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IDFC First Wealth Banking (First Select account) criteria
- Thread starter codenerd
- Start date
codenerd
TF Ace
Other way is while opening a new account give an initial funding of 3 lakh for Select and 10 Lakhs for Wealth.
I checked with RM and he said the criteria have changed for the Wealth Savings account (not select):
- If it's a salary account with IDFC then 3lakhs/month min salary is needed
- if its not a salary account then, 3 months MAB (monthly average balance) should be 10 lakhs
- If it's a salary account with IDFC then 3lakhs/month min salary is needed
- if its not a salary account then, 3 months MAB (monthly average balance) should be 10 lakhs
kjs
TF Premier
So this means ..u cannot open a family member ( spouse in my case ) account at 0 bal ? Hdfc preferred provides 8 family member account at 0 bal
I'm not sure about that. I hold a wealth account with IDFC and very recently got my sister's IDFC FIRST power account upgraded under the family banking program which I was told about from my RM. She even got the same Visa infinite card as mine, but for her own account. Although we recently got a joint account together, so maybe that might be it. Since my sister is no way maintaining such high balances or even at times the AMB. So I'd say whoever needs it could confirm with them.
In my case my account was upgraded from normal 25k account to Wealth directly, and then later got my sister added. So might have something to do with that. But in any case, pretty sure that exists.
Whats it criteria for wealth? Is it 10lakha MAB for 3months?
codenerd
TF Ace
Yes. Also First Select comes under Wealth banking and not just First wealth account.
I checked last week and they told there is no family banking concept yet.
So much mixed reactions from bank staff 🤦♂️
What are the features of family banking? what are the advantages to have it?
It may be more than 3 months. In my case it was almost 6-8 months. But in my case I called up my RM to check if I was being offered an upgrade as had not received any mail or SMS and she to kinda cover up told me that she was about to call me up for that as the upgrade was being offered and you have to give consent for the upgrade. They send you a link through SMS to give consent. I'll advise you to pursue after maintaining MAB for 4 months or so.
Joint account can be operated by any account holder whereas in family banking, the benefits are offered to your family members whose accounts have been linked to a Primary Account. The MAB requirements are to be met by the Primary Account but the accounts linked to family can enjoy the benefits. For example if you are a Primary Acct holder with Wealth Program, the benifits of Wealth program can be enjoyed by your family members. IDFC's Wealth Debit card offers good benefits.
The family banking in IDFC had been introduced just a few months back so the staff may be unaware. Go and meet your branch manager.
You can negotiate. They usually come down to 5 lakh initial funding
Is the mab requirement same for family banking. Because in indusind mab gets doubled if we want to add any family members. Like for exclusive family banking mab is 2 lakhs
As I have been informed by my RM and checked up from the customer care the MAB is to be maintained as per the original account agreement. For example I started by a Standard account with MAB of 25K so I need to maintain that even after upgradation to Wealth.
That’s only unique to IndusInd otherwise with other banks it’s supposed to be aggregate of all the linked accounts.
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