IDFC Wealth Account Program - E-Mail reminder about TRV

[Rishabh]

Received email inspite of meeting the MAB requirements since past 2 quarters. So this is generic notification sent out to all Wealth customers by default.

 

[VGisHere]

Received email inspite of meeting the MAB requirements since past 2 quarters. So this is generic notification sent out to all Wealth customers by default.

May be that's right, but this definitely is reminder for all those (inc. me) to not take the wealth/select account for granted and start meeting the MAB

 

[VGisHere]

I have wealth, it was good to have select and then Wealth from IDFC, I did receive the mail maybe it was just a reminder I was thinking to open dad's acct under Family banking but now ig it's on no use because if I don't maintain 3/10L MAB they'll downgrade and then I'll have to use it as individual ₹10k/25k acct so in that case Axis Priority Is better I already have that under family banking with all my family members.

Not sure, but I think if in family banking, one needs to only maintain the status in primary account AFAIK. The linked family accounts are kind of like add-on cards with them also enjoying all the benefits.
So, I think as long as you are maintaining the MAB, your dad doesnt need to.

May be someone with better insights can correct me if otherwise.

 

[Anindya98]

IDFC has come up with the earlier requirements more strict way now.

Yes, because they are making more losses than anticipated. Back in June last year, they tightened the upgrade criteria, now maintaining the required MAB is necessary for an upgrade. Earlier, they handed out upgrades like peanuts without checking if the customer would build a relationship with the bank. I got my Select account with just a ₹1L IF, but since then, I’ve significantly increased my TRV with IDFC.

Is downgrading due to non-maintenance of MAB something new?

No, less frequent.

One thing I remember these Select/Wealth have NMC waiver right?

Yes, only the base variant account MAB needs to be maintained.

I am maintaining much more than required MAB, still got the email yesterday. Wealth account

A generic email is sent to everyone by the system. I got the confirmation from the BM.

I received one for my select family banking also where I'm not even the primary account holder responsible for maintaining the balance.

The remainder is sent to all account holders regardless of whether you are primary or not.

 

[Anindya98]

Not sure, but I think if in family banking, one needs to only maintain the status in primary account AFAIK. The linked family accounts are kind of like add-on cards with them also enjoying all the benefits.
So, I think as long as you are maintaining the MAB, your dad doesnt need to.

May be someone with better insights can correct me if otherwise.

The MAB can be maintained across all accounts under family banking, not necessarily only the primary holder has to maintain.

 

[theflash]

Not sure, but I think if in family banking, one needs to only maintain the status in primary account AFAIK. The linked family accounts are kind of like add-on cards with them also enjoying all the benefits.
So, I think as long as you are maintaining the MAB, your dad doesnt need to.

May be someone with better insights can correct me if otherwise.

Ik that we have 10 accts in Axis 5+5 in 2 family banking .

I opened IDFC the upgraded to select then to Wealth for the sole reason on non maintainance of MAB. Now if they start imposing strict mab requirements I can understand IDFC as a bank can... So I'll just close my existing accounts and go back to Axis as before that's what I was implying.

My dad was NRI he came back to India so was thinking to open a Resident IDFC Wealth linked to family Banking but if they'll downgrade then I'll just see what to do....

 

[ashwinikumar900]

I hold a IDFC Wealth for almost an year now. I got the upgrade my maintaining 10L in a month back then. And once upgraded, I maintained 10L only for a month, then slowly came down to 8, then 5, then 3, and finally now 1L. My RM does occasionally call and asks me top up the account and I normally oblige. But now I get the following mail,
View attachment 92659
Know More redirects to - https://www.idfcfirstbank.com/personal-banking/wealth/First-Wealth#home

Although this doesnt directly speak of a downgrade but I'm assuming going by the wording it is indirectly pointing towards the same.

Wanted to check if others too got similar mail despite fulfilling the criteria, or should I go back to funding this account?

Receiving this mail for the last year and so, no issues—downgrade till now, so don't worry, it’s their routine mail. Just maintain some kind of balance though, just to be safe, Kareena 😁 side.