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!

 

[vijay.vj]

Do any of you guys have contacts of RMs who upgraded your Savings Account to First Wealth? I'm maintaining 10.5L as MAB for the past 40 days to initiate the process. I called in my home branch manager who said that he'll initiate the process after 3 months of 10L MAB. When I inquired with Hyderabad branch, they initially came up with an absurd number like 25L MAB and 3L salary account with them. Later found a First Wealth manager who agreed to initiate the process, but he's been ghosting me for the past week.

Tried contacting my VRM as well, She said the same 3 months 10L MAB as well. Is there a way out of this?

I'm also getting same responses...

 

[vijay.vj]

I was in the same position. I reached out a branch manager in hometown and he promised me a Wealth Account if I maintain 10L as MAB for 3 months, after which he'll initiate the up-gradation process. I maintained 10L for about 50 days and by this point, my MAB was above 10L. As far as I can tell, they can only MAB for 30 days and not 90 days, unless they specifically chase down transactions for the past 90 days.

Then, I reached out a different manager in Hyderabad for Wealth Account upgrade request. He was happy to send me the upgrade consent SMS in a week and my account got upgraded after a week or so.

Hey congrats.

Can you please share me contact of manager who helped you with upgrade in Hyd

 

[vijay.vj]

im also there only. let me know if you need any help

Hey, can you please DM contact who did it for 5L IP

 

[moneyMaker]

DM contact

Me too !

 

[TheGuy]

Idk what to say

Advice sensei.

U are too innocent or playing dumb

And what would that get me?

Which city u r in

New Delhi

 

[Vasuki]

Hey, can you please DM contact who did it for 5L IP

5 lakh over by last financial year

 

[TheGuy]

New Delhi

@Vasuki . .

 

[denisjos]

Do you guys get mails asking to add funds and maintain 10l to continue in wealth program.

 

[Vasuki]

Do you guys get mails asking to add funds and maintain 10l to continue in wealth program.

Did u maintain base account amount

 

[financewizard]

If anyone wants to open wealth account in Chennai and is not having existing savings account with IDFC, DM me. I can share one RM contact. 10L IP & can be removed after 1 month.

 

[Vasuki]

If anyone wants to open wealth account in Chennai and is not having existing savings account with IDFC, DM me. I can share one RM contact. 10L IP & can be removed after 1 month.

Or maybe existing one can open 2nd account

Tell your rm this because he doesn't know his own bank policy

 

[financewizard]

Or maybe existing one can open 2nd account

Tell your rm this because he doesn't know his own bank policy

Yup, they hardly know the rules. And in many cases, they come up with their own rules. In ideal case they should upgrade the existing account. But they lose the targets and commissions on opening new account. Thats why they make their own rules. Can't help regarding that.

 

[denisjos]

Did u maintain base account amount

Oh yeah there is about 3l in there but still received mail asking to add funds, hence the question

 

[Vasuki]

Oh yeah there is about 3l in there but still received mail asking to add funds, hence the question

Then your branch is under duress to show more funding in saving account
Hence this notice

 

[vijay.vj]

Today I called my RM and asked her to upgrade my select account to wealth. Or open a new IDFC account with 10L Cheque to avoid waiting 3 months wait period.

She said she can get approval in and upgrade my current select account to wealth account in 10 days, but asking for commitment to hold 10L MAB for next 6 months.

She claims that there has been several wealth to select downgrades happening lately during last 3 months (those who didn't maintain 10L MAB for first 6 months).

How true is this claim, or she is just bluffing to show more funds in the account.
Did IDFC really start downgrading Wealth accounts like ICICI?

@SSV

 

[SSV]

How true is this claim, or she is bluffing to show more funds in the account.
Did IDFC really start downgrading Wealth accounts like ICICI?

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[vijay.vj]

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Looks like just just booked a slot to reply !

 

[SSV]

Looks like just just booked a slot to reply !

See the highlighted part.
She was bluffing.

Note: it seems the highlighted formatted part was not showing properly before

 

[Vasuki]

Today I called my RM and asked her to upgrade my select account to wealth. Or open a new IDFC account with 10L Cheque to avoid waiting 3 months wait period.

She said she can get approval in and upgrade my current select account to wealth account in 10 days, but asking for commitment to hold 10L MAB for next 6 months.

She claims that there has been several wealth to select downgrades happening lately during last 3 months (those who didn't maintain 10L MAB for first 6 months).

How true is this claim, or she is just bluffing to show more funds in the account.
Did IDFC really start downgrading Wealth accounts like ICICI?

@SSV

3 month is a thing u can't bypass .

 

[vijay.vj]

3 month is a thing u can't bypass .

She said approval can be taken and I would have wealth account in ~10 working days (3 days for approval, a week for upgrade) without waiting 3 months for 10L MAB. Only condition she makes is they would downgrade if I fail to maintain 10L for next 6 months (3 months anyways I had to do if I go regular way).

She says either way, account will be downgraded if anyone fails to maintain 10L for first 6 months. May be a bluff most likely unless someone can confirm other wise.