• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

IDFC first select banking program

I have the required 3 lakhs in my idfc acct but according to bank manager, associates and tele banking officer still there is no option to upgrade I need to maintain the balance for 3 months when I will be able to apply for the upgrade. Can anybody confirm this? Is this true and according to them as I have a account in rural branch I can't upgrade but they also say that they don't have the home branch concept. They are sending multiple messages across. Does anyone agree and by the way if anyone is using this account I would like to know the response and service of the staff and their knowledge ?
 
Bank is still not clear about the eligibility criteria of this program. Not all RM are aware of the process. But if your RM is knowledgeable, he can be able to help you to upgrade. But if your RM doesn’t know then there will be no help.
 
I have the required 3 lakhs in my idfc acct but according to bank manager, associates and tele banking officer still there is no option to upgrade I need to maintain the balance for 3 months when I will be able to apply for the upgrade. Can anybody confirm this? Is this true and according to them as I have a account in rural branch I can't upgrade but they also say that they don't have the home branch concept. They are sending multiple messages across. Does anyone agree and by the way if anyone is using this account I would like to know the response and service of the staff and their knowledge ?
you have to contact a select banking program RM, then request him/her to upgrade your account
 
I got the IDFC Select Wealth Membership just a month ago. I maintained more than 3 lakh for a month or two, before IDFC drastically decreased it's interest rates. After that, I maintained only 10k in my account. I was thinking of closing the account, but IDFC sent me the Select Membership kit and postponed my decision. Yes, the membership gives you a feeling of being a premium customer, but I do not find the membership of much use besides that.

It's Select Debit Card seems like IDFC's Visa Signature Debit Card in terms of benefits. Only reasonable benefit I noticed was Airport Lounge Access, which is also present in Visa Signature Card. I also have other LTF credit cards which give me the benefits of Airport Lounge Access. An RM is also assigned to me, but it is of no use since I do not trust Bank officials. I have got 1 year Amazon Prime membership along with Select card, but it is only one time benefit.

I cannot understand the reason behind the hype of the Select Program. Can someone explain me?
 
Who really knows. I have HDFC preferred account but in most of the situations, it probably is no different from a normal account, except some discounts like on locker rents, but I haven't used till now.

Monthly maintenance balance is 2 lakhs.

Only advantage for me is that it helped get me my first unsecured CC. That was the main reason for me getting that account.
Yes, I agreed that it's not making much differences and it's like normal account except for couple of things like locker rent etc. with HDFC preferred account .

Also, RM get's changed after periodic time and new RM always try to sell insurance products without understanding the financial need 😔.
 
I want an advice for one more thing. I applied for IDFC credit card online in December, hoping to get an IDFC Select Credit card, since I had Amazon Pay ICICI credit card reflecting in my credit report with a limit of 1.9 Lakhs. But the problem was that it was not even full 2 months old, and my other credit cards had low limits. So my application was rejected straightaway. I verified that my pin code is serviceable by also applying for the card by the name of my mother and her IDFC Classic credit card got approved without any income proof.

Now, in February end, I was given IDFC Select membership, which also offers a pre-qualified IDFC Select Credit Card. But now, I am unable to apply for IDFC Credit Card online, since my application got rejected recently(last December). What to do now? Should I wait till I am allowed to apply online again, or contact my RM/Branch?
 
If I maintain only 10k in my account, will my Select Banking Account be downgraded back to IDFC regular savings account? Or will this programme continue forever on my account without any conditions?
 
I tried to open an account online hoping I can opt for Wealth account during account opening, but unfortunately that option was not there, so never transferred money for the account.

Tried to contact IDFC Bank via online channels for wealth account but it does not help possibly until you visit the branch, and now with all incentives downsized, IDFC may not be something I would seek right now.
 
Who really knows. I have HDFC preferred account but in most of the situations, it probably is no different from a normal account, except some discounts like on locker rents, but I haven't used till now.

Monthly maintenance balance is 2 lakhs.

Only advantage for me is that it helped get me my first unsecured CC. That was the main reason for me getting that account.
I also have a Preferred Account, which I did not ask for, but was automatically upgraded from a savings to a Preferred account some 10 years back. I looked at the benefits and ultimately called Customer care asking to downgrade to normal savings account as the benefits were nothing exceptional and there was a MAB too. But that downgrade never happened.

RM's keep changing every now and then possibly coz they fail on their sales targets (A RM is a sophisticated salesman anyways), and anyways they are useless (try asking them to waive off your credit card late payment charge) until you want to buy Mutual Funds, Insurance, Loans etc., that too overall cost of buying from bank instead of insurer or MF house would be more, I reckon.

So I avoid these RM's at all costs. A Preferred Account does not help much if you're not playing into their hands.

One thing good has happened over the years is that I have a LTF Regalia credit card, this is one thing that helps ! Apart from this HDFC Preferred Programme and the RM's are not particularly useful for all.
 
Nice. But why would you downgrade given that there are non maintenance charges?
Youre right, there are no maintenance, this was 10 years back and I did not see a point in trusting bank officials............as also I was not very clever in these matters back then too. It was a salary account anyways, so was hoping to close it as soon as I change the organization.

Mostly it was trust issues as I never trusted bank officials.
 
Surprise Surprise ... My mother got a call from her RM today that her account is being upgraded to Select Banking Program. Her account is less than a year old, AMB around 50k.

Guess who's furious... Her son (me) ... 😂

I have a 2 year old account in IDFC ... AMB in much higher multiples than her, should've qualified to Select automatically as per their existing requirement anyways.

But I haven't received any upgrade.

Called my RM, gave him an earful. Poor chap had to hear a rant due to IDFCs shitty non-transparent policies.
First the Debit card fee policy, and now this. He asked for my mother's account details and confirmed that she's eligible, and was as surprised as me.
Lets see what he comes back with. He has asked for 1-2 day time as he needs to get approvals from the concerned teams and then inform the backend team to make me eligible for the upgrade.
 
Surprise Surprise ... My mother got a call from her RM today that her account is being upgraded to Select Banking Program. Her account is less than a year old, AMB around 50k.

Guess who's furious... Her son (me) ... 😂

I have a 2 year old account in IDFC ... AMB in much higher multiples than her, should've qualified to Select automatically as per their existing requirement anyways.

But I haven't received any upgrade.

Called my RM, gave him an earful. Poor chap had to hear a rant due to IDFCs shitty non-transparent policies.
First the Debit card fee policy, and now this. He asked for my mother's account details and confirmed that she's eligible, and was as surprised as me.
Lets see what he comes back with. He has asked for 1-2 day time as he needs to get approvals from the concerned teams and then inform the backend team to make me eligible for the upgrade.
Please don't fight with your mother! 🙏🤣
 
Surprise Surprise ... My mother got a call from her RM today that her account is being upgraded to Select Banking Program. Her account is less than a year old, AMB around 50k.

Guess who's furious... Her son (me) ... 😂

I have a 2 year old account in IDFC ... AMB in much higher multiples than her, should've qualified to Select automatically as per their existing requirement anyways.

But I haven't received any upgrade.

Called my RM, gave him an earful. Poor chap had to hear a rant due to IDFCs shitty non-transparent policies.
First the Debit card fee policy, and now this. He asked for my mother's account details and confirmed that she's eligible, and was as surprised as me.
Lets see what he comes back with. He has asked for 1-2 day time as he needs to get approvals from the concerned teams and then inform the backend team to make me eligible for the upgrade.
Ghor kalyug
 
Back
Top