IDFC First Wealth account Non-Maintainence of AMB

[bhavyakjain]

Hello

I am considering opening idfc first wealth account with IF as required.

I am planning to get wealth debit card and once that I will withdraw the funds

My queries:
1. Will they downgrade my account after sometime, will it 10k or 25k ?
2. Will they downgrade my DC ?
3. Will there be any charges for this ?

Any other suggestions or recommendations are welcome.

 

[Pissant]

1. Will they downgrade my account after sometime, will it 10k or 25k ?

25K will be the account variant opened by your RM/BM alongside the Wealth Program. They may/may not downgrade the account later, nobody knows yet as the program is still fairly new. Eventually they might start downgrading, just like ICICI did.


2. Will they downgrade my DC ?

No, I believe you get to keep your DC even if the account is downgraded. It will become chargeable though.


3. Will there be any charges for this ?

If you don't maintain MAB (which is 25K), yes there will be AMB Shortfall charges. Otherwise the worst that can happen is you loosing the Wealth Status on your account.

 

[Humanbeing]

No, they won’t downgrade your wealth account, you just have to maintain the minimum 25K or 10K depends on your account variant at the time of opening rest they won’t downgrade the account & there are no charges on IDFC DC, SMS, IMPS, NEFT, and RTGS.

 

[Juganta]

Just (1 hour ago)
I visited my nearest IDFC branch to open an account. The operations executive approached me and asked which type of account I wanted. I replied, "Wealth Account." Then I inquired about the initial payment (IP) required.

He informed me that it requires a ₹10 lakh initial payment. However, I mentioned that, as far as I know, the requirement is ₹5 lakh. He clarified that if I'm short on funds, I can deposit the remaining amount later as well.

I told him I could provide a cheque for ₹2 lakh at the moment, and he confirmed that it would be fine.
(I also clearly mentioned him that i won't be able to maintain 10 Lac nor 5 Lac, but my Monthly spending on this Wealth DC will be 5 Lac+)

He then proceeded with my KYC, and the account number was generated instantly since I already had the IDFC app pre-installed (due to holding their Select Credit Card).

As per his explanation, I should receive my welcome kit within four working days.


Now what i dont know.

When it will reflect as wealth AC?
When will my DC will be generated?

 

[KGSIPO]

Just (1 hour ago)
I visited my nearest IDFC branch to open an account. The operations executive approached me and asked which type of account I wanted. I replied, "Wealth Account." Then I inquired about the initial payment (IP) required.

He informed me that it requires a ₹10 lakh initial payment. However, I mentioned that, as far as I know, the requirement is ₹5 lakh. He clarified that if I'm short on funds, I can deposit the remaining amount later as well.

I told him I could provide a cheque for ₹2 lakh at the moment, and he confirmed that it would be fine.
(I also clearly mentioned him that i won't be able to maintain 10 Lac nor 5 Lac, but my Monthly spending on this Wealth DC will be 5 Lac+)

He then proceeded with my KYC, and the account number was generated instantly since I already had the IDFC app pre-installed (due to holding their Select Credit Card).

As per his explanation, I should receive my welcome kit within four working days.


Now what i dont know.

View attachment 78981

The bank has opened 25000mab account.thats all. Conversion to wealth account requires separate approval

 

[Vasuki]

Just (1 hour ago)
I visited my nearest IDFC branch to open an account. The operations executive approached me and asked which type of account I wanted. I replied, "Wealth Account." Then I inquired about the initial payment (IP) required.

He informed me that it requires a ₹10 lakh initial payment. However, I mentioned that, as far as I know, the requirement is ₹5 lakh. He clarified that if I'm short on funds, I can deposit the remaining amount later as well.

I told him I could provide a cheque for ₹2 lakh at the moment, and he confirmed that it would be fine.
(I also clearly mentioned him that i won't be able to maintain 10 Lac nor 5 Lac, but my Monthly spending on this Wealth DC will be 5 Lac+)

He then proceeded with my KYC, and the account number was generated instantly since I already had the IDFC app pre-installed (due to holding their Select Credit Card).

As per his explanation, I should receive my welcome kit within four working days.


Now what i dont know.

When it will reflect as wealth AC?
When will my DC will be generated?

