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IDFC Select to Wealth upgrade

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EnthuCC

EnthuCC

TF Premier
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?
 
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theflash said:
Tell them that you want to open Wealth directly negotiate with he same trick as mentioned above if they say 10L only then say I'll give 10L but I need the wealth account directly. If they say you have to wait 3-6M then deny straight away. Meet the BM of the branch he'll co operate afaik.
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They can do immediately. Depends on your negotiation skills and luck.
 
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theflash said:
Tell them that you want to open Wealth directly negotiate with he same trick as mentioned above if they say 10L only then say I'll give 10L but I need the wealth account directly. If they say you have to wait 3-6M then deny straight away. Meet the BM of the branch he'll co operate afaik.
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Thanks! planning to visit the branch on Monday , will try this.
 
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Bohra said:
My RM told me that I need to invest in some ULIP scheme of Tata AIA to get approval for wealth has anyone been in such a thing before
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Don't go for it. There is no value in it. If you really consider investing in ULIP for Wealth CC, wait for sometime 2 IDFC premium/super premium cards Asva and Mayura are gonna launch then you can consider that.
 
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BVC said:
Don't go for it. There is no value in it. If you really consider investing in ULIP for Wealth CC, wait for sometime 2 IDFC premium/super premium cards Asva and Mayura are gonna launch then you can consider that.
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Yeah I don't want to fall for RM trap especially when others are getting the same benefit by maintaining balances
 
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BVC said:
Don't go for it. There is no value in it. If you really consider investing in ULIP for Wealth CC, wait for sometime 2 IDFC premium/super premium cards Asva and Mayura are gonna launch then you can consider that.
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Today I talked with him again and he got me converted to idfc first select account without any investment for wealth he still says investment but one step ahead atleast
 
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EnthuCC said:
I mean for how long do I need to put the funds before requesting for the upgrade?
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Deposit the required amt, request to RM he/she can do it immediately. Only criteria they mention is there is 90 days cool down between account upgradation.
Eg-10K mab a/c-->select account(instant after min. required amt deposited). Select--> wealth, wait for 90 days. If you dont want to contact RM or any employee then wait for average 5 months. System will automatically identify and a/c will be enrolled to program with issuance of dc and new chequebook.
 
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I currently have an IDFC Select account and have been maintaining a ₹10 lakh AMB (Average Monthly Balance) for over a month. I requested an upgrade through the virtual RM, but she declined as I haven't maintained ₹10 lakh AMB for 3 months. Instead, she asked me to make an investment so she can get approval from the RM for the Wealth upgrade. I asked her to process the upgrade first, and I would make the investment after the upgrade (bluff, though). Trusting my word, she has placed the upgrade request. My question is: If my account gets upgraded to Wealth, can she downgrade it later (since I have no plans to make the investment)? If so, how soon can she downgrade it, and will my Wealth Debit Card also be downgraded?

Also, I have completed ₹3.4 lakh in spends (30,000 reward points) on the Select Debit Card this month (though the reward points haven't been credited yet... Has anyone received their points for this month?). Once the Wealth upgrade is done, will I still receive the 30,000 reward points for my Select Debit Card purchases even after the upgrade? Additionally, if I use the Wealth Debit Card, will I be eligible for up to 50,000 reward points for this month, including the Welcome Benefit, or do I have to wait until next month? If I get the points, will I start earning 10X points from my first spend on the Wealth Debit Card, or only after ₹50,000 in spends?
 
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Sunil R said:
If so, how soon can she downgrade it, and will my Wealth Debit Card also be downgraded?
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I've heard they can but not sure. Also as you had 10L balance it shouldn't be a problem. I added 10L called RM he took request after a day or 2 until the balance reflected in his system.
Sunil R said:
Once the Wealth upgrade is done, will I still receive the 30,000 reward points for my Select Debit Card purchases even after the upgrade?
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Yes
Sunil R said:
Additionally, if I use the Wealth Debit Card, will I be eligible for up to 50,000 reward points for this month, including the Welcome Benefit, or do I have to wait until next month?
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Yes but confirm with customer care once they'll connect to First Rewards team. I upgraded in May ending and got points for select and my dc was generated on 1st June so anyways new month started...
Sunil R said:
If I get the points, will I start earning 10X points from my first spend on the Wealth Debit Card, or only after ₹50,000 in spends?
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the headstart of ₹50,000 is required in Wealth as well.
 
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theflash said:
I've heard they can but not sure. Also as you had 10L balance it shouldn't be a problem. I added 10L called RM he took request after a day or 2 until the balance reflected in his system.
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Thank you for your reply. I have ₹10 lakhs for only a month. So, you didn't maintain the AMB for 3 months?
My RM says the wealth upgrade has been approved (though I haven’t received any confirmation via SMS or email). How soon will I get the debit card and cheque book?
My only concern is that I told her I would make an investment after the upgrade, but I have no plans now as I’m worried she might downgrade my account.
I plan to keep the amount until the 10th of September and then withdraw it. Would that be okay?
 
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Quantum said:
Yes, that's exactly what I did for 25k account to Wealth upgrade.
Deposited enough funds in September last week. On Oct 1 or 2, the AMB was reflecting the total balance in my account.
I asked the RM to raise the request. They obliged.
So, if it works for me and others, it should work for remaining others too. There is no hard and fast rule in IDFC for program upgrade/downgrade.
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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?
🫢 😊
 
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