Please suggest a wealth/premium account in any bank (particularly HDFC)

[Walter White]

Which ICICI card debit/credit did you get with ICICI Wealth and what was the criteria for you to get onboarded.
Do you have to maintain any balance or do they nag you to keep funding your account? Pls shar experience.

Currently holding a Mastercard World Debit Card which is offered LTF to all wealth management customers. Regarding the credit card, it's actually complicated to understand what factors they consider. My mom got a LTF Sapphiro even though she isn't working and hardly keeps anything in her account. I requested as well way back but they refused to. Finally got LTF Sapphiro this year, could be due to the fact my salary account is with ICICI as well.

Mine is a family wealth account. My grandfather got upgraded to wealth management few years back (close to 6-7 years now) as he has his FDs and investments at ICICI. So, the wealth account status got extended to all family members. So, they only look at the total amount rather than individual balances. Btw, the bank doesn't care much about whether you maintain the required balance.

 

[ARV]

Thank you @ARV

Which account, NRV and credit card do you hold with HDFC at the moment and how has your experience with them been in terms of pre-approved offers, etc.?

Also, which bank would you recommend, please?

I have prime salary account, I have dinners club privilege card and no it was not pre approved but I had to apply through RM. The pre approved offers I got is for a personal loan for 10L, car loan for 15L. This is may be because of my salary account and not for wealth management. My AMB is around 15k per month now as I moved my funds to IndusInd bank. They had an offer for partner account in August and I took it. I feel they are much better in treating the customers than HDFC

 

[Walter White]

hdfc feels like the most archaic bank. If not for salary account I wouldn’t want to deal with them. Icici even with privilege banking felt far superior.
TBH I haven’t felt any difference in wealth vs privilege account with them.

Btw, I really have good experiences with SBI. Opened an account with them in 2018 when SBI opened an Intouch branch at my college campus. Opened a digital savings account with them (got a Mastercard Platinum DC for a zero balance account). The process was seamless and the staff were helpful.

Even though I have changed the home branch now, but I am always treated well by SBI employees. Unlike HDFC and their arrogant staff.

 

[Copycat]

Yes, I was told this by a manager that every quarter they will check MAB and if not matched, it will be donwgraded but the credit card you get along with the account will still be active and there will be no charges for non MAB

I don't know about the credit card. For the debit card however, you will definitely be charged in case of non-maintenance of MAB/when the account is downgraded. This is what I was told and it was also mentioned in the TnC the last time I checked

 

[Bodhi]

I have prime salary account, I have dinners club privilege card and no it was not pre approved but I had to apply through RM. The pre approved offers I got is for a personal loan for 10L, car loan for 15L. This is may be because of my salary account and not for wealth management. My AMB is around 15k per month now as I moved my funds to IndusInd bank. They had an offer for partner account in August and I took it. I feel they are much better in treating the customers than HDFC

@ARV

Thank you very much for such a frank reply, I really appreciate it!

 

[Bodhi]

Axis burgundy if you are interested in good credit cards.

ICICI Wealth management because of ICICI service.

Not sure how, IndusInd and IDFC.

How does one get a Burgundy account?

 

[Bodhi]

With 10L Init Funding , Open IDFC First Wealth Account . 0Bal 0Charges Bank account with best 27x7 customer care.
Wait for few months and get Wealth CC Pre-Approved

Could you please give some details regarding IDFC Wealth Account? How does one get it? Also, how much AMB must one maintain, and for how long to receive a Wealth credit card pre-approved, please?
Thank you @StanRoute66

 

[Copycat]

How does one get a Burgundy account?

Explained here:

https://www.axisbank.com/docs/default-source/default-document-library/burgundy-eligibility-criteria.pdf

 

[Patil007]

If you can, stay away from HDFC if you really want to experience privilege banking. I'm having their Preferred account but its of no use. RM is useless. No upgrade from their basic Moneyback CC based on relationship in last 3 years. You won't feel like you're holding any extra ordinary account with them. HDFC is like just another PSU bank. Even SBI is better than them.

