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Is IDFC First Private Worth it? (Bank Account & CC)
- Thread starter thinkers
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- idfc idfc first
I spoke with multiple folks working with First Private; they said the same requirement of 50L demat and 50L balance. I don't think First Private offers anything special that they can say is worth having 5 Cr TRV apart from just fancy badging.
Even with 50L Demat and 50L balance, I'm thinking if it is worth it or not.
Digital_Panda
TF Buzz
It's Not worth it AT ALL!!
Wealth is 95% of what Private offers. Why will anyone put in 10x more funding for 5% more benefits unless his main account is of IDFC since it gives high interest rate!
shake-all-Sphere
TF Select
I have been first wealth account Holder and happy with that, and to be honest I do not feel anything premium with my account accept the wealth cc I got 🙂
Cc_creditguy
TF Premier
Bro how to get wealth cc holding wealth account in idfc any suggestions
shake-all-Sphere
TF Select
Just ask your BM to do that for you, how long you have had wealth account
Hi, You can just appy online and get it. I got it in 4 days and 3 people I know also got it in 4 days after applying online. One catch, This was fresh application and not upgrade.
One of the people I know has opted for an IDFC First Private account. I was discussing with him about his overall experience and have decided to create a post for individuals who might be interest.
TLDR Rating of First Private Banking : 2.5 / 5
Requirement of IDFC First Private
IDFC expects 1 CR TRV. If you have a 50L investment and 50L savings balance, that should also fulfil the requirement.
Pros of First Private
1. Metal Debit Card
2. Higher set of points on spending through debit card.
3. One of the best welcome kits. Comes with a tablet (a very cheap one, though)
4. Customer Service of IDFC is good (not RM)
Cons of First Private
1. Even for First Private members, the First Private Credit Card is NOT FREE. They charge Rs 50,000 + GST.
2. The RMs are not good. Even for such a privileged account, the RM will ignore your messages for days, and you have to constantly remind them.
3. Features like "Unlimited Doorstep banking" are promoted, but here, cash delivery is not supported. So it looks like a hype.
4. They promise a free locker but make First Private customers beg to get one. After a lot of back-and-forth, they will hesitantly give you a small locker somewhere.
5. IDFC mentions a Lifetime Free Credit Card on the First Private page. It's just a regular Wealth Credit Card. In addition, the LTF Free CC, as claimed, was not given to senior citizens' parents who were part of the First Private Family Banking group. So, I assume this claim of LTF CC is not entirely valid.
Final Thoughts
With such high NRV requirements, IDFC does not seem to provide that value to First Private account customers. The RMs seem least bothered about First Private customer requirements (except when you want to make new investments). The HNIs won't care much about smaller things like debit card spending points, but they expect very good customer service, which IDFC RM for First Private banking seems to lack based on experience.
TLDR Rating of First Private Banking : 2.5 / 5
Requirement of IDFC First Private
IDFC expects 1 CR TRV. If you have a 50L investment and 50L savings balance, that should also fulfil the requirement.
Pros of First Private
1. Metal Debit Card
2. Higher set of points on spending through debit card.
3. One of the best welcome kits. Comes with a tablet (a very cheap one, though)
4. Customer Service of IDFC is good (not RM)
Cons of First Private
1. Even for First Private members, the First Private Credit Card is NOT FREE. They charge Rs 50,000 + GST.
2. The RMs are not good. Even for such a privileged account, the RM will ignore your messages for days, and you have to constantly remind them.
3. Features like "Unlimited Doorstep banking" are promoted, but here, cash delivery is not supported. So it looks like a hype.
4. They promise a free locker but make First Private customers beg to get one. After a lot of back-and-forth, they will hesitantly give you a small locker somewhere.
5. IDFC mentions a Lifetime Free Credit Card on the First Private page. It's just a regular Wealth Credit Card. In addition, the LTF Free CC, as claimed, was not given to senior citizens' parents who were part of the First Private Family Banking group. So, I assume this claim of LTF CC is not entirely valid.
Final Thoughts
With such high NRV requirements, IDFC does not seem to provide that value to First Private account customers. The RMs seem least bothered about First Private customer requirements (except when you want to make new investments). The HNIs won't care much about smaller things like debit card spending points, but they expect very good customer service, which IDFC RM for First Private banking seems to lack based on experience.
At what IF did he get the Account?
NTB to the bank?
current MAB and relationship with the bank?
Thanks for jotting down your experience on IDFC First Private.
These UHNI banking programs are mostly useless. They don't offer any significant benefit. Your rating of 2.5/5 is completely correct.
Technofino has made a video on this topic as well, calling them a scam
These UHNI banking programs are mostly useless. They don't offer any significant benefit. Your rating of 2.5/5 is completely correct.
Technofino has made a video on this topic as well, calling them a scam
Have you tried asking them to provide card FREE but without any joining benefits? On their website, its mentioned that joining benefits are given only upon payment of fees, i think that would mean a workaround a possible
Damn I should be one creating a thread cause I actually have Idfc private.. since it not that good so not much to discuss either. For someone still looking to opt in for Idfc private account upgrade as per my rm I have manage for all Idfc private customer to get Idfc private cc to be LTF. Only the time would tell if he true or not. I haven't received the IDFC private cc yet cause of limit of 11L so waiting for LE cause it was rejected earlier so it taking some time though.
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Soon it would be 🤞
Cc right dc everyone get it!
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