IDFC First Bank Select Vs Wealth Vs Private Requirements - Disucssion

[aparnahm]

For upgrading to wealth account, they are asking for 50l fd or loan/insurance of some amount or monthly salary of 5l. I don't think it is worth it.

 

[ankitfintech]

it seems, recently Idfc officially put up the criteria for select and wealth on their website ( attaching pic below)

By purely having 10L in Savings, one can get wealth
By having 1Cr, you should be able to get Private...

View attachment 68684

View attachment 68685

Talked to them yesterday as well. But they said minimum 50L is needed in investment and 50L in savings account

 

[hellobois]

Not for CC but for Wealth Savings account plus debit card

Wealth and select, both offer similar benefits with DC? I'm mostly impressed with 2.5% cashback on CC bill payment.

 

[hellobois]

I had word with RM before upgrade to wealth he clearly mentioned I can withdraw funds after wealth upgrade. For Private also if it’s the same case I will try 😋😋

I'm getting select with 3L initial funding. Sales person told me that I'll directly get select but apart from CC bill payment I don't see any benefits for me.
And he told me that account will be downgraded if I do not maintain the amount.

 

[theflash]

Correct !!! The DCs have reward rate difference for the first 50K only, over and above its the same 2.5%.
vis-a-vis of DC reward rate for online (excellent for cc bills and tax payments) on the 50K monthly spend.


IDFC Select - 3X = 0.5% = 250 INR
IDFC Wealth - 4X = 0.67% = 330 INR
IDFC Private - 6X = 1.0% = 500 INR

So we are good with even select as the absolute diff in private reward is 250, and its just 80rs when compared to wealth.

Monthly caps on reward points are
30K, 50K, 5L for Select , Wealth and Private respectively.

Considering those into account
Select gives rewards till 3.40 Lakh
Wealth gives rewards till 5.36 Lakh
Private gives rewards till 49.80 Lakh


Still for most , we can settle with Select.

Ig I saw your post if I'm not wrong showing the points per spend chart something for IDFC could you share the link?

 

[Indrajeet100]

Difference in lounge access with wealth dc also get international lounge access not in select dc. Domestic lounge wealth dc access with companion allowed. But not much difference between private and wealth.

 

[HumorSimpson]

Ig I saw your post if I'm not wrong showing the points per spend chart something for IDFC could you share the link?

Not me, but this guy

Offer Fulfilled! Post in thread 'IDFC First Rewards' best redemption options?'

Sep 18, 2024

Rewards paying CC bills and Taxes.

Detailed analysis of RPs interms of cash here. But if it really restricts to 500inr agvs , we loose 99+GST everytime we redeem.

I am adding the tabular comparison between all the IDFC DCs

• Anindya98

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• 

 

[theflash]

Not me, but this guy

Offer Fulfilled! Post in thread 'IDFC First Rewards' best redemption options?'

Sep 18, 2024

Rewards paying CC bills and Taxes.

Detailed analysis of RPs interms of cash here. But if it really restricts to 500inr agvs , we loose 99+GST everytime we redeem.

I am adding the tabular comparison between all the IDFC DCs

• Anindya98

• 
• 
• 

Thank You .

 

[Tonymathew]

In Mumbai they said 10l in my hometown in odisha I got it done at 5l

Where in odisha? I'm at sambalpur, and they are hellbent on 10 L only? Despite being rural area

 

[sambitpatro]

Where in odisha? I'm at sambalpur, and they are hellbent on 10 L only? Despite being rural area

A branch In berhampur

 

[Tonymathew]

A branch In berhampur

You opened a new account with an initial funding? Or did you already have an account, and your RM/BM helped you raise it to wealth?

 

[sambitpatro]

You opened a new account with an initial funding? Or did you already have an account, and your RM/BM helped you raise it to wealth?

Had opened an account online with Mumbai branch as home branch. Got it upgraded in berhampur branch. As per my RM u can get it done anywhere. There's no home branch concept in idfc bank

 

[Tonymathew]

Had opened an account online with Mumbai branch as home branch. Got it upgraded in berhampur branch. As per my RM u can get it done anywhere. There's no home branch concept in idfc bank

When did you get this upgradation done sir, if I may ask.?

 

[pslashb]

I was offered IDFC Private with 50L investment for 3 months

 

[Dragon_slayer]

I was offered IDFC Private with 50L investment for 3 months

Which investment? Or you means savings?

 

[pslashb]

Which investment? Or you means savings?

Not savings. Not FD. Investments in stocks or mutual funds, any. They said you can do it yourself and within few days private banking will be automatically upgraded

 

[sambitpatro]

When did you get this upgradation done sir, if I may ask.?

In March this year

 

[Tonymathew]

In March this year

Thanks sir. Thanks

 

[Dragon_slayer]

Not savings. Not FD. Investments in stocks or mutual funds, any. They said you can do it yourself and within few days private banking will be automatically upgraded

Dont you think its a bad time to invest 50L in stocks / mutual funds ? At these valuations it seems very tricky

 

[BVCBVC is verified member.]

Dont you think its a bad time to invest 50L in stocks / mutual funds ? At these valuations it seems very tricky

There are high chances of little bit correction, with Geo Politics now. (Already 3-4% corrected)