Is IDFC First Private Worth it? (Bank Account & CC)

[thinkers]

They require minimum of 50L in demat holdings and 50L balance (Total 1 cr). One benefit is related to higher limit in First Rewards and it is good for high spenders.

Apart from that, has anyone subscribed to First Private and saw anything that catches an eye?

 

[shashank08]

Can I get Private Banking acc. with Initial funding for a new acc?? If so, how much minimum amount is required?? I already hold wealth account but balance is 20-30L average and RM is saying 1cr is required.

RMs are saying same to you me as well..

 

[yz_007]

Soon it would be 🤞

Were you able to get the CC LTF?

 

[vaibhav111vaibhav111 is verified member.]

Were you able to get the CC LTF?

nope! and RM said now chances are very slim so idk.. 1% chance I could get the cc... in next 1-3 months..

 

[uchitshah]

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.

I agree with your views
Idfc first private banking is worse

Doorstep banking as also hoax.

 

[Sinatra]

why im discovering all these IDFC thread so late...

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.

dito.
after all its the same employees, with same company dna. its not like that for 25k account they assign RM who are from galgotia university and for Select/private IIM guys.

Even if you go and meet them in person, they are busy looking at their phone and not paying attention to customer.

 

[vaibhav111vaibhav111 is verified member.]

now my rm have ghosted me.. so for 7.25% which you get on any idfc account and only dc spend threshold is the reason to upgrade to private.. i won't recommend anyone with 1cr with idfc. with 6.75% interest rate so loss of 50k on induslnd pioneer make good sense if you go to movie each week or 2 time a month cause both dc + cc (FYF) have 1000 no capping so no need to book two ticket on single ticket you get up to 1000 off. will try on captain america brave new world movie this feb.. so some 250-450 saving on each ticket.

 

[Sinatra]

so some 250-450 saving on each ticket.

People with 1cr+ don't really care about 2-300 hundred rupees.

 

[quino]

People with 1cr+ don't really care about 2-300 hundred rupees.

u'd be surprised

 

[vaibhav111vaibhav111 is verified member.]

People with 1cr+ don't really care about 2-300 hundred rupees.

never take monthly benefits multiply by years and then check. cause on private dc and cc devaluation doesn't occur easily.

 

[Mr. X]

Following the thread 😀

 

[chem620]

never take monthly benefits multiply by years and then check. cause on private dc and cc devaluation doesn't occur easily.

what criteria you have completed to get to the private, for me they have asked me to maintain 1cr balance for 1 month so that my sa amb is over 1 cr!! so they are giving me private based on it!! After getting private will i have to apply for cc?? did you get your private CC?

 

[vaibhav111vaibhav111 is verified member.]

what criteria you have completed to get to the private, for me they have asked me to maintain 1cr balance for 1 month so that my sa amb is over 1 cr!! so they are giving me private based on it!! After getting private will i have to apply for cc?? did you get your private CC?View attachment 85538

i took investment plan that was before 50L was needed and TRV was half meet i.e 25L and private cc won't be issued to me, after sharing my whole 1year pdf statement of all my cc.

 

[Infinite]

what criteria you have completed to get to the private, for me they have asked me to maintain 1cr balance for 1 month so that my sa amb is over 1 cr!! so they are giving me private based on it!! After getting private will i have to apply for cc?? did you get your private CC?View attachment 85538

In Bengaluru, investment of 50L is mandatory for upgrade to IDFC private

Even CASA balance of around 1.5Cr for two years is not eligible for upgrade to Private

 

[pilotkush]

@vaibhav111 Buddy, were you able to convince them to issue a LTF IDFC Private CC ?

 

[vaibhav111vaibhav111 is verified member.]

@vaibhav111 Buddy, were you able to convince them to issue a LTF IDFC Private CC ?

nope, after sharing all my CC in PDF format and what not my rm couldn’t get me the card. So in return my private won’t get downgrade in return of these that what my rm said now how much true would that be only time will tell.

 

[chem620]

In Bengaluru, investment of 50L is mandatory for upgrade to IDFC private

Even CASA balance of around 1.5Cr for two years is not eligible for upgrade to Private

Yes it's true, it has become difficult to convert to private as more and more people are converting. Its easier to convert from rural Branch.