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.

 

[Neo]

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.

Thanks! Added this info to my post.

 

[HumorSimpson]

if once got Select account, after how many months we can remove the funds ? ie, just keep only the 25K ?

 

[MS R]

if once got Select account, after how many months we can remove the funds ? ie, just keep only the 25K ?

once debit card was delivered i removed immediately ,,, maintained 10k amb

 

[Anindya98]

if once got Select account, after how many months we can remove the funds ? ie, just keep only the 25K ?

After the upgrade is done you can remove the funds no issues

 

[Tonymathew]

I have raised the request for upgrading to select, gave the consent, got the dc today. The app is also showing the dc. But in my account section, it is showing first power only. No mention of select.

BM told me that the account will be same, even if upgraded to select programme. Is it true?

So can I start using the dc, and if so, would I be getting RP as per select or as per regular account? Can anyone pls help?

 

[Anindya98]

BM told me that the account will be same, even if upgraded to select programme. Is it true?

No, the account will be upgraded to First Select

So can I start using the dc, and if so, would I be getting RP as per select or as per regular account? Can anyone pls help?

Yes, 3x for each 150rs spent up to 50K after that 10x on every 100rs

 

[ontherocks]

If one had the 25K MAB regular savings account converted to Wealth, does one still need to maintain 25K MAB?
Branch people say, once converted to Wealth, it becomes a zero balance account.

 

[Tonymathew]

Guys I need a help.
Got upgraded to select today.
Before understanding the entire structure of rewards, I used my dc for an initial amount of 150 rupees.

Since the welcome rewards of 4000 points is applicable on transaction more than 1000, within 30 days, does this condition means that the first transaction should have been above 1000?

Or I can still make a transaction of more than 1000 to claim the 4000 reward points, within 30 days?

I need to know whether I made the blunder, or is there still hope? Can anyone who know reply pls..

 

[Anindya98]

If one had the 25K MAB regular savings account converted to Wealth, does one still need to maintain 25K MAB?
Branch people say, once converted to Wealth, it becomes a zero balance account.

After the account conversion, You have to maintain the base variant 25K MAB.

 

[Anindya98]

Guys I need a help.
Got upgraded to select today.
Before understanding the entire structure of rewards, I used my dc for an initial amount of 150 rupees.

Since the welcome rewards of 4000 points is applicable on transaction more than 1000, within 30 days, does this condition means that the first transaction should have been above 1000?

No
You can do any transaction above 1K to get the 4000 points, but there is no first transaction concept.

Or I can still make a transaction of more than 1000 to claim the 4000 reward points, within 30 days?

Yes

I need to know whether I made the blunder, or is there still hope? Can anyone who know reply pls..

No Blunder bro. Just spend 1000rs using DC and get the rewards.

 

[ontherocks]

After the account conversion, You have to maintain the base variant 25K MAB.

Can we change the 25K account to 10K account after wealth conversion?

 

[SpidySpider]

Has anyone been getting mails for adding funds & maintaining the required balance in their savings accounts? Or I m the chosen one?

 

[Krishna Kumar]

Has anyone been getting mails for adding funds & maintaining the required balance in their savings accounts? Or I m the chosen one?

I got it. You're not the only one.

 

[Infamous]

So IDFC Select doesnt offer zero balance but Wealth does, am I correct?

 

[Riya Sharma]

So IDFC Select doesnt offer zero balance but Wealth does, am I correct?

No Non-Maintenance Charges for Select or Wealth
Only you have to maintain the base MAB of your account either 10K or 25K

 

[Infamous]

No Non-Maintenance Charges for Select or Wealth
Only you have to maintain the base MAB of your account either 10K or 25K

What if I dont maintain 10k or 25K?

 

[HumorSimpson]

So IDFC Select doesnt offer zero balance but Wealth does, am I correct?

From what I have read here.
No matter whats your premier banking program your MAB are same as base account.
i.e., If you have opened 10K or 25K MAB you have to maintain this no need of select or wealth level AMB.

For some (I guess @SSV has this ) they opened zero mab account put a balance of 5L and migrated to wealth. For these guys its zero bal account not for everyone

 

[Riya Sharma]

From what I have read here.
No matter whats your premier banking program your MAB are same as base account.
i.e., If you have opened 10K or 25K MAB you have to maintain this no need of select or wealth level AMB.

For some (I guess @SSV has this ) they opened zero mab account put a balance of 5L and migrated to wealth. For these guys its zero bal account not for everyone

What if I straight away opened a Select account?

 

[Infamous]

From what I have read here.
No matter whats your premier banking program your MAB are same as base account.
i.e., If you have opened 10K or 25K MAB you have to maintain this no need of select or wealth level AMB.

For some (I guess @SSV has this ) they opened zero mab account put a balance of 5L and migrated to wealth. For these guys its zero bal account not for everyone

Cool I get it, so you have to maintain the base variant requirement.

What if a person is NTB, and directly opens select account? Would he have to maintain anything?

 

[HumorSimpson]

What if I straight away opened a Select account?

you can't. read below

Cool I get it, so you have to maintain the base variant requirement.

What if a person is NTB, and directly opens select account? Would he have to maintain anything?

For an NTB, the bankers tie up 25K AMB with 3, 10L IPs for SELECT and WEALTH respectively. Else you have to wait 3 months to get select/wealth to kick in.