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!

 

[ontherocks]

even though I've Wealth banking but I also hold Wealth credit card ... so, just in case, in future I let go of Wealth banking status because of downgrade ... I'm curious to know how to get Wealth banking for those who already hold Wealth CC ... this sounds similar to what IndusInd Bank offers with Legend and Pinnacle CCs

1. You have to be an NTB
2. Apply and get Wealth CC
3. Get 0 MAB account offer in WhatsApp after a week or so
4. Apply via the custom link in WhatsApp
5. Bonus: Convert that to Wealth == true zero balance Wealth account

 

[sahil1033]

1. You have to be an NTB
2. Apply and get Wealth CC
3. Get 0 MAB account offer in WhatsApp after a week or so
4. Apply via the custom link in WhatsApp
5. Bonus: Convert that to Wealth == true zero balance Wealth account

so sorry, I didn't read the whole thing and mistook it for ZERO MAB Wealth savings account whereas you've mentioned about savings account ... yes, what you've mentioned is exactly my case but I don't know if they're offering it right now or not

even I took Wealth CC first
then got offer over WhatsApp for ZERO MAB savings account (10k MAB variant)
opened the 10k savings account as ZERO balance account
later on, funded account with Rs. 10L and got it converted to Wealth savings account
those were temporary funds anyway, utilized elsewhere and now I don't maintain Rs. 10L in savings account

 

[Himanshuch]

Hello. An IDFC branch in delhi has agree to open wealth account for me with 5L initial finding. He also told me I'll have to maintain 5 lakhs (and not 10L) going forward. Has anyone managed to get wealth account with lower funding and TRV less than 5 lakhs ?

 

[Raghav2006]

Hello. An IDFC branch in delhi has agree to open wealth account for me with 5L initial finding. He also told me I'll have to maintain 5 lakhs (and not 10L) going forward. Has anyone managed to get wealth account with lower funding and TRV less than 5 lakhs ?

Can you please ask them and let me know about IP for select as well, as I am looking to open it aswell in my town and your input would help me negotiate.

 

[Raghav2006]

Hello. An IDFC branch in delhi has agree to open wealth account for me with 5L initial finding. He also told me I'll have to maintain 5 lakhs (and not 10L) going forward. Has anyone managed to get wealth account with lower funding and TRV less than 5 lakhs ?

secondly, I guess maintaing 5lacs is a false claim, as per the info I was able to garner from the forum the MAB is dependent on your base IDFC account which is either 10k/25k, their is only IP for getting these accounts then you don't need to maintain such hefty amounts.

 

[Himanshuch]

secondly, I guess maintaing 5lacs is a false claim, as per the info I was able to garner from the forum the MAB is dependent on your base IDFC account which is either 10k/25k, their is only IP for getting these accounts then you don't need to maintain such hefty amounts.

Oh I see. Is there a way to get this confirmed officially? Coz I also don't wish to keep 5 lakhs going forward just for wealth account.

 

[Himanshuch]

Can you please ask them and let me know about IP for select as well, as I am looking to open it aswell in my town and your input would help me negotiate.

He initially quoted 3 Lakhs for select. But I'm sure after negotiation he will agree for 1-2 lakhs as well for it.

 

[Anindya98]

Can you please ask them and let me know about IP for select as well, as I am looking to open it aswell in my town and your input would help me negotiate.

1L + IF will do the work

 

[Raghav2006]

Oh I see. Is there a way to get this confirmed officially? Coz I also don't wish to keep 5 lakhs going forward just for wealth account.

1L + IF will do the work

Understood Anindya.

I guess you were the one I got to know about the MAB requirements, can you please help and confirm it with this gentlemen as well.

 

[Anindya98]

Understood Anindya.

I guess you were the one I got to know about the MAB requirements, can you please help and confirm it with this gentlemen as well.

Refer to the thread for all the answers you’re looking for. I already answered @Himanshuch in a different thread.

Thread 'Important: IDFC Revised Charges for Non-Maintenance of AMB starting 1st January 2025'

Dec 3, 2024

Greetings from IDFC FIRST Bank.

We are reaching out to inform you of upcoming changes to the charges associated with non-maintenance of the required Average Monthly Balance (AMB) in your Savings Account.

Details of upcoming changes

Non-Maintenance of AMB: Effective 1st January 2025, a fixed percentage charge will apply for failing to maintain the required AMB in your Savings Account. This charge will be based on the shortfall between the actual balance maintained and the minimum balance required, as agreed at the time of account opening.

New Non-Maintenance Charges...

• Anindya98
• bank account charges idfc idfc bank idfc bank savings account idfc bank select idfc bank wealth idfc savings account mab savings account
• Replies: 11
• Forum: Bank Account

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