Is it worth upgrading to HDFC Prime Banking from an HDFC SavingsMax account?

[abhikbose]

I have a SiavingMax account with HDFC Bank. Today, I received an SMS offer that I am eligible for a Prime banking upgrade. I am not sure what this upgrade will provide. I have the following doubts. Any expert advice on this will be helpful

1. What are the benefits of Prime Banking over the SavingsMax account?
2. I have a free Platinum debit card with SavingsMax. Will Prime also get a free debit card? Nothing is mentioned on the HDFC site.
3. For SavingsMax, the MAB requirement is 25k in savings or 1.5lakh in FD. For Prime, it is 35k in savings or 1lakh in FD. So, FD-wise, Prime is cheaper. If Prime is an upgrade from SavingsMax, most customers will choose Prime during an account opening. Why should someone choose SavingsMax instead of Prime while opening an account? [When I opened the account, I didn't know about Prime]
4. Any other benefits of prime? Shall I consider this upgrade?

Thank you in advance

 

[helloworld]

I have a SiavingMax account with HDFC Bank. Today, I received an SMS offer that I am eligible for a Prime banking upgrade. I am not sure what this upgrade will provide. I have the following doubts. Any expert advice on this will be helpful

1. What are the benefits of Prime Banking over the SavingsMax account?

Prime Premier Banking - All You Need to Know | HDFC Bank

Experience the best of both worlds with Prime Premier Banking. Enjoy premium benefits, personalized services, and expert financial guidance tailored to your unique needs.

www.hdfcbank.com

2. I have a free Platinum debit card with SavingsMax. Will Prime also get a free debit card? Nothing is mentioned on the HDFC site.

Prime Premier Banking - All You Need to Know | HDFC Bank duplicate duplicate

Experience the best of both worlds with Prime Premier Banking. Enjoy premium benefits, personalized services, and expert financial guidance tailored to your unique needs.

www.hdfcbank.com

"All other charges/fees not listed above will be applicable as per the respective base product variant held by the customer"

3. For SavingsMax, the MAB requirement is 25k in savings or 1.5lakh in FD. For Prime, it is 35k in savings or 1lakh in FD. So, FD-wise, Prime is cheaper. If Prime is an upgrade from SavingsMax, most customers will choose Prime during an account opening. Why should someone choose SavingsMax instead of Prime while opening an account? [When I opened the account, I didn't know about Prime]

SavingsMax is account variant, Prime is the HNI program (Other HNI Programs, Classic, Preferred, Imperia etc.). If anything happens with downgrade or upgrades, base account variant will be same always.

Savings Accounts (Your BASE always): https://www.hdfcbank.com/personal/save/accounts/savings-accounts
HNI Programs (Changes as per balance): https://www.hdfcbank.com/personal/save/high-networth-banking/premier-banking

4. Any other benefits of prime? Shall I consider this upgrade?

Prime

v.hdfcbank.com

Thank you in advance

 

[HumorSimpson]

SavingsMax is account variant, Prime is the HNI program (Other HNI Programs, Classic, Preferred, Imperia etc.). If anything happens with downgrade or upgrades, base account variant will be same always.

What does this mean ?
Base is savingsmax + extra benefits of HNI

 

[Ak Singh]

What is difference between prime vs classic, preferred etc?

 

[helloworld]

What does this mean ?
Base is savingsmax + extra benefits of HNI

• Base Account = Amazon Normal Account (Signup and Shopping)
  • This is your basic account that you sign up for, allowing you to browse and shop on Amazon. It is always there and does not change.
    
    
• HNI Program = Amazon Prime (which requires an Amazon Normal Account)
  • This is like a premium subscription (Amazon Prime) that adds extra benefits such as free shipping, Prime Video, and more.
  • You need the base Amazon account to have Prime.
  • If your Prime membership expires or you choose not to renew it, you go back to your normal Amazon account.

I hope its clear, tried my level best 🙂

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1. Savings Account (BASE Account):

• This is your base account, and it remains the same regardless of any upgrades or downgrades in the program you are enrolled in.
• Other examples of base variants include Regular Savings, Women’s Savings Account, Senior Citizens Account, etc.

HDFC savings account base variants: HDFC Savings Accounts

2. HNI Programs (Upgrades/Downgrades):​

• HNI (High Net Worth Individual) programs are tiers that you are enrolled in based on your balance and banking relationship. These programs offer additional benefits or services based on the level.
• The HNI Program changes (upgrade or downgrade) depending on your account balance and banking engagement.
• These programs do not change the base account; they merely enhance the services offered to you.
• Examples of HNI programs include Prime, Classic, Preferred, and Imperia.
• If your balance increases or decreases, you can be moved between these programs (for example, from Preferred to Imperia or from Imperia to Prime), but your base account (like SavingsMax) will remain the same.

HDFC HNI Programs: HDFC HNI Programs

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IDFC:

Base Account



HNI Programs (Always on-top of it and required base to upgrade)

 

[HumorSimpson]

• Base Account = Amazon Normal Account (Signup and Shopping)
  • This is your basic account that you sign up for, allowing you to browse and shop on Amazon. It is always there and does not change.
    
• HNI Program = Amazon Prime (which requires an Amazon Normal Account)
  • This is like a premium subscription (Amazon Prime) that adds extra benefits such as free faster shipping, Prime Video, and more.
  • You need the base Amazon account to have Prime.
  • If your Prime membership expires or you choose not to renew it, you go back to your normal Amazon account.

