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

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thinkers

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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?
 
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vaibhav111 said:
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. View attachment 72124
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Just create as this program is being discussed on forum in recent times. All discussions will happen on that and many questions will be addressed.
 
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credit geek said:
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.
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Are you talking about IDFC PRIVATE (and in that Private CC/Banking program)? It shows Invite only/Stay Tuned for CC/Banking program respectively.
 
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thinkers said:
Can you explain how you managed to get IDFC First Private CC LTF? Online it is written as 50k+charges. Do they force in making some investments?
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Hmm yes I took investment root cause of balance I didn’t had 1cr either 50L. So I have dm some of user here already waiting for Idfc private cc ltf to be actually to be issued to me. So don’t sure would I get the cc that too ltf or not. Only time will tell. If become a reality would post an update.
 
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thinkers said:
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.
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What is the tab size and brand
 
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I am also having Wealth account and want to upgrade to Private

Does anyone know what is the current AMB they are asking after negotiation and if I open a new account how much initial funding would be sufficient to upgrade to private?
 
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thinkers said:
3. One of the best welcome kits. Comes with a tablet (a very cheap one, though)
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If axis follows this, they should send a box of anacin or saridon
Confused Always Sunny GIF by It's Always Sunny in Philadelphia
 
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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.
 
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