View attachment 78981

Desperation at it's best
You became fool
He made you fool

Before account opening there is option to choose
Select or wealth& subsequently need 3& 10 lakh for conversation after cheque clearing.

He just opened you normal account now you need to deposit 10 lakh for mannual approval
3 for select

 

[Vasuki]

Hello

I am considering opening idfc first wealth account with IF as required.

I am planning to get wealth debit card and once that I will withdraw the funds

My queries:
1. Will they downgrade my account after sometime, will it 10k or 25k ?
2. Will they downgrade my DC ?
3. Will there be any charges for this ?

Any other suggestions or recommendations are welcome.

If you have 10 lakh just go and open directly via cheque

Account downgrade - it's banking program not account
Charges - if ever it happens we will be in the same boat

 

[Juganta]

The bank has opened 25000mab account.thats all. Conversion to wealth account requires separate approval

Desperation at it's best
You became fool
He made you fool

Oh really
If they don't upgrade to wealth in next 2,3 days
then it's a misselling ( 2024 year ka sabse bada dhoka hoga mere sath)

 

[Juganta]

If you have 10 lakh just go and open directly via cheque

Account downgrade - it's banking program not account
Charges - if ever it happens we will be in the same boat

Sir me gareb kaha se 10 lakh launga,
Sonehow 5 lac tak manage kar sakta hoon.

And i asked him for direct wealth AC (Program) only

 

[Vasuki]

Oh really
If they don't upgrade to wealth in next 2,3 days
then it's a misselling ( 2024 year ka sabse bada dhoka hoga mere sath)

Sir me gareb kaha se 10 lakh launga,
Sonehow 5 lac tak manage kar sakta hoon.

And i asked him for direct wealth AC (Program) only

It's not that

Be happy with select at 3 lakh deposit
Add family members.
I don't think u would pay more than 3.5-7 lakh cc bill p/m .

Deposit 3 and ask for select instantly.
More u will delay they will ask you to maintain for month for process. Now your account isn't full operational so ask for select at 3 lakh

 

[KGSIPO]

Oh really
If they don't upgrade to wealth in next 2,3 days
then it's a misselling ( 2024 year ka sabse bada dhoka hoga mere sath)

You can check in the app what debit card created . If it's wealth, it is well and good. If it is visa platinum, it will be 25000 mab

 

[Lobogris]

Sir me gareb kaha se 10 lakh launga,
Sonehow 5 lac tak manage kar sakta hoon.

And i asked him for direct wealth AC (Program) only

Then what is the benefit of having the Wealth account?

 

[Juganta]

You can check in the app what debit card created . If it's wealth, it is well and good. If it is visa platinum, it will be 25000 mab

DC is not yet generated,
I again called him and yes it's just a 25k savings AC,
for wealth i need to deposit 10 Lac.

I think i will continue with select ac for now.

 

[Vasuki]

DC is not yet generated,
I again called him and yes it's just a 25k savings AC,
for wealth i need to deposit 10 Lac.

I think i will continue with select ac for now.

It will be generated tomorrow
Make 1k + transaction tomorrow for 2k points as first transaction
U will receive select dc next after upgrading
Make 1k + again for 4k welcome points .
Enjoy

 

[Vasuki]

Then what is the benefit of having the Wealth account?

Not everyone can buy the branch manager with the charm like you
You are one of kind 😎

 

[alpha2betaa]

Hello
What is the holding period of funds in case of Select or Wealth account?

Can I remove funds as soon as it gets converted? Like in a month?

 

[Vasuki]

Hello
What is the holding period of funds in case of Select or Wealth account?

Can I remove funds as soon as it gets converted? Like in a month?

Y e s

 

[Juganta]

It will be generated tomorrow
Make 1k + transaction tomorrow for 2k points as first transaction
U will receive select dc next after upgrading
Make 1k + again for 4k welcome points .
Enjoy

Thanq, so this way i can get welcome points twice. 😊

 

[bhavyakjain]

Y e s

I was planning to withdraw as soon as I receive the physical wealth debit card

 

[Vasuki]

I was planning to withdraw as soon as I receive the physical wealth debit card

You can withdraw in pattern
Like 5 after upgrade
Then 3 after next month


By 4th month your rm will forget you
U can dance alone & be a bathroom singer 😂