 3 or 6 months

 

[theflash]

What is the cooling period after getting converted to Select account to start pushing for wealth to the RM is it 3 or 6 months

6 mon ths

 

[Anindya98]

What is the cooling period after getting converted to Select account to start pushing for wealth to the RM is it 3 or 6 months

Generally, after 3 months and the full upgrade process takes around 4-4.5 months.

 

[Neo]

I am currently holding IDFC Wealth account. My wife is already having 10k account.

I would like to go for family banking for my wealth account and add my wife's account. I have few questions on family banking for wealth acount holders

1. I have 3+3 domestic lounge access with the visa infinity debit card given as part of my wealth account. Using the family banking, when my wife's account get added, will she also get seperate 3+3 benefit (or) is this benefit (3+3) shared between all the members of family banking?

2. I also have Insurance benefit (Air accident, personally accident etc..). Whether these benefits also given other accounts under family banking. Or is it only given to primary wealth account holder?

3. Locker benefit. Is it only for primary amount holder? Or family account holders also get seperate locker benefits?

4. Where can I see MITC for wealth account/ infinity debit card. Is there any PDF with all the charge details? For example, are there any clause for MAB ?



Thanks in advance!;

 

[MS R]

What is the cooling period after getting converted to Select account to start pushing for wealth to the RM is it 3 or 6 months

upgraded to select in last week of may
to wealth in first week of september ..


3 months should be fine

 

[Anindya98]

I am currently holding IDFC Wealth account. My wife is already having 10k account.

I would like to go for family banking for my wealth account and add my wife's account. I have few questions on family banking for wealth acount holders

1. I have 3+3 domestic lounge access with the visa infinity debit card given as part of my wealth account. Using the family banking, when my wife's account get added, will she also get seperate 3+3 benefit (or) is this benefit (3+3) shared between all the members of family banking?

She will also get a separate DC with 3+3 Lounge Access Benefits.

2. I also have Insurance benefit (Air accident, personally accident etc..). Whether these benefits also given other accounts under family banking. Or is it only given to primary wealth account holder?

Some benefits only remain exclusive for you. The benefits(Insurance, RSA) given via Visa will be given to both but there are some conditions while claiming the claim read the terms and conditions.

3. Locker benefit. Is it only for primary amount holder? Or family account holders also get seperate locker benefits?

Only primary Account Holder 1 Locker Free and 2nd One at 50% Discounts.

4. Where can I see MITC for wealth account/ infinity debit card. Is there any PDF with all the charge details? For example, are there any clause for MAB ?

 

[Neo]

She will also get a separate DC with 3+3 Lounge Access Benefits.

Some benefits only remain exclusive for you. The benefits(Insurance, RSA) given via Visa will be given to both but there are some conditions while claiming the claim read the terms and conditions.

Only primary Account Holder 1 Locker Free and 2nd One at 50% Discounts.

Thanks for your response. Quite useful!

The attached doc in your response is like a summary of all the benefits. Where we can find the fine print where the details, T&C are mentioned?

 

[Neo]

Thanks for your response. Quite useful!

The attached doc in your response is like a summary of all the benefits. Where we can find the fine print where the details, T&C are mentioned?

Got some good info on the below link.

Privilege Banking Programs Terms and conditions | IDFC FIRST Bank

Privilege Banking Programs Terms and conditions

www.idfcfirstbank.com

Lounge access benefit T&C are mentioned in the attached doc.

Still searching for the details regarding insurance.

 

[Anindya98]

Thanks for your response. Quite useful!

The attached doc in your response is like a summary of all the benefits. Where we can find the fine print where the details, T&C are mentioned?

T&C was mentioned when you gave consent for Privilege Banking.

 

[Anindya98]

Still searching for the details regarding insurance.

It is provided by Visa I guess so check the Visa Infinite Website for more details.

 

[Neo]

Thanks to @Anindya98 for the important inputs and guiding me to gather the required info. Below are few details about
IDFC First Wealth Account + Visa Infinite Debit Card.

	IDFC First Wealth Account + Visa Infinite Debit Card
Bank Name	IDFC
Card Type	Debit card
Card Variant	Visa Infinite Debit card
Card Charges Per Year	Nil with Wealth Account
Criteria	✔ Minimum Average Monthly Balance (AMB) of Rs. 10 Lakhs in Saving Account (Consistent 6-month AMB to be maintained in saving account at a customer level / group level) OR ✔ Minimum Asset Under Management (AUM) of Rs. 25 Lakhs at a customer / group level, OR ✔ Minimum Overall Relationship Value (ORV) of Rs. 50 Lakhs at a customer / group level *The above criteria as per bank. Read TF forum for more details on the practial experience
Domestic Airport Lounge Access	Per Quarter : Max 3 (Self) + Max 3 (Any accompanying Guest) . It implies that you can take a maximum of 3 Guests per quarter in the following combinations 1+1, 1+2, or 1+3. You need to have primary access left to use guest access. So basically 3 times visit to Lounge per quarter. Weblink https://webaccess.dreamfolks.in can be accessed by customers for self-checking of complementary visit quota and generating vouchers for guest(s) travelling with them.
International Airport Lounge Access	2 international airport lounge access per quarter. An authorization amount of INR equivalent of USD 35 per person per visit will be levied to the card, which will subsequently be reversed within 10 working days. This would be charged on the card for validation purposes only and it will not be charged to the card holder if you still have complimentary access. Your debit card will be swiped to register your visit. Please be reminded to enable cross border e-com (International usage) transactions on your card. When you arrive at the lounge, you will need to present your debit card with boarding pass and identify yourself as a ‘LoungeKey member’ to gain entry www.loungekey.com/FIRSTWealthDebitCard
Minimum Spend Criteria for Lounge Access	Nil for Domestic Nil for International
Golf Access	Complimentary Golf Access Program Details | IDFC FIRST Bank Debit Card Festive Season Cashback campaign - Complimentary Golf Access Program Details www.idfcfirstbank.com
RSA (Road Side Assistance)	Maximum of 4 complimentary RSA services in a year. Cardholder should call Across Assist 24x7 Toll-free Number 1800 309 3916 to avail Emergency Road Side Assistance. Road Side Assistance Program Details | IDFC FIRST Bank Road Side Assistance Program Details www.idfcfirstbank.com
Other Benfits	Cash withdrawal limit of ₹7 Lakhs (Any bank ATM) POS purchase limit of ₹ 12 Lakhs Personal Accident Insurance up to ₹ 1 Crore Air Accident Insurance up to ₹ 2.5 Crores Purchase Protection Cover up to ₹ 1 Lakh 1 Free small size locker till your wealth account is active with IDFC + Up to 50% discount on 2 additional lockers (basis availability)
Family Banking Benfit	Under the family account grouping, 8 accounts in one family can be grouped. Each of them will get a Visa Infinity card and each one will have their own benfits (like 3+3 lounge) without sharing with others.

 

[Anindya98]

Per Quarter : Max 3 (Self) + Max 3 (Any accompanying Guest) = 6

Lounge Access is (3+3). So, it means you can take a maximum of 3 Guests per quarter in the following combinations 1+1, 1+2, or 1+3.
You need to have primary access left to use guest access. So basically 3 Lounge access per quarter.