I hope its clear, tried my level best 🙂

1. Savings Account (BASE Account):​

• This is your base account, and it remains the same regardless of any upgrades or downgrades in the program you are enrolled in.
• It stays constant, meaning if you have a SavingsMax account, it will remain your base account whenever downgrade happens from HNI programs.

Example of Base Account Variants:

• SavingsMax: One of the savings account types that could be your base account.
• Other examples of base variants include Regular Savings, Women’s Savings Account, Senior Citizens Account, etc.

Reference for savings account base variants: HDFC Savings Accounts

2. HNI Programs (Upgrades/Downgrades):​

• HNI (High Net Worth Individual) programs are tiers that you are enrolled in based on your balance and banking relationship. These programs offer additional benefits or services based on the level.
• The HNI Program changes (upgrade or downgrade) depending on your account balance and banking engagement.
• These programs do not change the base account; they merely enhance the services offered to you.
• Examples of HNI programs include Prime, Classic, Preferred, and Imperia.
• If your balance increases or decreases, you can be moved between these programs (for example, from Preferred to Imperia or from Imperia to Prime), but your base account (like SavingsMax) will remain the same.

Reference for HNI Programs: HDFC HNI Programs

In other terminology, BASE account is 'fallback position' and its constant.

Example​

Let’s say you open a SavingsMax account. This is your base savings account and will always remain SavingsMax, regardless of changes in your HNI program level.

• Scenario 1 (Upgrade): You start with the Prime HNI program. If your balance increases and you qualify for the Imperia program, you will be upgraded to Imperia, but your base account will still be SavingsMax.
• Scenario 2 (Downgrade): If your balance decreases and you no longer qualify for Imperia, you may be downgraded to the Classic program, but again, your base account will continue to be SavingsMax.

HNI Programs (Enjoy benefits as long as possible)
|
\/
Base account (If downgraded or not ever upgraded, enjoy these benefits always)

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IDFC:
Base Account
View attachment 72969
HNI Programs (Always on-top of it)
View attachment 72970

Thanks a lot for the detailed explanation. I guess still I have to hound them to upgrade my base account to savings max.

 

[helloworld]

What is difference between prime vs classic, preferred etc?

MAB Requirement : )

Premier Banking Program for High Networth Individual | HDFC Bank

Discover the perks of premier banking and unlock exclusive benefits, personalized financial solutions, priority services, and wealth management expertise.

www.hdfcbank.com

 

[SSV]

Thanks a lot for the detailed explanation. I guess still I have to hound them to upgrade my base account to savings max.

It is very simple, you can upgrade your account type to savings max after logging into xpressway.

Home · Customer Journey

From generic xpressway website, this is the path..

 

[helloworld]

Thanks a lot for the detailed explanation. I guess still I have to hound them to upgrade my base account to savings max.

thats changing the account variant.

You're changing your Base from 10k Regular savings account, 25k savingsmax account. For that simple form filling is enough, it doesn't need existing MAB to calculate and upgrade to HNI variants.

Currently, if you do not keep 10k they charge fee and once you change variant they'll check for 25k and charge fee if not maintained.

https://www.hdfcbank.com/content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f/?path=/Common/pdf/service-fees-July-2023-28-07-23.pdf

To change base variant: No approval needed, its easy to done.

To upgrade to HNI: RM/BM review the account, verifies MAB maintained, compares eligibility, request for upgrade etc. but base not needed any of these.

update: yes, follow @SSV link, and choose any base variant you like.

 

[theflash]

Examples of HNI programs include Prime, Classic, Preferred, and Imperia.

Ig you forgot Infiniti 😂

 

[HumorSimpson]

It is very simple, you can upgrade your account type to savings max after logging into xpressway.

Your ‘Change Account Type’ request could not be processed.​

 

[SSV]

Your ‘Change Account Type’ request could not be processed.​

What is your current account type ?

From low to high is allowed,
Where as From high to low is not allowed online, generally speaking

 

[helloworld]

Ig you forgot Infiniti 😂

Invite only program, so skipped. Also, normal page not listed that program unless we go there directly, so its hidden by HDFC itself. I kept like that 🙂

 

[theflash]

Where as From high to low is not allowed online,

This should be changed if it really exists, banks should allow upgrade/downgrade anything online... IMO

 

[HumorSimpson]

What is your current account type ?

From low to high is allowed,
Where as From high to low is not allowed online, generally speaking

Account No : xxxx PRIME POTENTIAL
A/C Open Date : xx/xx/2011
Account Status : Regular
Product Code : 112

 

[helloworld]

Account No : xxxx PRIME POTENTIAL
A/C Open Date : xx/xx/2011
Account Status : Regular
Product Code : 112

Is it salary account?

 

[SSV]

This should be changed if it really exists, banks should allow upgrade/downgrade anything online... IMO

It is up to the Bank and their policies, certain things they don’t encourage online , especially if it detrimental to their progress of their business.
Technically everything is possible

 

[HumorSimpson]

Is it salary account?

While opening it was but for the past 10 years +no salary credit to it

 

[SSV]

Account No : xxxx PRIME POTENTIAL
A/C Open Date : xx/xx/2011
Account Status : Regular
Product Code : 112

Probably there was some compatibility issue because of the age and classification of your account type, talk to real people in the branch

 

[helloworld]

While opening it was but for the past 10 years +no salary credit to it

Currently any charges for you 'debit card annual fee', 'sms charges' etc.?