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!

 

[SSV]

already have zero IDFC saving account

How to get 0 IDFC sb account?

 

[SSV]

Website was throwing some error few hours back that's why.

See above what can be tracked using App..
CC application status is not one of them that can be tracked

 

[vaibhav111vaibhav111 is verified member.]

How to get 0 IDFC sb account?

in was in march/april 2023 few/tons not sure how many though of people received WhatsApp message from idfc first bank that we are eligible for idfc zero MAB saving account.

 

[SSV]

in was in march/april 2023 few/tons not sure how many though of people received WhatsApp message from idfc first bank that we are eligible for idfc zero MAB saving account.

So by that time you are already a SB account holder?? Which variant then?

 

[Chaitanya-a]

How to get 0 IDFC sb account?

Many IDFC Cardholders received 0 MAB account opening offer few months ago. Now that you've acquired their card, you may receive that promotional mail as well. Not sure if they're still providing it. Other than that, no way to get their 0 MAB account.

 

[SSV]

Many IDFC Cardholders received 0 MAB account opening offer few months ago. Now that you've acquired their card, you may receive that promotional mail as well. Not sure if they're still providing it. Other than that, no way to get their 0 MAB account.

Excellent. Thanks for the info..
so it should be by offer only, not by negotiation..

 

[vaibhav111vaibhav111 is verified member.]

So by that time you are already a SB account holder?? Which variant then?

only one account i have cause of zero mab offered by idfc. i had no prioer sb account with idfc.

 

[Chaitanya-a]

Excellent. Thanks for the info..
so it should be by offer only, not by negotiation..

Yeah this can be done only via offer. They do have Future first 0 MAB account which is being provided to college going students (on paper) but some working people also got it by negotiation with branch RM.

Not sure if they upgrade that account to wealth though. I would suggest to go with 10k account if you really want their wealth account.

 

[vaibhav111vaibhav111 is verified member.]

Excellent. Thanks for the info..
so it should be by offer only, not by negotiation..

I would say, if you're interested in 7% on 5 lakhs or above, then visit the nearest IDFC branch and ask for wealth. It has been like 21 days since I have kept over 10-11 lakhs, and I emailed IDFC and had a word with the nearest IDFC branch. She said "75 lakhs" for wealth, and that's it. So, I have read a couple of comments here and will wait for 3 months or 3.5 months. I hope my account is upgraded automatically because I'm from Mumbai, and I think IDFC wants to take advantage of me. I did say, "Listen, it's 10 lakhs, trust me, I know more than you." She said, "Okay, sir, I will check and get back to you," and I never received a call. Instead, an IDFC loans representative called me, saying, "Sir, you have an excellent relationship." I thought finally, after 11-15 days of keeping 10 lakhs, I'm getting a call, but it was about loans, so I hung up immediately.

 

[SSV]

Not sure if they upgrade that account to wealth though. I would suggest to go with 10k account if you really want their wealth account.

I will go with 10k/25k variant only to start with..
But I will negotiate it to be 0 balance with wealth with 5L IP..

 

[SSV]

would say, if you're interested in 7% on 5 lakhs or above, then visit the nearest IDFC branch and ask for wealth

Yes my main purpose is this only, when we park more than 5 L , we still get FD interest.. this is my main purpose of this account..
Once I get my desired card from HDFC I will move my funds from there to here..
It’s just waste of money keeping that sort of money in hdfc sb account just for CC.
I wasted about two months that’s enough..
I will move those funds out of hdfc

 

[vaibhav111vaibhav111 is verified member.]

same here! bro

Yes my main purpose is this only, when we park more than 5 L , we still get FD interest.. this is my main purpose of this account..
Once I get my desired card from HDFC I will move my funds from there to here..
It’s just waste of money keeping that sort of money in hdfc sb account just for CC.
I wasted about two months that’s enough..
I will move those funds out of hdfc

 

[vaibhav111vaibhav111 is verified member.]

I will go with 10k/25k variant only to start with..
But I will negotiate it to be 0 balance with wealth with 5L IP..

i would recommend if serious for that 8000k reward on idfc debit card for wealth. 10 lakhs would be ask cause i'm not sure my idfc zero mab would even upgrade though only for that 8000 (in rupess it could be 4k) reward points on first transaction i would miss rest all thing are same.

 

[SSV]

i would recommend if serious for that 8000k reward on idfc debit card for wealth.

You mean for 10k/25k variant they will give 8K points for first transaction on Wealth DC right??

 

[SpiesCan'tCatchMe]

How to get 0 IDFC sb account?

I have a first hand experience,
After getting the wealth card stay put for 1 month and then on WhatsApp you'll get a notification of 0 MAB account in 1-2 months that's it.
Open the account online and then visit the branch and ask for manual upgrade into wealth account by giving some funds.

 

[SSV]

I have a first hand experience,
After getting the wealth card stay put for 1 month and then on WhatsApp you'll get a notification of 0 MAB account in 1-2 months that's it.
Open the account online and then visit the branch and ask for manual upgrade into wealth account by giving some funds.

Super, I will do the same..
the sales executives already called me, I said call me in the new finacial year.. thats how I got rid of them..
I will follow your approach and see what happens..
I think they probably will agree with 5L funding..

 

[vaibhav111vaibhav111 is verified member.]

You mean for 10k/25k variant they will give 8K points for first transaction on Wealth DC right??

for wealth debit cc provide some good reward if you haven't use your debit card before there is thread by the admin and wealth dc is the top with select n one more on 2nd/3rd.

 

[quino]

Yes my main purpose is this only, when we park more than 5 L , we still get FD interest.. this is my main purpose of this account..
Once I get my desired card from HDFC I will move my funds from there to here..
It’s just waste of money keeping that sort of money in hdfc sb account just for CC.
I wasted about two months that’s enough..
I will move those funds out of hdfc

if you go with 5L cheque, you can get royal treatment (during account opening) with idfc.

the bank ppl will put a lot of pressure on you to open the 25k variant & enrollment in first wealth program for savings account (effectively 0 balance since they wont charge the hni customers, but as seen in icici wealth management fiasco, in future anything can happen).

i would rather suggest going via the future first route (truly 0 mab account), which the bank ppl will deny. i suggest showing your hdfc balance & dangle them by saying you'll hold those funds in idfc in future. if they still deny, just leave and try at a different branch. it's all about finding the right executive who's willing to bend the rules. i had to check 4 branches in a tier-1 city before i could finally find one.

no need to be afraid of the future first account may not be upgraded to wealth program. i've seen someone in this forum initially having the future first account wanted to upgrade to wealth. the branch ppl wanted 0 risk, so they made him open a separate 25k account & then enrolled him in the wealth program. he has 2 active accounts in his cust id

 

[quino]

for wealth debit cc provide some good reward if you haven't use your debit card before there is thread by the admin and wealth dc is the top with select n one more on 2nd/3rd.

didn't understand. could you share the link?

 

[Chaitanya-a]

Super, I will do the same..
the sales executives already called me, I said call me in the new finacial year.. thats how I got rid of them..
I will follow your approach and see what happens..
I think they probably will agree with 5L funding..

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.