IDFC First Wealth Account eligibility requirement and benefits

[Quantum]

Hello,

IDFC website doesn't seem to list the eligibility criteria for opening an IDFC First Wealth Account.
From your recent first hand experience, could you please share the eligibility criteria?
Does the criteria need to be maintained throughout the lifetime of the Wealth account, similar to Axis Burgundy account, to avoid account downgrade?
Also, what credit cards one can expect or negotiate to get offered?
FYI, I'm not an existing IDFC customer.
Thanks!

 

[Quantum]

Hello
May I know which branch upgraded you to Wealth for 2 days old Account?

I am having Account in Cuttack, Odissa branch for over an year with average balance of Rs 50 K and for last 10 days I am keeping over Rs 15 lacs balance. Still they told me I need to maintain Rs 10 lacs for 3 months minimum to have Wealth Acc

Any hack to get it done before?

if you have a RM assigned, then ask them to upgrade your account to Wealth program.
If they tell you to wait for 1 month or so, then tell them that couple of your friends got upgraded to Wealth as soon as their AMB was over 5 lac.
What is your AMB as shown in IDFC app/website?
Speaking of Bengaluru, IDFC RMs are only asking for 5lac as opening balance/AMB for wealth.

 

[palen]

Is it worth parking >5L on IDFC? I mean, is it a safe bank to keep your money?

 

[Quantum]

Is it worth parking >5L on IDFC? I mean, is it a safe bank to keep your money?

You can withdraw the amount at any time after getting upgraded to Wealth. Downgrade would not happen if your AMB goes below 10L or 5L.
You can search this forum for IDFC account, and you would find some threads where folks have recommended IDFC to park 5-10L as emergency fund, etc.
I think IDFC is still lot better than parking funds in SFBs.
It's actually IDFC's interest rate on savings acc, their LTF DC/CC and its features, that make people open a new acc in IDFC.

 

[palen]

You can withdraw the amount at any time after getting upgraded to Wealth. Downgrade would not happen if your AMB goes below 10L or 5L.
You can search this forum for IDFC account, and you would find some threads where folks have recommended IDFC to park 5-10L as emergency fund, etc.
I think IDFC is still lot better than parking funds in SFBs.
It's actually IDFC's interest rate on savings acc, their LTF DC and CC its features, that make people open a new acc in IDFC.

Yeah, I've read those threads. Slightly concerned about IDFC, given it's ambitious recent sponsorships.

 

[Quantum]

Yeah, I've read those threads. Slightly concerned about IDFC, given it's ambitious recent sponsorships.

Not sure if you understand Hindi, but you can check this video:

 

[jeet83]

if you have a RM assigned, then ask them to upgrade your account to Wealth program.
If they tell you to wait for 1 month or so, then tell them that couple of your friends got upgraded to Wealth as soon as their AMB was over 5 lac.
What is your AMB as shown in IDFC app/website?
Speaking of Bengaluru, IDFC RMs are only asking for 5lac as opening balance/AMB for wealth.

Yes I've shifted my emergency funds from HDFC to IDFC just because of good interest rate and monthly payout. Very few banks have this combination.

if you have a RM assigned, then ask them to upgrade your account to Wealth program.
If they tell you to wait for 1 month or so, then tell them that couple of your friends got upgraded to Wealth as soon as their AMB was over 5 lac.
What is your AMB as shown in IDFC app/website?
Speaking of Bengaluru, IDFC RMs are only asking for 5lac as opening balance/AMB for wealth.

Hello, Thanks for your reply. My AMB at IDFC Bank for last 14 days is Rs 17 lacs+ today branch told me they might need to wait 3 months to upgrade me to Wealth Acc IDFC Bank has best interest rate on saving acc. So, will have the fund with the bank. But to upgrade to Wealth maybe I will check with other branch that has a more aggressive working style. No RM I Can see for me in my mobile app.

 

[palen]

Not sure if you understand Hindi, but you can check this video:

I don't :/ Can you do a tldw?

 

[Quantum]

Hello, Thanks for your reply. My AMB at IDFC Bank for last 14 days is Rs 17 lacs+ today branch told me they might need to wait 3 months to upgrade me to Wealth Acc IDFC Bank has best interest rate on saving acc. So, will have the fund with the bank. But to upgrade to Wealth maybe I will check with other branch that has a more aggressive working style. No RM I Can see for me in my mobile app.

