EnthuCC
TF Premier
Can your RM help to upgrade Wealth account to Private account?
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IDFC First Bank Select Vs Wealth Vs Private Requirements - Disucssion
- Thread starter Dragon_slayer
- Start date
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- Tags
- idfc idfc select select wealth
sambitpatro
TF Premier
For Private account they are asking for 1cr investment which is too much considering the benefits we will get
For Private, they need investment of 1 cr. Currently they said they can open direct Wealth in 5 lakh IP in Bangalore.
But I can talk, how much you can fund for Private?
Sure...DM me your details. I will talk and I sure they will help you out. But you need to give 5 lakh IP.
EnthuCC
TF Premier
~30-40L I guess
sambitpatro
TF Premier
I have tried in the past.... Idfc doesn't budge for less than 1cr for private...talked with RMs in tier 1 and tier 3 cities got the same response everywhere
Sobirvs
TF Ace
Talk abt one of my friends too. Funding savings + deposits 45L.
sambitpatro
TF Premier
My brother is an NRI and was willing to open a FCNR FD of around 60lakhs...still idfc bank didn't accept
sambitpatro
TF Premier
As of I don't think we have to maintain balance for any of their programs be it wealth private select
Sobirvs
TF Ace
yeah IDFC giving pain to my friend too abt this. He changed his RM and new RM is saying wait for few months and she might be able to get my friend Private. But no guarantees.
sambitpatro
TF Premier
I don't understand why idfc is so rigid about the eligibility criteria for private... U can get wealth for 5lakhs for wealth but 1cr for private is too high... moreover private account doesn't give that many benefits for maintaining 1cr..even the private credit card which has 20k annual fee is also not given ltf to private banking customers...so there's no point in upgrading to private
Sobirvs
TF Ace
it kinda does. IDFC knows giving private account means letting them have family banking benefits too. Now afaik one private member can have 8 family members in his family grouping and mind you, idfc doesn't validate the person added is indeed family or not.
Now, 20k points per card as welcome + 20k for 1st tap. that's 40k points = 10,000 hit for them as cash. Now add another 7 members, that's 70k hit for them. This isn't even including many other benefits that the acc comes with. 80k = 0.8% back as rewards for doing absolutely nothing and anyways idfc is a bank which gives top most interest when compared to any other national bank.
Idk if asking for 1cr is valid but saying the acc doesn't give benefits is wrong. Also that 1cr requirement is just to open the acc. Once done, anyone can move that money out. What will bank get for taking a 80k hit??
I wish they did it for less, a friend of mine has almost 50L in IDFC yet RM hasn't budged yet.
Sobirvs
TF Ace
change RM via PNO. But then they might assign a even worse RM. Try first checking with friends offline/online if they have a good RM. Once you find it then communicate with that RM, get his/her details and then email PNO for the same, CC the RM too. My friend got his RM changed to my RM via this route as my RM is nice.
sambitpatro
TF Premier
U can get family banking benefits for a wealth account also and the same logic of getting reward points holds good for wealth banking also ( even though the amount u get in reward points is less)
Moreover it's not like everyone has idle money of 1cr in their accounts. I have compared both private and wealth account benefits...didn't find it that lucrative/ beneficial for which idfc is demanding 1cr which is highly absurd.
u can also have a look at the comparison between private and wealth banking which will prove my point. Had it been 50 lakhs it's still justified but then idfc is in its own dream world....
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sambitpatro
TF Premier
U can get upgraded to wealth if u have 10lakhs in ur account. No need of requesting anyone or opening a ulip. Just talk with BM
I can fund 50.01L upgrade to Private possible ?
So BM can help more vs RM ?
