IDFC Select to Wealth upgrade

[EnthuCC]

Hi, I have IDFC savings bank account under Select banking program.

I learned in this forum that if one can deposit 10L+ in savings account then it can be upgraded to Wealth account. Can anyone tell me for how long one needs to deposit 10L+ fund to get eligible for the upgrade for existing Select customers?

 

[EnthuCC]

So if I open 10000 mab account in last week of sep and deposit 5 lakh by 28th, it should reflect as 5 lakh MAB by first week of Oct.
I can ask the RM to upgrade to wealth else I can close the account in 14 days without any penalty.
Kya kehte ho bidu?
Kar dun?
🫢 😊

You can provide a cheque of 5L as initial deposit and get Select account directly.
You can mention bank that which variant of account do you want - Rs. 10k or 25k etc.

"Select" is banking program not account variant.

 

[theflash]

You can provide a cheque of 5L as initial deposit and get Select account directly.
You can mention bank that which variant of account do you want - Rs. 10k or 25k etc.

"Select" is banking program not account variant.

He mentioned Wealth of I'm not wrong.

 

[hellobois]

You can provide a cheque of 5L as initial deposit and get Select account directly.
You can mention bank that which variant of account do you want - Rs. 10k or 25k etc.

"Select" is banking program not account variant.

The DC with select account can be used for 2.5% cashback on CC payment?

 

[EnthuCC]

He mentioned Wealth of I'm not wrong.

I just noticed it. I might have misread it in hurry.

The DC with select account can be used for 2.5% cashback on CC payment?

You will get cashback using Select DC by paying through SBI Unipay.

For different card the reward structure is different https://www.firstrewards.com/user/earn

 

[ashok.singh]

1 month, 3 months, or few days, all of these are just situational responses (rules) thrown by the IDFC folks.
Even the one that I'm going to share is just there to get bypassed in certain cases.

What does your Average Monthly Balance show in the IDFC app/website?
Once it starts showing anything greater than 5L, you could talk to you RM to start the upgrade process. If they deny or give some excuses, get back to this thread. We will fix that.
It is 3rd May today. If you transfer enough funds, it would start showing Average Monthly Balance around10L in next few days.

As part of upgrade process, this is what RM does:
1) Open a ticket to upgrade your account to Wealth.
2) Get the consent from the customer for upgrade, via a link.
3) After taking consent from the customer, get an approval from someone working in the capacity of branch head.
4) Once the branch head approves, the Wealth DC is generated and it starts reflecting in the app/website.
5) You get your Wealth DC kit in 5 days depending upon your PIN code.
6) As soon as you activate your new Wealth DC, the old DC would get deactivated and removed from your account.

After you get your Wealth DC and the account starts reflecting as IDFC Wealth logo in the app/website, you could withdraw all the funds except the minimum balance criteria of your base account i.e. if it was 25k MAB savings account, then you need to maintain only that.

It's just that don't tell any IDFC employee you are interacting with that you will withdraw all the funds.
After the upgrade, you could upgrade your RM too. 😉
There are different RMs for IDFC Wealth program (RM First Wealth, shown under "My relationship team" in the app.

Thanks bro for the detailed information.
I put even more than 10L in my IDFC account and the RM promised that if you put 10L in the account, he will start the process to get the account upgraded to wealth immediately.
But it is now more than 15 days and my account is still classic.
however, he shared the consent link on my mobile for the upgrade and I accepted the same at the same time around 15 days before.
Even I have not yet received any SR regarding account upgrade. Had many conversations with RM and BM as well but they are saying that the approval is required from regional head and he will give approval soon and then you will get the SR!!
But this is wrong as per the upgrade process shared by you.

@SSV bro, @Vasuki bro, @theflash bro, @dhruvks bro, @Grim bro and any who has experience in upgrading to wealth account.
What you guys suggest?

 

[ontherocks]

Yes, I got directly enrolled into wealth yesterday. Can also see virtual DC in app.

How long should I keep 10L in acc?

Did you get to specify your account type? If so, was it via a checkbox in some form they gave you to fill.
Or, did the bank guy do whatever he felt appropriate?

 

[Grim]

Thanks bro for the detailed information.
I put even more than 10L in my IDFC account and the RM promised that if you put 10L in the account, he will start the process to get the account upgraded to wealth immediately.
But it is now more than 15 days and my account is still classic.
however, he shared the consent link on my mobile for the upgrade and I accepted the same at the same time around 15 days before.
Even I have not yet received any SR regarding account upgrade. Had many conversations with RM and BM as well but they are saying that the approval is required from regional head and he will give approval soon and then you will get the SR!!
But this is wrong as per the upgrade process shared by you.

@SSV bro, @Vasuki bro, @theflash bro, @dhruvks bro, @Grim bro and any who has experience in upgrading to wealth account.
What you guys suggest?

