IDFC Wealth Account Avg Monthly Balance Concern?

[Akshay9512]

If I am upgraded from normal 25k AMB IDFC First bank account to a Wealth account, do I mandatorily have to keep 10 lakhs as Avg Monthly Balance to keep the Wealth Status?

I heard some people said, once you are upgraded, you can just maintain 25k and wealth status will still be continued.

Can someone pls confirm?

 

[AmitMishra]

As far as I know IDFC have basic accounts with 2 MAB for which you have to maintain either 10K or 25K and eligibly to convert to HNI (wealth) account you need to have 10 lacs in account but MAB will remain same as one of basic account type.

Since there is no penalty or charges on wealth account if balance goes below 10 lacs, so you can transfer amount for other purpose but keep in mind that bank can downgrade your account from wealth to normal account.

 

[Akshay9512]

As far as I know IDFC have basic accounts with 2 MAB for which you have to maintain either 10K or 25K and eligibly to convert to HNI (wealth) account you need to have 10 lacs in account but MAB will remain same as one of basic account type.

Since there is no penalty or charges on wealth account if balance goes below 10 lacs, so you can transfer amount for other purpose but keep in mind that bank can downgrade your account from wealth to normal account.

Are you sure they downgrade the account? If that is so then I think it does not make much sense. But yeah I will get Wealth Credit Card. That won't get downgraded. Neither Wealth Debit Card.

 

[AmitMishra]

Are you sure they downgrade the account? If that is so then I think it does not make much sense. But yeah I will get Wealth Credit Card. That won't get downgraded. Neither Wealth Debit Card.

I have not seen any terms and condition in IDFC case but every bank has that kind of policy, either they have some charge or they can downgrade account after certain period of time, like for example if you have preferred or Imperia account with HDFC and you do not maintain eligible balance for 10 to 12 months they will downgrade the account.

 

[ULTRA-MAGNUS]

Are you sure they downgrade the account? If that is so then I think it does not make much sense. But yeah I will get Wealth Credit Card. That won't get downgraded. Neither Wealth Debit Card.

I also used to think that upgrading to IDFC First Wealth account by stretching my limits to MAB of 10 Lac will ease my way to IDFC First Wealth Credit card. But the reality is when I applied for the credit card upgrade after one year of keeping IDFC First Classic credit card, they accepted my request and over a period of 1 month, they first increased my card limit and then upgraded to wealth. Ofcourse, my CIBIL and Salary slips were asked to verify if I am eligible.
Once I got wealth credit card, I stopped worrying about maintaining extra balance in my IDFC first and now I bank on my own terms.

But do note that if you somehow get upgraded to wealth banking, and do not maintain enough required balance, they can and they will degrade you account variant.
From what I am aware, 3Lacs - 5 Lacs MAB is for Select category account
5 Lacs to 10 Lacs is the expected range for Wealth category to stay in safe zone.

My RM additionally told me that If I get wealth account by maintaining 10 Lacs for 1 month, I should not immediately reduce it to 5 lacs and maintain 7 - 8 lacs for the quarter.

But as I said, I already got Wealth CC. So I don't care what my account type is.
PS: I am given Select Bank account variant which is good enough in my opinion and do not differ a lot with wealth category.

I wish you the best.

 

[Bodhi]

I also used to think that upgrading to IDFC First Wealth account by stretching my limits to MAB of 10 Lac will ease my way to IDFC First Wealth Credit card. But the reality is when I applied for the credit card upgrade after one year of keeping IDFC First Classic credit card, they accepted my request and over a period of 1 month, they first increased my card limit and then upgraded to wealth. Ofcourse, my CIBIL and Salary slips were asked to verify if I am eligible.
Once I got wealth credit card, I stopped worrying about maintaining extra balance in my IDFC first and now I bank on my own terms.

But do note that if you somehow get upgraded to wealth banking, and do not maintain enough required balance, they can and they will degrade you account variant.
From what I am aware, 3Lacs - 5 Lacs MAB is for Select category account
5 Lacs to 10 Lacs is the expected range for Wealth category to stay in safe zone.

My RM additionally told me that If I get wealth account by maintaining 10 Lacs for 1 month, I should not immediately reduce it to 5 lacs and maintain 7 - 8 lacs for the quarter.