My friends has same experiences

 

[Copycat]

Eligibility explained here:

https://www.axisbank.com/docs/default-source/default-document-library/burgundy-eligibility-criteria.pdf

Home page here:

Home Page - Burgundy Banking - Axis Bank

Axis Bank's Burgundy Banking gives a wide range of personal banking, business & lending solutions, legacy planning, wealth management services, etc. Apply now!

www.axisbank.com

You can apply online (there is a link on the home page). I would suggest though, that if the branch isn't far away, make a trip to the branch, meet your RM in person and very politely lay down the rules about what kind of products you will buy and what kind you won't. This approach has worked with every single one of my RMs from multiple banks; they only contact me with stuff I want (only exception is my ICICI RM who never contacts me and doesn't even bother to reply to my emails)

 

[Patil007]

IndusInd and IDFC are also same. Behind the wealth management, they try to sell you Insurance/Mutual funds.

Recently I visited IndusInd bank to update my son's Aadhaar fingerprints. During that time, one of bank's representative reach out to me to open an account. So I said, "I already have an account" and after that she tried to convince me to take Tata AIG insurance which I was not agreed at that moment.

But I asked one question to representative, is this insurance will be part of NRV and she said, "no". As this is TATA AIG insurance, we can not consider it in NRV.

So, the question is why people will take insurance from bank if that is not considered against NRV with bank.

Rest you can understand.

People take because of lack of knowledge and misinformation by these representatives.

When I went to open Axis library account, they took my almost 30 minutes to explain these kind of plans. I already knew this so I did counter questions and they gave mis information .

I didn’t buy it they sell like these and people trust them.

 

[Copycat]

Could you please give some details regarding IDFC Wealth Account? How does one get it? Also, how much AMB must one maintain, and for how long to receive a Wealth credit card pre-approved, please?
Thank you @StanRoute66

Please read this thread, there is a lot of info
https://www.technofino.in/community/threads/hni-bank-accounts-options.5038/ particularly this post

HNI Bank Accounts - Options

I have an HDFC Imperia Bank account but I'm not really impressed with their service. 1) I have opened some family accounts by depositing 5L and linked it to my Imperia, so they can benefit with some of the fee waivers. 2) I took a home loan through them 3) I took health insurance through them...

www.technofino.in

 

[Patil007]

Which ICICI card debit/credit did you get with ICICI Wealth and what was the criteria for you to get onboarded.
Do you have to maintain any balance or do they nag you to keep funding your account? Pls shar experience.

They have Wealth management debit card, but features will be activated as per account type,

I think wealth account has three type,

Wealth management,
Wealth Select,
Wealth private.

Initial funding depends on branch representatives also, I opened in just 1 Lakh funding. They took special approval but give debut card with less features.

MAB is zero and almost everything is free of charge, plus faster response SLA also first preference in the branch.

Overall good.

 

[Patil007]

hdfc feels like the most archaic bank. If not for salary account I wouldn’t want to deal with them. Icici even with privilege banking felt far superior.
TBH I haven’t felt any difference in wealth vs privilege account with them.

I have both. service is best for both the varient. For wealth account SLA is less i.e. 24 hour with dedicated customer care number and email also.

If you send mail to normal customer care they internally route your request to wealth management and get responses faster. Others fees are also free and less.

So if you are in business and have to deal with more banking features then it is very good.

If you are salaried then we just use Credit card, ATM, iMobile and rarely cheque book.

So privilege is also enough.

 

[Patil007]

Home page here:

Home Page - Burgundy Banking - Axis Bank

Axis Bank's Burgundy Banking gives a wide range of personal banking, business & lending solutions, legacy planning, wealth management services, etc. Apply now!

www.axisbank.com

You can apply online (there is a link on the home page). I would suggest though, that if the branch isn't far away, make a trip to the branch, meet your RM in person and very politely lay down the rules about what kind of products you will buy and what kind you won't. This approach has worked with every single one of my RMs from multiple banks; they only contact me with stuff I want (only exception is my ICICI RM who never contacts me and doesn't even bother to reply to my emails)

Yes go to branch and get credit card LTF also ask many questions about service and charges and downgrade scenarios also.

