[Query] Is IDFC First Bank upgrade from Wealth to Private banking possible with 25L-30L MAB/AMB ??

[sahil1033]

I've 2 accounts under IDFC First Bank Wealth banking and have cumulative funds of around Rs. 32L - 33L.

Is it possible to negotiate with RM and get it upgraded to Private banking with such MAB? Any chance if I touch Rs. 50L cumulative balance across both the accounts to get the upgrade (however the funds will be taken out after the upgrade as it's a temporary thing, won't last more than 2-3 months at maximum) ??

The reason for this is, Private DC which has a higher limit of earning RPs in a month. With Wealth DC, reward points are capped at 5,00,000 in a calendar month but Private DC has a very high upper limit. This may come in handy for me while purchasing a four-wheeler via DC to earn RPs and with Wealth DC, I would be restricted at somewhere around Rs. 5L per month and the four-wheeler will cost in the range of Rs. 16-17 lakhs.

Suggest something please!

 

[HumorSimpson]

@vaibhav111 @Vasuki @#aniket

 

[vaibhav111vaibhav111 is verified member.]

I've 2 accounts under IDFC First Bank Wealth banking and have cumulative funds of around Rs. 32L - 33L.

Is it possible to negotiate with RM and get it upgraded to Private banking with such MAB? Any chance if I touch Rs. 50L cumulative balance across both the accounts to get the upgrade (however the funds will be taken out after the upgrade as it's a temporary thing, won't last more than 2-3 months at maximum) ??

The reason for this is, Private DC which has a higher limit of earning RPs in a month. With Wealth DC, reward points are capped at 5,00,000 in a calendar month but Private DC has a very high upper limit. This may come in handy for me while purchasing a four-wheeler via DC to earn RPs and with Wealth DC, I would be restricted at somewhere around Rs. 5L per month and the four-wheeler will cost in the range of Rs. 16-17 lakhs.

Suggest something please!

you need now close to 1cr, when i had upgraded to IDFC private from wealth 1cr wasn't imposed to me but for my friend he was asked to give 1 cr cheque or investment of minimum of 10L + 50L. since he didn't opt i can't sure. that was also via my rm cause of my relationship with the bank. my rm have confirmed now 1cr is needed for no investment. there is always a scope for negotiation, but you need to take investment with 30-50L and you can't withdraw all together.

Private DC which has a higher limit of earning RPs in a month. With Wealth DC, reward points are capped at 5,00,000 in a calendar month but Private DC has a very high upper limit. This may come in handy for me while purchasing a four-wheeler via DC to earn RPs and with Wealth DC

hmm i didn't knew this plus very little chances of actual RP earned on 4 wheeler trnx... try not to use amex and swipe via cc and pay the bill and earn point via canara setu/sbi unipay instead.

 

[VasukiVasuki is verified member.]

I've 2 accounts under IDFC First Bank Wealth banking and have cumulative funds of around Rs. 32L - 33L.

Is it possible to negotiate with RM and get it upgraded to Private banking with such MAB? Any chance if I touch Rs. 50L cumulative balance across both the accounts to get the upgrade (however the funds will be taken out after the upgrade as it's a temporary thing, won't last more than 2-3 months at maximum) ??

The reason for this is, Private DC which has a higher limit of earning RPs in a month. With Wealth DC, reward points are capped at 5,00,000 in a calendar month but Private DC has a very high upper limit. This may come in handy for me while purchasing a four-wheeler via DC to earn RPs and with Wealth DC, I would be restricted at somewhere around Rs. 5L per month and the four-wheeler will cost in the range of Rs. 16-17 lakhs.

Suggest something please!

Move to one account
Make it 50 lakh u will be upgraded easily
If wealth has been over 3 month


@imdjay what happened to your private banking request

 

[pslashb]

Dont think Private is on MAB basis anymore. It is on basis of investments (other than FD) via IDFC.

 

[quino]

hmm i didn't knew this plus very little chances of actual RP earned on 4 wheeler trnx

why not? i purchased 2 wheeler recently. got RPs within couple of days automatically.

try not to use amex

why so? FR?

 

[vaibhav111vaibhav111 is verified member.]

why not? i purchased 2 wheeler recently. got RPs within couple of days automatically.

why so? FR?

Cause no rp on bill payment on Amex. I have paid multiple time through Amazon pay wallet haven’t earned single rp yet that why.

 

[imdjay]

Make it 50 lakh u will be upgraded easily

it's not easy with 50L. 🙄

 

[VasukiVasuki is verified member.]

it's not easy with 50L. 🙄

Did you got the upgrade

 

[imdjay]

Did you got the upgrade

The request has been raised. was asked to wait for 2 more days. Let's see.

 

[gauti04]

The request has been raised. was asked to wait for 2 more days. Let's see.

Hi, has your account been upgraded to private ??

 

[VasukiVasuki is verified member.]

Hi, has your account been upgraded to private ??

Y e s 🤣 with lot of waiting

 

[vijay.vj]

Y e s 🤣 with lot of waiting

Congrats, do share your journey !

 

[HumorSimpson]

Y e s 🤣 with lot of waiting

Wow .. private ? Share your story

 

[vaibhav111vaibhav111 is verified member.]

Y e s 🤣 with lot of waiting

oh congrat now it time to apply for idfc private cc LTF, been in the queue for 4 months now come and join me.

 

[KGSIPO]

Advantage of private over wealth? Looks same except limits of rp

 

[bargainHunter]

What are the investment options apart from ULIP and insurance? Do they consider mutual funds?

 

[Anindya98]

What are the investment options apart from ULIP and insurance?

FD

Do they consider mutual funds?

Yes .

 

[Infinite]

I know two cases where IDFC has rejected upgrade to IDFC Private with NRV (CASA) in excess of 1.4Cr

Says 50L investment is mandatory and FDs do not count!

The product is definitely not worth