But as I said, I already got Wealth CC. So I don't care what my account type is.
PS: I am given Select Bank account variant which is good enough in my opinion and do not differ a lot with wealth category.

I wish you the best.

Well put forth @ULTRA-MAGNUS

 

[skywalker]

I was told by an RM that maintaining 5 lakhs MAB is sufficient to raise a request for them to upgrade my account to Wealth. Is that true or not?

 

[V360V360 is verified member.]

I was told by an RM that maintaining 5 lakhs MAB is sufficient to raise a request for them to upgrade my account to Wealth. Is that true or not?

yes - thats correct - please go ahead and push your RM.

 

[Nemesis]

I also used to think that upgrading to IDFC First Wealth account by stretching my limits to MAB of 10 Lac will ease my way to IDFC First Wealth Credit card. But the reality is when I applied for the credit card upgrade after one year of keeping IDFC First Classic credit card, they accepted my request and over a period of 1 month, they first increased my card limit and then upgraded to wealth. Ofcourse, my CIBIL and Salary slips were asked to verify if I am eligible.
Once I got wealth credit card, I stopped worrying about maintaining extra balance in my IDFC first and now I bank on my own terms.

But do note that if you somehow get upgraded to wealth banking, and do not maintain enough required balance, they can and they will degrade you account variant.
From what I am aware, 3Lacs - 5 Lacs MAB is for Select category account
5 Lacs to 10 Lacs is the expected range for Wealth category to stay in safe zone.

My RM additionally told me that If I get wealth account by maintaining 10 Lacs for 1 month, I should not immediately reduce it to 5 lacs and maintain 7 - 8 lacs for the quarter.

But as I said, I already got Wealth CC. So I don't care what my account type is.
PS: I am given Select Bank account variant which is good enough in my opinion and do not differ a lot with wealth category.

I wish you the best.

@ULTRA-MAGNUS was your account degraded from Wealth to Select?

My RM told they will convert it to wealth saving account by next week... will soon apply for wealth credit card. If it passes then great.
Will keep the balance of 10L till the credit card is generated most probably till next 2 months, then will reduce it to 5L.

hoping they won't downgrade the wealth debit card also when back to select account.

 

[ULTRA-MAGNUS]

@ULTRA-MAGNUS was your account degraded from Wealth to Select?

My RM told they will convert it to wealth saving account by next week... will soon apply for wealth credit card. If it passes then great.
Will keep the balance of 10L till the credit card is generated most probably till next 2 months, then will reduce it to 5L.

hoping they won't downgrade the wealth debit card also when back to select account.

I got wealth credit card before my account got upgraded to wealth account. So I never reached that point where I was on the verge of degradation. Asking 10 Lacs a month and keeping above 5 Lacs is a huge pain for me. All my amount goes into investment as soon as salary arrives. Also, I do not trust IDFC First bank to be safe enough for depositing more than 5 Lacs.
Thankfully my credit card upgrade request was accepted and I don't need to worry about wealth category account.
Another point, When account is degraded, debit card may also get degraded. Not very sure on this though..

Logic says that since banks have RM, before degrading the account of any customer, first RM is informed to communicate to the customer to increase the balance.. if situation stays the same even after RM's message, then the account is degraded.

 

[Nemesis]

I got wealth credit card before my account got upgraded to wealth account. So I never reached that point where I was on the verge of degradation. Asking 10 Lacs a month and keeping above 5 Lacs is a huge pain for me. All my amount goes into investment as soon as salary arrives. Also, I do not trust IDFC First bank to be safe enough for depositing more than 5 Lacs.
Thankfully my credit card upgrade request was accepted and I don't need to worry about wealth category account.
Another point, When account is degraded, debit card may also get degraded. Not very sure on this though..

Logic says that since banks have RM, before degrading the account of any customer, first RM is informed to communicate to the customer to increase the balance.. if situation stays the same even after RM's message, then the account is degraded.

yeah 5L max for deposit insurance...

 

[skywalker]

I also used to think that upgrading to IDFC First Wealth account by stretching my limits to MAB of 10 Lac will ease my way to IDFC First Wealth Credit card. But the reality is when I applied for the credit card upgrade after one year of keeping IDFC First Classic credit card, they accepted my request and over a period of 1 month, they first increased my card limit and then upgraded to wealth. Ofcourse, my CIBIL and Salary slips were asked to verify if I am eligible.
Once I got wealth credit card, I stopped worrying about maintaining extra balance in my IDFC first and now I bank on my own terms.

