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.

 

[Infamous]

you can't. read below


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.

So the bottom line is your Non MAB charges get waived off in WEALTH and above, and for SELECT you still need to maintain the base variant amount. Pardon me if this sounds repetitve.

 

[HumorSimpson]

So the bottom line is your Non MAB charges get waived off in WEALTH and above, and for SELECT you still need to maintain the base variant amount. Pardon me if this sounds repetitve.

Please read again. Both for select or wealth the AMB is its base variant. Now the base variant is the account that you open . Generally its 25K if you want instant select or wealth at the bank.

 

[Infamous]

Please read again. Both for select or wealth the AMB is its base variant. Now the base variant is the account that you open . Generally its 25K if you want instant select or wealth at the bank.

Some dude quoted that Non MAB charges (for 10K or 25K) are waived off in wealth, is that wrong?

I understand that you don't have to maintain the Wealth/Select Requirement.

 

[HumorSimpson]

Some dude quoted that Non MAB charges (for 10K or 25K) are waived off in wealth, is that wrong?

I understand that you don't have to maintain the Wealth/Select Requirement.

Wrong. Let's wait for @SSV 's reply .. .calling him

 

[iamsaimansari]

I opened select account today by giving 3 lakh cheque and my father opened regular account today, after how many days and what do I need to do get his account upgraded to select by family banking?

 

[ontherocks]

In family banking, do the family members get a different account number?

 

[SSV]

[]

Wrong. Let's wait for @SSV 's reply .. .calling him

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

Yes, itnis the base account variant that need to be 0 MAB while oepong theat account.
Select and Wealth are HNI programs.
10k or 25k mab accounts are your basic account types.

Here is how it worked for me.
1) got my Wealth CC first.
2) after a few months got WhatsApp offer of 0 MAB ( originally 10k mab account) because of my Wealth CC relationship.
So, I opened 10K mab SB account work 0 MAB offer attached to it while opening the account itself.
3) Funded my SB account with 10L and got promoted to Wealth HNI program within 2 days.
4) withdrawn all my 10L afterwards

So, now what I got is:
1) A 0 MAB sb account ( this independent of my Wealth relationship)

2) A Wealth HNI program with Wealth DC.

Note 1: Here IDFC in future may withdraw my Wealth program citing I am not maintaining that 10L requirement. Nothing stops them from doing it. But they have not done this to anyone yet AFAIK.
But this doesn't not effect my 0 MAB Sb account. It just causes to lose my Welath benefits such as Wealth DC etc...
Note2:
Nither select nor Wealth relationship make your SB account 0 MAB. They just give their respective benefits such as Select / Wealth DC , discount on lockers etc..

 

[sadhunath]

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

Is this for not maintaining 25k/10k or for maintaining 3L/10L for SELECT/WEALTH respectively?

 

[iamsaimansari]

I opened select account today by giving 3 lakh cheque and my father opened regular account today, after how many days and what do I need to do get his account upgraded to select by family banking?

Please someone answer this, I asked to my home branch and they are saying that family banking is only for wealth accounts not for select

 

[SpidySpider]

Is this for not maintaining 25k/10k or for maintaining 3L/10L for SELECT/WEALTH respectively?

Can't say for sure as balance was below 25k for few days but I think avg balance is above 25k, so mostly the mail is received for not maintaining the product mab.

 

[Anindya98]

I opened select account today by giving 3 lakh cheque and my father opened regular account today, after how many days and what do I need to do get his account upgraded to select by family banking?

Select Account upgrade within 3-4 Weeks depending on the branch's efficiency
After the conversion, you can link to family banking via your RM/BM.

Please someone answer this, I asked to my home branch and they are saying that family banking is only for wealth accounts not for select

I have family banking with Select Account.

 

[ontherocks]

2) after a few months got WhatsApp offer of 0 MAB ( originally 10k mab account) because of my Wealth CC relationship.

Do you have a screenshot of the whatsapp message? Branch guys are denying any 0 balance offer ever to be provided to anyone.

 

[SSV]

Do you have a screenshot of the whatsapp message? Branch guys are denying any 0 balance offer ever to be provided to anyone.

you can read my above mentioned whole story in this thread in detail , including yourt requested Screen Shot.. Enjoy !!

Post in thread 'IDFC First Wealth Account eligibility requirement and benefits'

Jan 13, 2024

in was in march/april 2023 few/tons not sure how many though of people received WhatsApp message from idfc first bank that we are eligible for idfc zero MAB saving account.

I have a first hand experience,
After getting the wealth card stay put for 1 month and then on WhatsApp you'll get a notification of 0 MAB account in 1-2 months that's it.
Open the account online and then visit the branch and ask for manual upgrade into wealth account by giving some funds.

Many IDFC Cardholders received 0 MAB account opening offer few months ago. Now that you've acquired their card...

• SSV

• 
• 
• 

 

[iamsaimansari]

So

Select Account upgrade within 3-4 Weeks depending on the branch's efficiency
After the conversion, you can link to family banking via your RM/BM.

I have family banking with Select Account.

So uh mean that I can't do family banking to get my father's account upgraded to select as i already have select account?

 

[Riya Sharma]

I gave a 3lk Initial Cheque for the IDFC First Select account to my branch. My account has been created but it is labelled as the Regular Account in my App. I called up the Relationship Manager and he said that yes the account was opened as a Regular account but it will be upgraded to Select after. 2-3 days. He also said that I would receive the IDFC First Platinum (Basic) Debit Card first and then after that I would receive the Select Debit Card. Thr cheque has not been cashed yet and will take another day or two.

Is this true or am I being lied to?

 

[Riya Sharma]

@Vasuki @SSV @Anindya98

 

[Vasuki]

I gave a 3lk Initial Cheque for the IDFC First Select account to my branch. My account has been created but it is labelled as the Regular Account in my App. I called up the Relationship Manager and he said that yes the account was opened as a Regular account but it will be upgraded to Select after. 2-3 days. He also said that I would receive the IDFC First Platinum (Basic) Debit Card first and then after that I would receive the Select Debit Card. Thr cheque has not been cashed yet and will take another day or two.

Is this true or am I being lied to?

If you new customer you get directly enrolled in program

So if you haven't been told that u will receive link for program enrollment
U are good
After your cheque has been cleared and deposited
You will be upgraded to select
For kit yes it's true
Do 1k transaction with normal dc to get 2k points
Then select dc will appear in few days

 

[Anindya98]

So uh mean that I can't do family banking to get my father's account upgraded to select as i already have select account?

You can link your father's account with your Select Account under Family Banking.

 

[theflash]

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

Yep it's mostly for ig old users who opened accts while bank was new...

 

[iamsaimansari]

You can link your father's account with your Select Account under Family Banking.

I mean can i link now to make his account upgraded to select? Coz branch is saying that it's only possible for wealth