@ashok.singh if your RM has sent the consent link then it takes 10-15 days some have said 30 days. Better, get in touch with your RM to speed up the process. In my case I had to wait for 10-15 days as IDFC is slow 😀 and no approval of RM or ZM is required as far as I know, you have have funds thats it. I just dropped a reminder to RM and he processed it. Extra piece of info, if you have added your family members or you have joint account holder in your account, you will have to ask the RM to add them to your group so that they can also get the wealth dc. Once RM creates the group you will get the email regarding that.

I'm sharing my journey in hope that it might help you. I got fd based cc from idfc, few days before the maturity visited them and enquired about the unsecured cc but they are not providing this in tier 2 cities. I opened classic account and maintained nearly 50k for 3-5 months, increased the balance to 7 lacs and immediately requested my RM to upgrade my account to select variant. He immediately sent me the consent and no such approval was required. I reminded him after 10 days and he created a SR and account was upgraded to select. As per my conversation with customer care executive if one branch is not processing your request, visit the another branch and get it done from there.

At last, I'm really sorry for such a late reply I just logged in back today. I will download the app that may be easy to track and reply back.

 

[theflash]

Thanks bro for the detailed information.
I put even more than 10L in my IDFC account and the RM promised that if you put 10L in the account, he will start the process to get the account upgraded to wealth immediately.
But it is now more than 15 days and my account is still classic.
however, he shared the consent link on my mobile for the upgrade and I accepted the same at the same time around 15 days before.
Even I have not yet received any SR regarding account upgrade. Had many conversations with RM and BM as well but they are saying that the approval is required from regional head and he will give approval soon and then you will get the SR!!
But this is wrong as per the upgrade process shared by you.

@SSV bro, @Vasuki bro, @theflash bro, @dhruvks bro, @Grim bro and any who has experience in upgrading to wealth account.
What you guys suggest?

I'm sorry didn't notice the comment.

Ya actually for me it took 7 days hardly 2-3 days went by as 1 was national holiday and sat sun... My request was taken on 27th May ig and fulfilled on 31st May. Also I did receive SR details instantly once raised by RM either there's something wrong or your RM hasn't raised any request so kindly contact him/her and get it checked...

 

[leonneel]

so i put 10L+ in my wifes acct for wealth upgrade purpose,after few days RM called and i told him i wanted to upgrade to wealth and he told okay and also told he will upgrade my acct to wealth as well. she has millenia cc. how can i apply for wealth cc after wealth acct upgrade?

 

[theflash]

so i put 10L+ in my wifes acct for wealth upgrade purpose,after few days RM called and i told him i wanted to upgrade to wealth and he told okay and also told he will upgrade my acct to wealth as well. she has millenia cc. how can i apply for wealth cc after wealth acct upgrade?

Call CC that you have wealth acct need upgrade to wealth CC.

 

[leonneel]

Call CC that you have wealth acct need upgrade to wealth CC.

okay,and her credit limit is 45k only.they gonna increase her limit also?

 

[HumorSimpson]

so i put 10L+ in my wifes acct for wealth upgrade purpose,after few days RM called and i told him i wanted to upgrade to wealth and he told okay and also told he will upgrade my acct to wealth as well. she has millenia cc. how can i apply for wealth cc after wealth acct upgrade?

How many days ? Also did RM call on his own or you followed him up ?

 

[theflash]

okay,and her credit limit is 45k only.they gonna increase her limit also?

No . .

 

[leonneel]

How many days ? Also did RM call on his own or you followed him up ?

I was on the way to put 10L but after I deposited 5L+ a guy from idfc branch called. Lol. I deposited 10L in steps within 20 days.

 

[leonneel]

How many days ? Also did RM call on his own or you followed him up ?

Just done concent and all.7 days now for the upgradation process.then family banking yeah.

 

[leonneel]

Just done concent and all.7 days now for the upgradation process.then family banking yeah.

wealth dc generated next day.emailed for millenia cc upgrade to wealth cc...lets see what they reply...couldnt call as im a guy an acct was wifes.
after thatnext month shall try for family banking then make my cc wealth too

 

[theflash]

couldnt call as im a guy an acct was wifes.
after thatnext month shall try for family banking then make my cc wealth too

You could try. She can verify the call and then you can takeover the conversation.

 

[leonneel]

You could try. She can verify the call and then you can takeover the conversation.

Well got the reply of email and they said can't be upgraded due to cc limit issue.45k limit only. They replied increase the cc limit by submitting salary slip and all then they will carry with wealth cc upgrade. Is it correct or should call them?

 

[theflash]

Well got the reply of email and they said can't be upgraded due to cc limit issue.45k limit only. They replied increase the cc limit by submitting salary slip and all then they will carry with wealth cc upgrade. Is it correct or should call them?

Ig I was told minimum limit 1L is required for card upgrade without le.

 

[leonneel]

Ig I was told minimum limit 1L is required for card upgrade without le.

Well they replied and told 5L is required 🤣