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IDFC First Wealth Account Eligibility Requirement and Benefits - Discussion

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Chaitanya-a said:
For wealth upgrade they usually need 10L funding and mostly ask us to keep it for 1 month before upgradation. It may differ based on our negotiation skill as well.

For 5L funding, they agree to upgrade to Select Account. However things are somewhat in our favour during March due to year ending target pressure.
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now we are in quarter ending too. again pressure will be there to meet targets.

new savings accounts get direct upgradation, no waiting needed. about the amount, it varies according to location. in BLR it's 5L for wealth & 2L for select. i think SSV is open to a higher IP amount.
 
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Chaitanya-a said:
For wealth upgrade they usually need 10L funding and mostly ask us to keep it for 1 month before upgradation. It may differ based on our negotiation skill as well.

For 5L funding, they agree to upgrade to Select Account. However things are somewhat in our favour during March due to year ending target pressure.
Click to expand...
quino said:
now we are in quarter ending too. again pressure will be there to meet targets.

new savings accounts get direct upgradation, no waiting needed. about the amount, it varies according to location. in BLR it's 5L for wealth & 2L for select. i think SSV is open to a higher IP amount.
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Yeah, now that I got some understanding, I will approach them my way and update here the outcome.
Thanks guys
 
Chaitanya-a said:
For wealth upgrade they usually need 10L funding and mostly ask us to keep it for 1 month before upgradation. It may differ based on our negotiation skill as well.

For 5L funding, they agree to upgrade to Select Account. However things are somewhat in our favour during March due to year ending target pressure.
Click to expand...
Does auto upgrade happen for wealth cause I can't upgrade through branch. If auto upgrade happen without any human interaction then 3 month I can wait for sure otherwise would have look elsewhere how to approach for wealth upgrade.
 
quino said:
didn't understand. could you share the link?
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This is what I'm referring to
 
I tried a lot keeping 5L balance for over 1 month. I was insisting my RM to somehow do it with 5L, but she was reluctant and kept pushing for 10L balance for 3 months or new account with 10L IP.

I made final offer of 10L in my account and kept pushing her to get approvals. She stopped responding to messages, emails and calls & at last she responded & I said I'm no longer interested and moved out the money to somewhere else..

I sent email to PNO, then started getting calls from bank people. They kept saying their BM would speak, but I never received the call.
 
vijay.vj said:
I tried a lot keeping 5L balance for over 1 month. I was insisting my RM to somehow do it with 5L, but she was reluctant and kept pushing for 10L balance for 3 months or new account with 10L IP.

I made final offer of 10L in my account and kept pushing her to get approvals. She stopped responding to messages, emails and calls & at last she responded & I said I'm no longer interested and moved out the money to somewhere else..

I sent email to PNO, then started getting calls from bank people. They kept saying their BM would speak, but I never received the call.
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Well done ..
 
vijay.vj said:
I tried a lot keeping 5L balance for over 1 month. I was insisting my RM to somehow do it with 5L, but she was reluctant and kept pushing for 10L balance for 3 months or new account with 10L IP.

I made final offer of 10L in my account and kept pushing her to get approvals. She stopped responding to messages, emails and calls & at last she responded & I said I'm no longer interested and moved out the money to somewhere else..

I sent email to PNO, then started getting calls from bank people. They kept saying their BM would speak, but I never received the call.
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It's a very lengthy process tbh, I've been through one. I eventually raised a complaint in RBI ombudsman and then RM visited my house had a tea with me and finally converted my account to select 😭
Though I asked for wealth
 
Rahul Gupta said:
You just need to maintain your base account AQB/MAB thats all. No non-maintenance charges even if they downgrade in future. But as of now no downgrades is seen.
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You are right, I have wealth banking with them and confirmed by many channels that it's 0 AMB
 
palmadhotra said:
You are right, I have wealth banking with them and confirmed by many channels that it's 0 AMB
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incorrect information. base account is still 10k/25k. you are just enrolled into the wealth program. since idfc is not a big bank like hdfc yet, they dont want to charge their wealth customers. @S S V pls refer to my above post. this is not a true 0 mab. they just dont charge you as of now. it may change in future.
 
quino said:
@S S V pls refer to my above post. this is not a true 0 mab. they just dont charge you as of now. it may change in future.
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Thats what I thought too.. the variant still be either 10K/25K, it just they don't downgrade..
 
palmadhotra said:
Absolutely right sir, even family grouping accounts also upgraded n becomes 0 AMB.
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Okay, I will keep this also in my mind..
but did you check anywhere in the app/ web site that it is a 0 balance account??
 
quino said:
incorrect information. base account is still 10k/25k. you are just enrolled into the wealth program. since idfc is not a big bank like hdfc yet, they dont want to charge their wealth customers. @S S V pls refer to my above post. this is not a true 0 mab. they just dont charge you as of now. it may change in future.
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Its true that it is a banking pgm not an account variant but u not need to maintain 10k/ 25k as per account variant, it means 0 AMB.
Idfc is not big player like hdfc n ICICI bt jab Tak mil rha hai fayda le lo, when they becomes equal to HDFC ICICI they will also start downgrading but it vl b done only after many mails n msgs for sure.
 
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