IDFC Select Bank Account Opening Query

[Sumedh03]

Hi guys, I have some 2.5 lakhs which I don't need for the next 3-4 months.
I want to open an IDFC Select account.
I don't have any account with IDFC, just have a 5k FD with them for WOW card.

I have a few questions:
1. Can I open a new account with 2.5 Lakhs and get Select upgrade from day 1.
2. What is the min balance requirement for Select account so I don't get downgraded ?
3. For how many months do I keep the money in my account to avoid getting downgrade ?
4. Are there any non-maintenance charges for IDFC account?
5. How can I know MAB required for the new account opened ? (Does it show account variant and MAB required on app like HDFC)

 

[sathish593]

@Sumedh03 iam also planning to open the same account. did you get the info you are looking for?

 

[InfamousInfamous is verified member.]

You can get it done with an IF of about 2L and even 1L in some case, all depends on the branch guys.

The MAB will depend on the account type - 10k or 25k, whichever they do it for you, you will know it at the time of opening the account, you will also get an SMS.

Afaik, select from day 1 might not be possible but within 2-3 days you can get upgraded.

 

[VasukiVasuki is verified member.]

Hi guys, I have some 2.5 lakhs which I don't need for the next 3-4 months.
I want to open an IDFC Select account.
I don't have any account with IDFC, just have a 5k FD with them for WOW card.

I have a few questions:
1. Can I open a new account with 2.5 Lakhs and get Select upgrade from day 1.
2. What is the min balance requirement for Select account so I don't get downgraded ?
3. For how many months do I keep the money in my account to avoid getting downgrade ?
4. Are there any non-maintenance charges for IDFC account?
5. How can I know MAB required for the new account opened ? (Does it show account variant and MAB required on app like HDFC)

Give 3 lakh cheque they will open straight away in 5 minutes

U need to maintain 25k
As 99.99999 % they will open 25k base varaint account
Once u get account open
Next day do 1k + transaction on dc for 2k point's
In few days select dc will appear
Then do 1k+ transaction too for select will get 4k points welcome

No non maintenance charges once u r in banking program

U can move money after 2-3 month as u said


Now select is opened straight away while account opening they will select the " select program"

 

[VasukiVasuki is verified member.]

@sathish593 I hope u got the answers too

 

[quino]

No non maintenance charges once u r in banking program

do you know if this nil non-maintainance charges is applicable to the current account as well?

i.e., user has savings account & converted it to wealth. now he opens current account, would NMC apply on the current account or the exemption applies to both savings & current accounts.

 

[sathish593]

@sathish593 I hope u got the answers too

thanks for the info, got the answer..

 

[✪ D&C Cards Connoisseur 💳]

Give 3 lakh cheque they will open straight away in 5 minutes

U need to maintain 25k
As 99.99999 % they will open 25k base varaint account
Once u get account open
Next day do 1k + transaction on dc for 2k point's
In few days select dc will appear
Then do 1k+ transaction too for select will get 4k points welcome

No non maintenance charges once u r in banking program

U can move money after 2-3 month as u said


Now select is opened straight away while account opening they will select the " select program"

@Vasuki Hello, there is one confusion in your comment. You are correct that now 'Select' or 'Wealth' can be opened straight away while account opening and I also confirmed the same from two branches. You are also correct that both the accounts doesn't have any non-maintenance charges, making it literally zero mab.
But the point that 25K needs to be maintained is bit confusing. One needs to maintain 25K only if the account is opened in 25K segment base variant, after which the account needs to be upgraded to Select program. But when account is directly opened in 'Select' or 'Wealth', then the base variant is 'Select' or 'Wealth' and there is no need to maintain any such specific amount like 10K or 25K.

 

[quino]

do you know if this nil non-maintainance charges is applicable to the current account as well?

i.e., user has savings account & converted it to wealth. now he opens current account, would NMC apply on the current account or the exemption applies to both savings & current accounts.

@Vasuki ? ?

 

[VasukiVasuki is verified member.]

@Vasuki Hello, there is one confusion in your comment. You are correct that now 'Select' or 'Wealth' can be opened straight away while account opening and I also confirmed the same from two branches. You are also correct that both the accounts doesn't have any non-maintenance charges, making it literally zero mab.
But the point that 25K needs to be maintained is bit confusing. One needs to maintain 25K only if the account is opened in 25K segment base variant, after which the account needs to be upgraded to Select program. But when account is directly opened in 'Select' or 'Wealth', then the base variant is 'Select' or 'Wealth' and there is no need to maintain any such specific amount like 10K or 25K.

What can I say

10k or -25 k is account base varaint

Select and welath is program
Now u get directly enrolled into banking program post account opening
Isn't equivalent that now idfc is opening select account

@Vasuki ? ?

If you have banking program, usually Non maintenance charges are nill
But ask idfc over email.that
If you open idfc current account will it comes under same welath /select banking program

 

[Sumedh03]

@Vasuki

So I tried to open Select account by giving 3L IP but they tried and couldn't open Select account as I'm already a CC holder and have Customer ID.
They said that have raised the request to upgrade to select online and will be upgraded to select in 4-5 days. I have a few questions:

1. I opened 25k account and want to degrade my account to 10k variant after getting select ( Can I do it or not ?)
2. Will downgrading my account variant cancel the select status and select DC?
3. How to check service requests for select upgrade on app or net banking?
4. How long will the select status remain after removing money ? ( Has anyone been removed from their select status?)

 

[VasukiVasuki is verified member.]

They said that have raised the request to upgrade to select online and will be upgraded to select in 4-5 days. I have a few questions:

Good it's standard
Upgrade by next week most probably

I opened 25k account and want to degrade my account to 10k variant after getting select ( Can I do it or not ?)
2. Will downgrading my account variant cancel the select status and select DC?

Why would you downgrade account 💀
But u can after 3 month

Banking program has nothing to do with account varaint I have said that time & again

 

[Sumedh03]

Why would you downgrade account 💀

I wanted 10k base variant but he said open in 25k and on 1 week next month he will make the 25k variant to 10k base variant.

Banking program has nothing to do with account varaint I have said that time & again

I know but as from 25k to select account upgrade we get new debit card so will 25k to 10k downgrade get me new debit and cancel select dc or not.

@Vasuki