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!

 

[sam1803]

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

You can get. There will be no issues. I got wealth on 10k. But since I was already holding account I loaded 10L funds during the end of the month and next month directly called customer care to arrange call back from my branch regarding wealth programme upgradation. Received the call and it got upgraded.

 

[Raghav2006]

You can get. There will be no issues. I got wealth on 10k. But since I was already holding account I loaded 10L funds during the end of the month and next month directly called customer care to arrange call back from my branch regarding wealth programme upgradation. Received the call and it got upgraded.

Got it, so the crux is I should visit the branch to negotiate and transfer funds.
And I should ask for a 10k base account.
How much time should I expect this upgrade to take? After which I can take out the money.

2nd, what's the difference in wealth and select?
And if I add my family members later by opening their separate 10k account, would they still need to maintain 10k?, so I can alone maintain it and they get free select/wealth benefits?.

Please let me know, thank you.

 

[sam1803]

Got it, so the crux is I should visit the branch to negotiate and transfer funds.
And I should ask for a 10k base account.
How much time should I expect this upgrade to take? After which I can take out the money.

2nd, what's the difference in wealth and select?
And if I add my family members later by opening their separate 10k account, would they still need to maintain 10k?, so I can alone maintain it and they get free select/wealth benefits?.

Please let me know, thank you.

For taking out the money, I don't have any answer to that since I had some expenses coming in November I let it there in the account as IDFC was giving good interest.

The difference between wealth and select is in the benefits only like lounge, locker, debit reward points etc. For this you can also look on the website directly under respective programs.

I have not added my family members yet.

 

[Raghav2006]

For taking out the money, I don't have any answer to that since I had some expenses coming in November I let it there in the account as IDFC was giving good interest.

The difference between wealth and select is in the benefits only like lounge, locker, debit reward points etc. For this you can also look on the website directly under respective programs.

I have not added my family members yet.

Got it sir.

 

[Mayurk]

Guys, the proceedings that happened after opening my 0 MAB IDFC SB account yesterday ( i.e. less than 24 hours of account opening).

1) Called IDFC CC and asked someone from my local branch to contact me regarding Welath program. Immediately one bloke called me and asked me fund 10L and after the end of this month he will start processing my Wealth Request. Somehow, I didn't like his voice.. thats me..

2) After a couple of hours I saw a Virtual RM (VRM) was assigned to my account.. I asked him to call me..

3) My VRM called me and he also insisted me for IP of 10L.. but he promised he would kickstart my Wealth upgrade immediately.

4) I funded my IDFC account this morning with 10L

5) He sent me an OTP to provide my consent and the welath upgrade request has now been processed and I will receive my Wealth Kit in 7 working days.
Note: my general sb kit is also not processed yet.. so Wealth kit will now be processed..


So, in a nutshell, On-boarding into IDFC Wealth is pretty seemless. and the net result is:

I got IDFC 0 MAB Wealth Account in under 24 hours of account opening with 10L IP,
without visiting any branch or no-one visiting my home , all done thru a few phonce calls...
This is what I call a True seemless Banking on-boarding process to a HNI Program ...
A Stunning on-boarding expereince to Wealth program ..

Thanks guys for all your inputs..

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Bro, can we open another account with 10L despite having a 25k account with IDFC for Wealth.??

 

[SSV]

Bro, can we open another account with 10L despite having a 25k account with IDFC for Wealth.??

I dont know if we can have 2 SB acccounts in IDFC, only some banks allow this, while some don't.

If anyone had opened 2 IDFC SB accounts , they will pitch in here..

 

[varun__goel_]

Bro, can we open another account with 10L despite having a 25k account with IDFC for Wealth.??

Yes you can open

 

[Mayurk]

Yes you can open

Anything specific we need to notify or simply ask for a 2nd account ??

 

[ontherocks]

Is the zero balance offer received only on Whatsapp, or in email too?

 

[newmakerhere]

My IDFC account is a select variant and I have 10000 DC points balance not redeem yet. My Question is

1. ) If I raise a request for an account upgrade to the Wealth variant then will my existing rewards points expire or not?

2. ) I do not receive RP after 3rd Nov for some transactions. will it be credited if my account is upgraded to Wealth? can I be eligible to raise a manual request for those transactions which was done by select debit card after the account upgrade?

Thanks