Branch folks are just talking sh*t.
Either you go to the same branch and directly ask for account closure, and when they ask why are you doing this, then mention the reason, and neogtiate for same day upgradation.
If they aren't ready, just close that account and open a new one in some better branch where the banker/RM assures that they would start the wealth program upgrade process as soon as you open the acc with an initial deposit of 5/10L.

 

[Quantum]

Hello, Thanks for your reply. My AMB at IDFC Bank for last 14 days is Rs 17 lacs+ today branch told me they might need to wait 3 months to upgrade me to Wealth Acc IDFC Bank has best interest rate on saving acc. So, will have the fund with the bank. But to upgrade to Wealth maybe I will check with other branch that has a more aggressive working style. No RM I Can see for me in my mobile app.

Also, it's not actually about aggressive or non-aggressive working style, it actually boils down to difference in promises made at different branches. And that should not happen. If some folks are able to upgrade the account with 5/10L+ as soon as their AMB crosses that mark, then some other person having 15L+ as AMB should not be made to wait for 3 months.

 

[jeet83]

Also, it's not actually about aggressive or non-aggressive working style, it actually boils down to difference in promises made at different branches. And that should not happen. If some folks are able to upgrade the account with 5/10L+ as soon as their AMB crosses that mark, then some other person having 15L+ as AMB should not be made to wait for 3 months.

On September 27, 2023 I added Rs 11 lacs after that I kept adding funds and at once it was 20 lacs + and right now the current balance is Rs 17.35 lacs and AMB for this month is Rs 17,20,000 the branch called me and told me the Wealth Manager wants to meet me only after that they can upgrade can't understand what's the fuss they are making? 🙂

Will meet them today at 6.30 pm. If they act too smart will tell them I will close acc and open acc at some other branch

Will update about it. Thanks for the suggestion.

 

[Quantum]

On September 27, 2023 I added Rs 11 lacs after that I kept adding funds and at once it was 20 lacs + and right now the current balance is Rs 17.35 lacs and AMB for this month is Rs 17,20,000 the branch called me and told me the Wealth Manager wants to meet me only after that they can upgrade can't understand what's the fuss they are making? 🙂

Will meet them today at 6.30 pm. If they act too smart will tell them I will close acc and open acc at some other branch

Will update about it. Thanks for the suggestion.

Actually the upgrade process is initiated by the RM, they will share a link with you via msg. You need to accept the TnC and give consent to get upgraded to Wealth program. Once, you do that, it will take around 7 days to get the Wealth program.

 

[Quantum]

AMB for this month is Rs 17,20,000

That's more than enough for RM to initiate the Wealth up-gradation process.
Also, ask for IDFC Wealth CC if your CIBIL score is good, and you don't have this CC.

 

[psmangat5]

Eligibility criteria is:

Your savings account balance should be 10L to be eligible for wealth Account. You can take out money after upgradation. There's no non Maintenance charges. It won't be downgraded if you've good connection with branch RM.

They don't offer credit card based on your relationship with the bank. You've to apply for it seperately.

for my 13 lakh balance they upgraded me to select only. balance remained for more than a year

 

[Quantum]

for my 13 lakh balance they upgraded me to select only. balance remained for more than a year

Which city branch?

 

[jeet83]

That's more than enough for RM to initiate the Wealth up-gradation process.
Also, ask for IDFC Wealth CC if your CIBIL score is good, and you don't have this CC.

Very weird meeting I had

Wealth Account Manager of IDFC Bank asked me my profession, my IT Return, if I have own car and house 🙂 I had taken my MG Astor with me told him, that's my car of Rs 18+ lacs worth, but I stay in rented house. I told him my CIBIL is over 760+ and ITR is Rs 14 lacs+ .Then I asked him 'why he is grilling me, am I taking a big loan from bank? What risk bank will have if they upgrade my acc to Wealth Acc? He was speechless 🙂

He also told me I need to keep Rs 15 lacs balance or they will downgrade my acc. He finally told me by Friday he will confirm me

I told him If he can't upgrade my acc I will change branch. I'm really upset at the bank people

 