 

[simal]

IndusInd and IDFC are also same. Behind the wealth management, they try to sell you Insurance/Mutual funds.

Recently I visited IndusInd bank to update my son's Aadhaar fingerprints. During that time, one of bank's representative reach out to me to open an account. So I said, "I already have an account" and after that she tried to convince me to take Tata AIG insurance which I was not agreed at that moment.

But I asked one question to representative, is this insurance will be part of NRV and she said, "no". As this is TATA AIG insurance, we can not consider it in NRV.

So, the question is why people will take insurance from bank if that is not considered against NRV with bank.

Rest you can understand.

All insurance policies will be counted under TRV and reflect in your monthly account statement. I suggest you check with your RM or Mail to bank directly

 

[ltf4ever]

Dear friends,

Your kind suggestions regarding any premium/wealth account other than HDFC as well - would be highly appreciated.

I am looking to open a new HDFC savings account. Is there any offer that HDFC is running at the moment like that of an ICICI Wealth account or IndusInd Exclusive account for which only a large initial funding amount is required but 0 or no monthly average balance is required after the initial funding?

Or maybe, a wealth/premium account that requires a comparatively lesser monthly average balance and offers premium services and good credit card pre-approved facilities/offers?

Or can one receive a premium/wealth bank account without any monthly average balance requirement based on a premium credit card variant with that particular bank (in case of HDFC Infinia, Diners)? For example, I've heard that one automatically becomes eligible for an ICICI Wealth account with a premium ICICI credit card such as Sapphiro/Emeralde.

Or any other medium via which one can hold a premium/wealth account with HDFC without requiring to maintain a high NRV (Net Relationship Value) or a high monthly average balance?

Thank you very much in advance : )

i agree with @ARV about the first reply.

my experience: hdfc will frequently irritate you and there is no premium experience at all with their preferred banking tiers. but whatever the problems are, once you escalate to their superiors, the problems get resolved on priority. the employees are actually scared of escalations.

which is not the case with other banks. the problems might be less, but if you are unlucky to get into some trouble, even their PNO office doesn't care. i have given up on axis and icici bank due to this.

and i would suggest if you are opening a premium account, it means you will keep a high nrv or balance with the bank. so beware of small or new banks as they are risky and your money is only insured upto 5 lacs.

 

[StanRoute66]

IndusInd and IDFC are also same. Behind the wealth management, they try to sell you Insurance/Mutual funds.

Recently I visited IndusInd bank to update my son's Aadhaar fingerprints. During that time, one of bank's representative reach out to me to open an account. So I said, "I already have an account" and after that she tried to convince me to take Tata AIG insurance which I was not agreed at that moment.

But I asked one question to representative, is this insurance will be part of NRV and she said, "no". As this is TATA AIG insurance, we can not consider it in NRV.

So, the question is why people will take insurance from bank if that is not considered against NRV with bank.

Rest you can understand.

IDFC First is not like Indusind .
IDFC First doesn't pester you or call you to buy any products more than once.

 

[StanRoute66]

Could you please give some details regarding IDFC Wealth Account? How does one get it? Also, how much AMB must one maintain, and for how long to receive a Wealth credit card pre-approved, please?
Thank you @StanRoute66

As I told you , Initial cheque of 10L+ Required and then you get a 0AMB account but it is recommended for you to maintain around 2-3L in it , although you can withdraw all of it in case of emergency and not be charged anything .

 

[R!ppEr]

IDFC First is not like Indusind .
IDFC First doesn't pester you or call you to buy any products more than once.

will i get an IDFC wealth account if i already hold wealth cc? just asking