But do note that if you somehow get upgraded to wealth banking, and do not maintain enough required balance, they can and they will degrade you account variant.
From what I am aware, 3Lacs - 5 Lacs MAB is for Select category account
5 Lacs to 10 Lacs is the expected range for Wealth category to stay in safe zone.

My RM additionally told me that If I get wealth account by maintaining 10 Lacs for 1 month, I should not immediately reduce it to 5 lacs and maintain 7 - 8 lacs for the quarter.

But as I said, I already got Wealth CC. So I don't care what my account type is.
PS: I am given Select Bank account variant which is good enough in my opinion and do not differ a lot with wealth category.

I wish you the best.

What steps did you take for the upgrade to Wealth CC?

 

[ULTRA-MAGNUS]

What steps did you take for the upgrade to Wealth CC?

IDFC Wealth Account Avg Monthly Balance Concern?

If I am upgraded from normal 25k AMB IDFC First bank account to a Wealth account, do I mandatorily have to keep 10 lakhs as Avg Monthly Balance to keep the Wealth Status? I heard some people said, once you are upgraded, you can just maintain 25k and wealth status will still be continued. Can...

www.technofino.in

 

[skywalker]

IDFC Wealth Account Avg Monthly Balance Concern?

If I am upgraded from normal 25k AMB IDFC First bank account to a Wealth account, do I mandatorily have to keep 10 lakhs as Avg Monthly Balance to keep the Wealth Status? I heard some people said, once you are upgraded, you can just maintain 25k and wealth status will still be continued. Can...

www.technofino.in

What I meant is, how did you raise the request for CC upgradation? Any email address which you mailed to or any mail template which you can provide, since that worked for you

Asking since when I reached out to customer care, they told me that as of now they don’t support CC variant upgradation, whichever CC variant you get, you’ll have to keep using that only.

 

[ULTRA-MAGNUS]

What I meant is, how did you raise the request for CC upgradation? Any email address which you mailed to or any mail template which you can provide, since that worked for you

Asking since when I reached out to customer care, they told me that as of now they don’t support CC variant upgradation, whichever CC variant you get, you’ll have to keep using that only.

I mailed to banker@idfcfirstbank.com after completing 1 year with IDFC classic credit card, spending around 2 lacs in one year.
I had requested them 2 things

First was to increase the limit
Second was to upgrade to Wealth.

They asked for Income proof, I gave on the same day. Then after 20 days, they increased limit from 55,000 to 4,50,000 and 10 days later they upgraded my card to wealth credit card.

 

[skywalker]

I mailed to banker@idfcfirstbank.com after completing 1 year with IDFC classic credit card, spending around 2 lacs in one year.
I had requested them 2 things

First was to increase the limit
Second was to upgrade to Wealth.

They asked for Income proof, I gave on the same day. Then after 20 days, they increased limit from 55,000 to 4,50,000 and 10 days later they upgraded my card to wealth credit card.

Do they have any specific income criteria for upgradation to wealth cc? I mean, should the monthly income be more than some specific amount so as to be eligible for the Wealth CC?

 

[ULTRA-MAGNUS]

Do they have any specific income criteria for upgradation to wealth cc? I mean, should the monthly income be more than some specific amount so as to be eligible for the Wealth CC?

I am not confirm but this is how the distribution is

ITR: 0 - 12 (Millenia)
ITR: 12 - 24 (Classic)
ITR: 24 - 36 (Select)
ITR: 36+ (Wealth)

 

[Nemesis]

They are only offering Select Credit card even after Wealth conversion for savings account. They are saying... It depends on CIBIL and other income criteria (Can push if you have 5L limit on any other card). Since i have highest limit as 2.5L no option.
Will lower the balance to 5L after a month then...

 

[suhailmz]

Guys; can someone share their experience with IDFC wealth banking program? I have applied for it today. Wanted to know!

 

[Bodhi]

Guys; can someone share their experience with IDFC wealth banking program? I have applied for it today. Wanted to know!

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