[jeet83]

for my 13 lakh balance they upgraded me to select only. balance remained for more than a year

They said it's need to be Rs 15 lacs AMB all the time or they will downgrade

 

[Quantum]

Very weird meeting I had

Wealth Account Manager of IDFC Bank asked me my profession, my IT Return, if I have own car and house 🙂 I had taken my MG Astor with me told him, that's my car of Rs 18+ lacs worth, but I stay in rented house. I told him my CIBIL is over 760+ and ITR is Rs 14 lacs+ .Then I asked him 'why he is grilling me, am I taking a big loan from bank? What risk bank will have if they upgrade my acc to Wealth Acc? He was speechless 🙂

He also told me I need to keep Rs 15 lacs balance or they will downgrade my acc.

He finally told me by Friday he will confirm me

I told him If he can't upgrade my acc I will change branch. I'm really upset at the bank people

You know what, I would suggest you to please close this account. And open another account in some other branch. Also, when you go to some other branch, don't just open the account on the same day. Try to get an idea about how is your future RM. If they seem better, then only proceed.
Many people end up changing banks because of shi**y RMs/BMs.
Your current branch folks asked you those questions because they are assessing you for different IDFC products (loan, ULIP, MF, Term insurance, etc.)
They want to make your upgrade conditional based on the products they are going to sell you.
They must be high on something if they are telling you that you need to maintain 15L for Wealth. I'm yet to come across a person, whose account was downgraded.

This sounds like worst branch with worst set of people.
Even if you get upgraded, the RM/WM/BM is going to be a pain in the a*s.
And if they have said it that they will downgrade if you don't maintain 15L, then be sure that they will downgrade.
So, just transfer all the money from this account to some other account, and close this account.

 

[Quantum]

Very weird meeting I had

Wealth Account Manager of IDFC Bank asked me my profession, my IT Return, if I have own car and house 🙂 I had taken my MG Astor with me told him, that's my car of Rs 18+ lacs worth, but I stay in rented house. I told him my CIBIL is over 760+ and ITR is Rs 14 lacs+ .Then I asked him 'why he is grilling me, am I taking a big loan from bank? What risk bank will have if they upgrade my acc to Wealth Acc? He was speechless 🙂

He also told me I need to keep Rs 15 lacs balance or they will downgrade my acc. He finally told me by Friday he will confirm me

I told him If he can't upgrade my acc I will change branch. I'm really upset at the bank people

I opened my IDFC account and got upgraded to Wealth program in a branch in Bengaluru. The day I walked in to the branch and the banker reached out to me, I said I want to open a Wealth account, they mentioned the amount as 5L. That's it. They did not ask any other question regarding my assets and liabilities. Just friendly chit chat. They said I would need to maintain that 5L for 1 month. But guess what, I transferred more than 10L in that account in next 2-3 days after opening the account, called the RM, they shared the consent link with me right away. Total time taken: 7-9 days from the day of account opening.
I think your current branch folks are thinking that you are desperate for Wealth program, and that's why they are behaving like this. But that doesn't change the fact that their behavior is pathetic by default. Kind of people with whom nobody wants to deal with, especially when it comes to money.

 

[jeet83]

I opened my IDFC account and got upgraded to Wealth program in a branch in Bengaluru. The day I walked in to the branch and the banker reached out to me, I said I want to open a Wealth account, they mentioned the amount as 5L. That's it. They did not ask any other question regarding my assets and liabilities. Just friendly chit chat. They said I would need to maintain that 5L for 1 month. But guess what, I transferred more than 10L in that account in next 2-3 days after opening the account, called the RM, they shared the consent link with me right away. Total time taken: 7-9 days from the day of account opening.
I think your current branch folks are thinking that you are desperate for Wealth program, and that's why they are behaving like this. But that doesn't change the fact that their behavior is pathetic by default. Kind of people with whom nobody wants to deal with, especially when it comes to money.

Thank you for understanding it and putting it so well for me. Really appreciate it. Indeed I felt little humiliated when on the road Wealth Manager asked me about my income, assests, how long I'm living in the city and profession etc

Will give him a good talk tomorrow and give him an ultimatum process it instantly or closing my acc

Will update how it went. Thank you again

 

[psmangat5]

Which City branch?

in ludhiana punjab