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]

in ludhiana punjab

Try negotiating with them for Wealth program. Tell them you would close the account, probably they would agree to upgrade.
I mean this is what I have been seeing: One need to negotiate for Wealth program if they already have an acc with IDFC.

 

[Quantum]

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

I'm not sure but I'm not getting a good feeling for this manager. He said he will downgrade the account if AMB is not maintained. And if he does, then all the branch folks will tell you that you need to maintain the AMB. Because that criteria is written everywhere. But this is not written anywhere that: "your account will not be downgraded if you fail to maintain 5/10L." This is just the understanding between the RM/WM and the customer because of which they don't explicitly downgrade the account.

 

[quino]

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

i'm really sorry you had to face that. i truly despise bank ppl that act as if they are doing us a huge favour like getting their child married to us.

i too faced such interrogations from bank ppl & felt my self-respect slipping. it was an unsettling experience for me & later thought that i can't stop ppl who talk to me like that, but i will surely not help their targets by maintaining amb in their branch/bank.

i suggest you to approach another branch in your city & get a feel how they are, & if not just close the account. there are so many other banks who'll treat you like king.

 

[TheTrickySid]

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

First try mailing IDFC pno and complaint about the branch manager.

If they still don't budge close the account.

 

[psmangat5]

Try negotiating with them for Wealth program. Tell them you would close the account, probably they would agree to upgrade.
I mean this is what I have been seeing: One need to negotiate for Wealth program if they already have an acc with IDFC.

I am having First Select though. Anything extra in wealth ?

 

[Quantum]

I am having First Select though. Anything extra in wealth ?

Better DC and associated program features. It's their 2nd best program offering after First Private that requires 50L AMB.
Wealth is worth upgrading for. Moreover you are already qualified for Wealth program given your balance/AMB, so why to let go of this opportunity.

 

[jeet83]

First try mailing IDFC pno and complaint about the branch manager.

If they still don't budge close the account.

Will do that thank you

 

[jeet83]

i'm really sorry you had to face that. i truly despise bank ppl that act as if they are doing us a huge favour like getting their child married to us.

i too faced such interrogations from bank ppl & felt my self-respect slipping. it was an unsettling experience for me & later thought that i can't stop ppl who talk to me like that, but i will surely not help their targets by maintaining amb in their branch/bank.

i suggest you to approach another branch in your city & get a feel how they are, & if not just close the account. there are so many other banks who'll treat you like king.

Indeed some bank officials act like they have some superpower and are superior to the clients having accounts with them 🙂 thank you for the suggestion. Will check with other branch.

 

[jeet83]

I'm not sure but I'm not getting a good feeling for this manager. He said he will downgrade the account if AMB is not maintained. And if he does, then all the branch folks will tell you that you need to maintain the AMB. Because that criteria is written everywhere. But this is not written anywhere that: "your account will not be downgraded if you fail to maintain 5/10L." This is just the understanding between the RM/WM and the customer because of which they don't explicitly downgrade the account.

Yes, correct. If we see what bank is giving for Wealth Acc like some vouchers and lounge access etc they are not too much investment from banks. If someone is keeping 10 lacs+ for Wealth Acc the person has mostly 10 lacs own money to request for Wealth acc. So, out of 100 maybe 30-40 will take some or most of 10 lacs rest 60 will keep having 10lacs+ in saving acc especially as IDFC Bank has highest saving acc interest. So, I don't understand why the official acted so stupidly like bank has huge money invested on me if they give Wealth Acc to me 🙂 Thank you for your feedback.

 

[Nitheesh]

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.

which branch is it?

 

[Quantum]

which branch is it?

Varthur Rd, Thubarahalli, Bengaluru

 

[jeet83]

Guys thank you to all for the feedbacks and suggestions. Really appreciate it.

Today I called IDFC Bank told them everything including the silly questions their Cuttack Branch Welath Manager asked me.. they told me some Senior will call me back. She called me after 20 mints time.

I explained her everything, she then took me in conference call with my Branch Manager he was told everything and he felt bad about his team members behavior and requested me to wait till Friday. Guess what only after 3 hours I got a call from RM who told me link sent to you please confirm it so we can start the process 🙂

I saw the landing page showing Exclusive Acc I got suspicious and sent him Wealth Acc onboarding Landing page. He then made me talk with Branch Manager who told me the the landing lage I'm referring to clients see when they got banks upgrade offers but here since branch is sending request to bank for upgrade I'm seeing this but this is indeed for Wealth Account.

I hope he was telling the truth. I gave my consent with the link. Once I get any update from bank after few days will update hare

Thank you again to all.

Guess

 

[Quantum]

Guys thank you to all for the feedbacks and suggestions. Really appreciate it.

