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IDFC First Wealth Account eligibility requirement and benefits

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Quantum

Quantum

TF Premier
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!
 
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Chaitanya-a said:
For wealth upgrade they usually need 10L funding and mostly ask us to keep it for 1 month before upgradation. It may differ based on our negotiation skill as well.

For 5L funding, they agree to upgrade to Select Account. However things are somewhat in our favour during March due to year ending target pressure.
Click to expand...
now we are in quarter ending too. again pressure will be there to meet targets.

new savings accounts get direct upgradation, no waiting needed. about the amount, it varies according to location. in BLR it's 5L for wealth & 2L for select. i think SSV is open to a higher IP amount.
 
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Chaitanya-a said:
For wealth upgrade they usually need 10L funding and mostly ask us to keep it for 1 month before upgradation. It may differ based on our negotiation skill as well.

For 5L funding, they agree to upgrade to Select Account. However things are somewhat in our favour during March due to year ending target pressure.
Click to expand...
quino said:
now we are in quarter ending too. again pressure will be there to meet targets.

new savings accounts get direct upgradation, no waiting needed. about the amount, it varies according to location. in BLR it's 5L for wealth & 2L for select. i think SSV is open to a higher IP amount.
Click to expand...
Yeah, now that I got some understanding, I will approach them my way and update here the outcome.
Thanks guys
 
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Chaitanya-a said:
For wealth upgrade they usually need 10L funding and mostly ask us to keep it for 1 month before upgradation. It may differ based on our negotiation skill as well.

For 5L funding, they agree to upgrade to Select Account. However things are somewhat in our favour during March due to year ending target pressure.
Click to expand...
Does auto upgrade happen for wealth cause I can't upgrade through branch. If auto upgrade happen without any human interaction then 3 month I can wait for sure otherwise would have look elsewhere how to approach for wealth upgrade.
 
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quino said:
didn't understand. could you share the link?
Click to expand...
www.technofino.in

IDFC First Bank launched its debit card reward system

IDFC First Bank launched its debit card reward system recently. Now you'll earn reward points for spending money using your IDFC First Bank debit card. Reward portal link - https://www.firstrewards.com/ Reward system for IDFC First Bank normal debit card- 2000 welcome reward points on IDFC...
www.technofino.in www.technofino.in


This is what I'm referring to
 
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I tried a lot keeping 5L balance for over 1 month. I was insisting my RM to somehow do it with 5L, but she was reluctant and kept pushing for 10L balance for 3 months or new account with 10L IP.

I made final offer of 10L in my account and kept pushing her to get approvals. She stopped responding to messages, emails and calls & at last she responded & I said I'm no longer interested and moved out the money to somewhere else..

I sent email to PNO, then started getting calls from bank people. They kept saying their BM would speak, but I never received the call.
 
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vijay.vj said:
I tried a lot keeping 5L balance for over 1 month. I was insisting my RM to somehow do it with 5L, but she was reluctant and kept pushing for 10L balance for 3 months or new account with 10L IP.

I made final offer of 10L in my account and kept pushing her to get approvals. She stopped responding to messages, emails and calls & at last she responded & I said I'm no longer interested and moved out the money to somewhere else..

I sent email to PNO, then started getting calls from bank people. They kept saying their BM would speak, but I never received the call.
Click to expand...
Well done ..
 
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vijay.vj said:
I tried a lot keeping 5L balance for over 1 month. I was insisting my RM to somehow do it with 5L, but she was reluctant and kept pushing for 10L balance for 3 months or new account with 10L IP.

I made final offer of 10L in my account and kept pushing her to get approvals. She stopped responding to messages, emails and calls & at last she responded & I said I'm no longer interested and moved out the money to somewhere else..

I sent email to PNO, then started getting calls from bank people. They kept saying their BM would speak, but I never received the call.
Click to expand...
It's a very lengthy process tbh, I've been through one. I eventually raised a complaint in RBI ombudsman and then RM visited my house had a tea with me and finally converted my account to select 😭
Though I asked for wealth
 
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palmadhotra said:
You are right, I have wealth banking with them and confirmed by many channels that it's 0 AMB
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incorrect information. base account is still 10k/25k. you are just enrolled into the wealth program. since idfc is not a big bank like hdfc yet, they dont want to charge their wealth customers. @S S V pls refer to my above post. this is not a true 0 mab. they just dont charge you as of now. it may change in future.
 
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quino said:
incorrect information. base account is still 10k/25k. you are just enrolled into the wealth program. since idfc is not a big bank like hdfc yet, they dont want to charge their wealth customers. @S S V pls refer to my above post. this is not a true 0 mab. they just dont charge you as of now. it may change in future.
Click to expand...
Its true that it is a banking pgm not an account variant but u not need to maintain 10k/ 25k as per account variant, it means 0 AMB.
Idfc is not big player like hdfc n ICICI bt jab Tak mil rha hai fayda le lo, when they becomes equal to HDFC ICICI they will also start downgrading but it vl b done only after many mails n msgs for sure.
 
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