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!

 

[Vasuki]

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.

That's why said better wait for few days than giving commitment of 6 month *10 lakh

It you too rich to afford that commitment into idfc saving account.then go ahead
It's your money

 

[Hemang]

Received the 0 MAB IDFC sb account offer, thanks guys…
@Quantum

View attachment 40093

Sir were there any disruption in opening the account 0 MAB, or there were any hidden conditions to be fulfilled?

 

[SSV]

Sir were there any disruption in opening the account 0 MAB, or there were any hidden conditions to be fulfilled?

Nothing for both .. as long as you don’t operate this account for UPI transactions

 

[Hemang]

Nothing for both .. as long as you don’t operate this account for UPI transactions

Matlab credit card ke bill bharne ke liye use krein jese indusind ka juice nikla hua hai hum sabke dvara.

 

[Vasuki]

Nothing for both .. as long as you don’t operate this account for UPI transactions

I m using it as normal account

Decent UPI transaction
Dc transaction frequently..

Those era of UPI transaction freeze gone
If you use normal
Algorithm won't flag you

 

[Vasuki]

Matlab credit card ke bill bharne ke liye use krein jese indusind ka juice nikla hua hai hum sabke dvara.

Bhut peeche ho bhai
Ek baar juice nikal chuka h
Yeh 2nd wave hai cc wla

 

[SSV]

I m using it as normal account

Decent UPI transaction
Dc transaction frequently..

Those era of UPI transaction freeze gone
If you use normal
Algorithm won't flag you

Congratulations . .

 

[Neo]

I have gathered the below info. Thanks @Anindya98 for sharing some important details.

	IDFC First Wealth Account + Visa Infinite Debit Card
Bank Name	IDFC
Card Type	Debit card
Card Variant	Visa Infinite Debit card
Card Charges Per Year	Nil with Wealth Account
Criteria	✔ Minimum Average Monthly Balance (AMB) of Rs. 10 Lakhs in Saving Account (Consistent 6-month AMB to be maintained in saving account at a customer level / group level) OR ✔ Minimum Asset Under Management (AUM) of Rs. 25 Lakhs at a customer / group level, OR ✔ Minimum Overall Relationship Value (ORV) of Rs. 50 Lakhs at a customer / group level *The above criteria as per bank. Read TF forum for more details on the practial experience
Domestic Airport Lounge Access	Per Quarter : Max 3 (Self) + Max 3 (Any accompanying Guest) . It implies that you can take a maximum of 3 Guests per quarter in the following combinations 1+1, 1+2, or 1+3. You need to have primary access left to use guest access. So basically 3 times visit to Lounge per quarter. Weblink https://webaccess.dreamfolks.in can be accessed by customers for self-checking of complementary visit quota and generating vouchers for guest(s) travelling with them.
International Airport Lounge Access	2 international airport lounge access per quarter. An authorization amount of INR equivalent of USD 35 per person per visit will be levied to the card, which will subsequently be reversed within 10 working days. This would be charged on the card for validation purposes only and it will not be charged to the card holder if you still have complimentary access. Your debit card will be swiped to register your visit. Please be reminded to enable cross border e-com (International usage) transactions on your card. When you arrive at the lounge, you will need to present your debit card with boarding pass and identify yourself as a ‘LoungeKey member’ to gain entry www.loungekey.com/FIRSTWealthDebitCard
Minimum Spend Criteria for Lounge Access	Nil for Domestic Nil for International
Golf Access	Complimentary Golf Access Program Details | IDFC FIRST Bank Debit Card Festive Season Cashback campaign - Complimentary Golf Access Program Details www.idfcfirstbank.com
RSA (Road Side Assistance)	Maximum of 4 complimentary RSA services in a year. Cardholder should call Across Assist 24x7 Toll-free Number 1800 309 3916 to avail Emergency Road Side Assistance. Road Side Assistance Program Details | IDFC FIRST Bank Road Side Assistance Program Details www.idfcfirstbank.com
Other Benfits	Cash withdrawal limit of ₹7 Lakhs (Any bank ATM) POS purchase limit of ₹ 12 Lakhs Personal Accident Insurance up to ₹ 1 Crore Air Accident Insurance up to ₹ 2.5 Crores Purchase Protection Cover up to ₹ 1 Lakh 1 Free small size locker till your wealth account is active with IDFC + Up to 50% discount on 2 additional lockers (basis availability)
Family Banking Benfit	Under the family account grouping, 8 accounts in one family can be grouped. Each of them will get a Visa Infinity card and each one will have their own benfits (like 3+3 lounge) without sharing with others.