Today I called IDFC Bank told them everything including the silly questions their Cuttack Branch Welath Manager asked me.. they told me some Senior will call me back. She called me after 20 mints time.

I explained her everything, she then took me in conference call with my Branch Manager he was told everything and he felt bad about his team members behavior and requested me to wait till Friday. Guess what only after 3 hours I got a call from RM who told me link sent to you please confirm it so we can start the process 🙂

I saw the landing page showing Exclusive Acc I got suspicious and sent him Wealth Acc onboarding Landing page. He then made me talk with Branch Manager who told me the the landing lage I'm referring to clients see when they got banks upgrade offers but here since branch is sending request to bank for upgrade I'm seeing this but this is indeed for Wealth Account.

I hope he was telling the truth. I gave my consent with the link. Once I get any update from bank after few days will update hare

Thank you again to all.

Guess

Finally!! 🙂
Even the link that I received had the same content as yours. Nowhere "Wealth" was mentioned. I asked my RM "is it for wealth program" before approving, she said yes, and I gave the consent.
Wait for 2-7 days, and you would receive your welcome kit. If you go to IDFC app, scroll down to "customer service" section, click on "track requests", you would see an entry for "program upgrade". The welcome kit deliverable will be shown in "track deliverables" once bank's internal process completes.

 

[quino]

Guys thank you to all for the feedbacks and suggestions. Really appreciate it.

Today I called IDFC Bank told them everything including the silly questions their Cuttack Branch Welath Manager asked me.. they told me some Senior will call me back. She called me after 20 mints time.

I explained her everything, she then took me in conference call with my Branch Manager he was told everything and he felt bad about his team members behavior and requested me to wait till Friday. Guess what only after 3 hours I got a call from RM who told me link sent to you please confirm it so we can start the process 🙂

I saw the landing page showing Exclusive Acc I got suspicious and sent him Wealth Acc onboarding Landing page. He then made me talk with Branch Manager who told me the the landing lage I'm referring to clients see when they got banks upgrade offers but here since branch is sending request to bank for upgrade I'm seeing this but this is indeed for Wealth Account.

I hope he was telling the truth. I gave my consent with the link. Once I get any update from bank after few days will update hare

Thank you again to all.

Guess

hope you recorded the call just to be safe.

 

[jeet83]

hope you recorded the call just to be safe.

Indeed I recorded the call for safety 🙂

 

[jeet83]

Finally!! 🙂
Even the link that I received had the same content as yours. Nowhere "Wealth" was mentioned. I asked my RM "is it for wealth program" before approving, she said yes, and I gave the consent.
Wait for 2-7 days, and you would receive your welcome kit. If you go to IDFC app, scroll down to "customer service" section, click on "track requests", you would see an entry for "program upgrade". The welcome kit deliverable will be shown in "track deliverables" once bank's internal process completes.

Thanks for confirming indeed it's wealth acc upgrade, will check the app as per your suggestion. cheers

 

[Lobogris]

Yes, correct. If we see what bank is giving for Wealth Acc like some vouchers and lounge access etc they are not too much investment from banks. If someone is keeping 10 lacs+ for Wealth Acc the person has mostly 10 lacs own money to request for Wealth acc. So, out of 100 maybe 30-40 will take some or most of 10 lacs rest 60 will keep having 10lacs+ in saving acc especially as IDFC Bank has highest saving acc interest. So, I don't understand why the official acted so stupidly like bank has huge money invested on me if they give Wealth Acc to me 🙂 Thank you for your feedback.

IDFC doesn't have the highest savings interest. Fincare and Equitas do.

 

[Lobogris]

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

What is so unsafe about it? It is a well established, large bank. Even small finance banks are perfectly safe for such a tiny amount. In any case, 5 lakhs is guaranteed by deposit insurance scheme.

 

[palen]

What is so unsafe about it? It is a well established, large bank. Even small finance banks are perfectly safe for such a tiny amount. In any case, 5 lakhs is guaranteed by deposit insurance scheme.

Well, I was asking about amount greater than 5L. I'm quite not happy about their recent stunts - cricket sponsor, CEO selling his stocks etc. Makes me question, would they be able to sustain on the long run. I know, I'm exaggerating the issue but still not convinced.

 

[jeet83]

IDFC doesn't have the highest savings interest. Fincare and Equitas do.

Never heard about fincare and equitas. IDFC First is led by a very competent person Mr V Vidyanathan and the bank is being considered very stable with potential to grow big by industry people. Among HDFC, ICICI, Axis, SBI, PNB, BOB, Federal Bank, Yes Bank, Kotak, and Indusind etc IDFC First has highest rate of interest for saving acc followed by Indusind and I am keeping funds in both these banks