Infinia against FD

[Akshays]

Do we have someone from HDFC CC side here on forum who can confirm if HDFC has stopped issuing Infinia against FD?

I was told by my RM that recently there is some internal communication regarding a stop to giving Infinia against FD. Need to verify if it's some made up nonsense or incomplete knowledge or a fact.

I am not sure on user ID of anyone from HDFC if there is one on this forum, so please help me out here by tagging relevant folks.

 

[Pissant]

I dont mind opening an FD of 30L.. even 50L.. Will HDFC give Infinia on that? Any experience? Whom do I speak to? call my RM? go to the branch and speak to the Credit card devision? send an email? Branch manager?

and I know its not the best use of 50L, but I dont want to invest that in the medium-long term.. I'm fine with 7-7.5% return on that for the foreseeable future..

Bro. Please do not waste your money parking it like this just for a credit card. I doubt the rewards are worth sacrificing 50 lakhs of investment money and putting a lein on it. Unless you have a net worth of at least 3 crore you shouldn't put 50 Lakhs in fd.

 

[Karan04]

Bro. Please do not waste your money parking it like this just for a credit card. I doubt the rewards are worth sacrificing 50 lakhs of investment money and putting a lein on it. Unless you have a net worth of at least 3 crore you shouldn't put 50 Lakhs in fd.

Bhai. I know what you are saying. its not for the card. I have that FD with another bank. I'll just be moving it. and there is a reason that isnt going into other investments. I appreciate the concern. Really do. And you are right... but FD pehle se hai.. and FD he rahega for the next few years.
I'll just be moving the money from one bank to another...

Back to the question.. can it be done.. whom do I speak to? has anyone done it recently?

 

[Pissant]

Bhai. I know what you are saying. its not for the card. I have that FD with another bank. I'll just be moving it. and there is a reason that isnt going into other investments. I appreciate the concern. Really do. And you are right... but FD pehle se hai.. and FD he rahega for the next few years.
I'll just be moving the money from one bank to another...

Back to the question.. can it be done.. whom do I speak to? has anyone done it recently?

Alright then. I guess you know what you're doing. Recently there was a post in this forum where someone was able to negotiate with the Branch Manager at his HDFC Branch ti give him HDFC Infinia as his first ever credit card by opening an account with a 50lakh check.

Maybe you can also try that. If that doesn't work out just open the account and tell your Branch Manager that you are willing to put a lien on the FD to get Infinia.

 

[Karan04]

Alright then. I guess you know what you're doing. Recently there was a post in this forum where someone was able to negotiate with the Branch Manager at his HDFC Branch ti give him HDFC Infinia as his first ever credit card by opening an account with a 50lakh check.

Maybe you can also try that. If that doesn't work out just open the account and tell your Branch Manager that you are willing to put a lien on the FD to get Infinia.

Thanks. Already have an account. Already have a card .. just need an upgrade. If its doable, will speak with the bank manager in a couple of weeks.

 

[kshitij_0]

I dont mind opening an FD of 30L.. even 50L.. Will HDFC give Infinia on that? Any experience? Whom do I speak to? call my RM? go to the branch and speak to the Credit card devision? send an email? Branch manager?

and I know its not the best use of 50L, but I dont want to invest that in the medium-long term.. I'm fine with 7-7.5% return on that for the foreseeable future..

If you have such heavy amount to park in bank. Directly go to BM office, he will do everything. You will get in 10L. You can get Magnus with Burgundy with 10L I guess. Don't put all your money in 1 bank.

 

[Akshays]

I dont mind opening an FD of 30L.. even 50L.. Will HDFC give Infinia on that? Any experience? Whom do I speak to? call my RM? go to the branch and speak to the Credit card devision? send an email? Branch manager?

and I know its not the best use of 50L, but I dont want to invest that in the medium-long term.. I'm fine with 7-7.5% return on that for the foreseeable future..

I was talking about Magnus Burgandy Requirement. Infinia was getting issued against FDs of 13L. They stopped doing so in September. At least that's what I was told by my RM.

You Might want to get in touch with BM and start with Infinia as requirement and tell them if they can get infinia approved, you can invest in ULIP. It's easier bargaining chip and you will not have to part with all of your spare cash. I see threads here where people have got infinia against ULIP plans with total premium~ 9L (spread across 5 years). So that way you can have unsecured Infinia for much less money parked in Sub-optimal investment options.

I would not recommend it though, but if you must have Infinia, then ULIP is the best route. You might have to time it right for withdrawal from ULIP based on market situation but likelihood of a Midcap/ Small cap fund performing better than FD over 5+ year horizon is much higher. Also see if they agree to single premium ULIP. That's better than paying over 5 years. Your money will be invested in market from Day 1.

 

[Aditya12]

I was talking about Magnus Burgandy Requirement. Infinia was getting issued against FDs of 13L. They stopped doing so in September. At least that's what I was told by my RM.

You Might want to get in touch with BM and start with Infinia as requirement and tell them if they can get infinia approved, you can invest in ULIP. It's easier bargaining chip and you will not have to part with all of your spare cash. I see threads here where people have got infinia against ULIP plans with total premium~ 9L (spread across 5 years). So that way you can have unsecured Infinia for much less money parked in Sub-optimal investment options.

I would not recommend it though, but if you must have Infinia, then ULIP is the best route. You might have to time it right for withdrawal from ULIP based on market situation but likelihood of a Midcap/ Small cap fund performing better than FD over 5+ year horizon is much higher. Also see if they agree to single premium ULIP. That's better than paying over 5 years. Your money will be invested in market from Day 1.

I know you’re trying to help and giving an alternative but I feel it’s too much of a hassle and long term planning for a CC.

 

[Vasuki]

Do we have someone from HDFC CC side here on forum who can confirm if HDFC has stopped issuing Infinia against FD?

I was told by my RM that recently there is some internal communication regarding a stop to giving Infinia against FD. Need to verify if it's some made up nonsense or incomplete knowledge or a fact.

I am not sure on user ID of anyone from HDFC if there is one on this forum, so please help me out here by tagging relevant folks.

Bruhhh
Get their 2l account variant . Tell them u gonna maintain it with 10 l Fd + some funds usually they don't downgrade
Once u get dcb based on this relationship .
6 lakh spend in 6-8 would give u infinia . As suggested by many

Now u have ur fd + dcb + premium account+ attractive loan offer ( personal) & others 😂

 

[Akshays]

Bruhhh
Get their 2l account variant . Tell them u gonna maintain it with 10 l Fd + some funds usually they don't downgrade
Once u get dcb based on this relationship .
6 lakh spend in 6-8 would give u infinia . As suggested by many

Now u have ur fd + dcb + premium account+ attractive loan offer ( personal) & others 😂

I am already in Preferred banking. I have salary crediting to it, so It will maintain that status regardless of balance/FD.

I already initiated process for DCB metal on basis of Salary and if it goes through my plan is same , Do 8L+ spends in 6 months and request upgrade.

 

[Akshays]

I know you’re trying to help and giving an alternative but I feel it’s too much of a hassle and long term planning for a CC.

Exactly my sentiment, that's why I refused to follow it myself, But if someone has spare funds and is keen on getting Infinia through FD route, Single payment ULIP is better alternative to it as it has higher likelihood of success as a leverage for Infinia Demand.