 

[Anindya98]

Per Quarter : Max 3 (Self) + Max 3 (Any accompanying Guest) = 6

Lounge Access is (3+3). So, it means you can take a maximum of 3 Guests per quarter in the following combinations 1+1, 1+2, or 1+3.
You need to have primary access left to use guest access. So basically 3 Lounge access per quarter.

 

[Neo]

Lounge Access is (3+3). So, it means you can take a maximum of 3 Guests per quarter in the following combinations 1+1, 1+2, or 1+3.
You need to have primary access left to use guest access. So basically 3 Lounge access per quarter.

Thanks! Added this info to my post.

 

[ontherocks]

Is there a physical address verification when opening Wealth account?

 

[|V|]

How's do we get the guest access on IDFC wealth DC ?

I primary, will show my card, they swipe and they give access to me and my guest both ? How's the procedure here ?

 

[Anindya98]

How's do we get the guest access on IDFC wealth DC ?

I primary, will show my card, they swipe and they give access to me and my guest both ? How's the procedure here ?

While swiping ask them to avail guest access on Wealth DC you can take max 3 guests per quarter in the combination of 1+1, 1+2 or 1+3

 

[|V|]

While swiping ask them to avail guest access on Wealth DC you can take max 3 guests per quarter in the combination of 1+1, 1+2 or 1+3

Thank you.

So with 1+3 combination; I can take 3 guests on my first visit itself; exhausting my entire quarters quota in 1 go ?

 

[Anindya98]

So with 1+3 combination; I can take 3 guests on my first visit itself; exhausting my entire quarters quota in 1 go ?

Yes, after that only 2 primary access will be left.

 

[dealsindia2018]

It is possible only via existing account upgrade route.

However you can negotiate with your branch RM that you would open Account only when he initiate wealth upgrade process just after Account opening. If he denies, then don't open the account. Most likely he'll agree upon your request.

Hi, wealth is directly available for new accounts with Rs.10L initial funding. Some branches even do it for 5L initial funding. Not necessary for upgrade route.

Have opened 2 accounts directly into wealth with 10L each funding. Later they will be grouped into family banking.

 

[Chaitanya-a]

Hi, wealth is directly available for new accounts with Rs.10L initial funding. Some branches even do it for 5L initial funding. Not necessary for upgrade route.

Have opened 2 accounts directly into wealth with 10L each funding. Later they will be grouped into family banking.

By upgrade, I was talking about base account i.e. 10k, 25k MAB ones. After that only we can enroll in Select, Wealth or Private programmes.

 

[Raghav2006]

Can anyone please tell me that getting IDFC select on 10k base account possible?
Should I go to the bank and negotiate for IP?
And once my account is upgraded, can I safely take out all the IP except 10k?
Is it a loophole or it is the rule?

Please let me know, as I am looking to open one.
Thank you

 

[vijay.vj]

Can anyone please tell me that getting IDFC select on 10k base account possible?
Should I go to the bank and negotiate for IP?
And once my account is upgraded, can I safely take out all the IP except 10k?
Is it a loophole or it is the rule?

Please let me know, as I am looking to open one.
Thank you

If you dont have account in IDFC, you should directly negotiate for Select account and give them with 3L cheque or whatever you agree upon.
Account opening will be instant and will be onboarded to select in 2-5 days or so.

If you already have 10k account, they would want you to maintain 3L for 3 months or something for upgrade,

Its simple and way faster with new account.

 

[Raghav2006]

If you dont have account in IDFC, you should directly negotiate for Select account and give them with 3L cheque or whatever you agree upon.
Account opening will be instant and will be onboarded to select in 2-5 days or so.

If you already have 10k account, they would want you to maintain 3L for 3 months or something for upgrade,

Its simple and way faster with new account.

I don't have any relations with IDFC sir.
Looking to open new account