IDFC Select Vs Wealth Vs Private requirements

[Dragon_slayer]

I have had 1cr in savings account but I m told I need atleast 50L in investments to get IDFC Private.. I hold IDFC wealth..

Can we get IDFC Private by 1cr purely in savings?

Tell them to f*ck off and mention you are going to close your account by end of this month. Watch how things change.

Go to a different IDFC branch, act as new customer and tell them you want to open a new account but you want to Private banking directly. They will quote you 50L. Rest you know how to manage. 🙂

 

[Bohra]

My RM was insisting on investment in ULIP so he can get approval for anyone for Wealth, so I settled with first select , now will try after 3 months for wealth

 

[_amit_]

My RM was insisting on investment in ULIP so he can get approval for anyone for Wealth, so I settled with first select , now will try after 3 months for wealth

I dont think weed can do this, must be something strong.

 

[Dragon_slayer]

My RM was insisting on investment in ULIP so he can get approval for anyone for Wealth, so I settled with first select , now will try after 3 months for wealth

Do you maintain 10L balance?

 

[BVCBVC is verified member.]

My RM was insisting on investment in ULIP so he can get approval for anyone for Wealth, so I settled with first select , now will try after 3 months for wealth

ULIP for Wealth CC?? Not needed at all. Do you maintain 10L balance?

 

[Bohra]

ULIP for Wealth CC?? Not needed at all. Do you maintain 10L balance?

Not for CC but for Wealth Savings account plus debit card

 

[Bohra]

Do you maintain 10L balance?

Not at that time should I try the 10l thing for 3 months and then go to RM

 

[BVCBVC is verified member.]

Not for CC but for Wealth Savings account plus debit card

Please avoid. Not at all necessary. Be happy with Select.

 

[HumorSimpson]

My RM was insisting on investment in ULIP so he can get approval for anyone for Wealth, so I settled with first select , now will try after 3 months for wealth

Here is my detailed analysis . Select vs. Wealth in terms of CB is hardly 80 INR difference.

Post in thread 'IDFC Select Vs Wealth Vs Private requirements'

Sep 12, 2024

I can maintain the NRV, but unable to find any useful perk over and above IDFC Wealth program and DC to take the plunge.

Even one proper and tangible differentiated benefit can make people go for it. Right now there is none!

Correct !!! The DCs have reward rate difference for the first 50K only, over and above its the same 2.5%.
vis-a-vis of DC reward rate for online (excellent for cc bills and tax payments) on the 50K monthly spend.


IDFC Select - 3X = 0.5% = 250 INR
IDFC Wealth - 4X = 0.67% = 330 INR
IDFC Private - 6X = 1.0% = 500 INR

So we are good with even select as the...

• HumorSimpson

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[Vickymaster1010]

This information has been confirmed with IDFC

IDFC Select - 3L Savings balance
IDFC Wealth - 10L Savings balance
IDFC Private - 50L Savings balance

No investments, insurance purchase etc are required. This is purely based on savings account balance.

i have select and my avg balance is 25k only

 

[BVCBVC is verified member.]

i have select and my avg balance is 25k only

He meant to say for upgrade. On upgrade to Select/ Wealth banking in IDFC you can maintain the minimum account balance. Just for upgrading we need those MAB.

 

[aparnahm]

Take them for a ride, bro. This is clearly against framework designed by RBI.

CIBIL reporting should be done only after activation of card. But as they activated without consent and charged joining fee, they reported accordingly. Your experience is a lesson for customers also who will now have to ascertain whether they will be charged JF without activation too or whether card gts activated itself without ssetting PIN.

Since I opened account with IDFC, I have been bugged twice for Credit Card by them but I will never go for it. 6 cards (5 banks) already more than enough. Just keeping 3.25L with IDFC for Select upgrade.

What benefits do you get with Select upgrade, can I know pls? Hope you mean SB a/c.

 

[desiviru]

What benefits do you get with Select upgrade, can I know pls? Hope you mean SB a/c.

Select is wealth banking variant of savings acc. Not much benefit but only DC which has rewards of 2.5% above 50K. Till 50K 0.50-0.93%. So upgrade is only for getting new DC with more rewards. But once CC pay via DC stops, most of these cards will be closed by me except HDFC Millennia DC ones and acc. back to regular savings. 🤣

 

[Avijeet]

Do they downgrade immediately if MAB is not maintained ... or is there any charges or fee for not maintaining the MAB?

 

[talkwithfino]

This information has been confirmed with IDFC

IDFC Select - 3L Savings balance
IDFC Wealth - 10L Savings balance
IDFC Private - 50L Savings balance

No investments, insurance purchase etc are required. This is purely based on savings account balance.

it seems, recently Idfc officially put up the criteria for select and wealth on their website ( attaching pic below)

I have had 1cr in savings account but I m told I need atleast 50L in investments to get IDFC Private.. I hold IDFC wealth..

Can we get IDFC Private by 1cr purely in savings?

By purely having 10L in Savings, one can get wealth
By having 1Cr, you should be able to get Private...

 

[Aniket]

Do they downgrade immediately if MAB is not maintained ...

Usually not, but they can

or is there any charges or fee for not maintaining the MAB?

No, until the account is downgraded.
Because of zero mab requirement when you're in wealth program.

 

[desiviru]

How upto 0.93% ?

read their website to understand. There are accelerated RPs for card variants and calculate yourself. 🙂

 

[Aniket]

read their website to understand. There are accelerated RPs for card variants and calculate yourself. 🙂

Then it becomes 2.5% or 0.93% for spends above 50k & upto 340k?😐

Am I missing something here?😬

 

[desiviru]

Then it becomes 2.5% or 0.93% for spends above 50k & upto 340k?😐

Am I missing something here?😬

First 50K, 0.5-0.93% depending on card you got. After that all wealth banking program gives 10X points equals to 2.5%. When you add all it comes out to be 2.63% finally.

0-50K: Normal Points
Above 50K- 10X points. Upper limits defined at website.

 

[Aniket]

First 50K, 0.5-0.93% depending on card you got. After that all wealth banking program gives 10X points equals to 2.5%. When you add all it comes out to be 2.63% finally.

0-50K: Normal Points
Above 50K- 10X points. Upper limits defined at website.

Ohh, I thought you're talking about Select only. ⏬

Select is wealth banking variant of savings acc. Not much benefit but only DC which has rewards of 2.5% above 50K. Till 50K 0.50-0.93%.

Rest I am aware about.

It's 0.3%, 0.5%, 0.67% and 1% for General, Select, Wealth & Private respectively, spends upto 50k.

And above 50k, it's ~1.67% for General and 2.5% for all rest three of them, i.e., Select, Wealth & Private.