Query regarding IDFC first select banking program

[kohinoor]

I am a new user on this platform. Couldn't find the option to post thread in forum other than General so posting it here.

I had opened 25K MAB account with IDFC a few days ago. On exploring TF and discussing with RM I came to know about their select program which seems good and I will get the required AMB of 3L by next month. But I still have a few queries which may affect my decision for opting it-

1. Whether maintaining 3L in savings account be required at all times or I can reduce the savings balance as per my needs?
2. Any charges for not maintaining 3L as required?
3. On some forums I read that Select is kind of zero MAB charges program. So does that mean even if I don't maintain 25K MAB as per my original account, I'll not be charged for it?
4. Whether I can still hold the select debit card even if they choose to downgrade my program in future?
5. Any other points I should know about this program which are red flags?


Thanks in advance

 

[helloworld]

1. all time
2. as per soc (schedule of charges) and can downgrade to either 25k / 10k
3. Confused IndusInd Select with IDFC Select. IDFC Select not 0 MAB program
4. as per soc (schedule of charges) charges apply
5. Yes, whether you want IndusInd Select or IDFC Select?

 

[kohinoor]

1. all time
2. as per soc (schedule of charges) and can downgrade to either 25k / 10k
3. Confused IndusInd Select with IDFC Select. IDFC Select not 0 MAB program
4. as per soc (schedule of charges) charges apply
5. Yes, whether you want IndusInd Select or IDFC Select?

Hi,

It is IDFC select. I read somewhere in one thread that they don't charge even if the balance falls below minimum (unsure whether they talked about 3L or 25K). In any case I'll seek complete clarity from RM regarding T&C of this program.

Btw I couldn't find SoC regarding the debit card fees or other aspects related to the select program. Their webpage only talks about benefits and eligibility criteria

 

[pyaracetamol]

Better Contact your RM regarding your doubt. Also there is a user @Anindya98 who uses idfc select you can talk with him about his experience. Maybe it will help you.

 

[Sinatra]

It is IDFC select. I read somewhere in one thread that they don't charge even if the balance falls below minimum (unsure whether they talked about 3L or 25K). In any case I'll seek complete clarity from RM regarding T&C of this program.

There are lot of misinformation floating related to this bank.
Might be, the bank is changing their stances very fast that most of the things user knows, are becoming untrue.

We recently has had not-so-good experience with this bank. So, please do not reply rely on online information, particularly with this bank. and check with RM, and take things in written emai/or other means..

We were told something and received something, but we had some written commitment so they are bound to deliver that.
But its very inconvenient and time taking.

 

[Anindya98]

1. Whether maintaining 3L in savings account be required at all times or I can reduce the savings balance as per my needs?

All the time before the upgrade

2. Any charges for not maintaining 3L as required?

@helloworld already answered

3. On some forums I read that Select is kind of zero MAB charges program. So does that mean even if I don't maintain 25K MAB as per my original account, I'll not be charged for it?

You will be charged in the case of IDFC Select after the recent devaluation. Indusind Select is 0 MAB paired with Legend CC.

Thread 'Important: IDFC Revised Charges for Non-Maintenance of AMB starting 1st January 2025'

Dec 3, 2024

Greetings from IDFC FIRST Bank.

We are reaching out to inform you of upcoming changes to the charges associated with non-maintenance of the required Average Monthly Balance (AMB) in your Savings Account.

Details of upcoming changes

Non-Maintenance of AMB: Effective 1st January 2025, a fixed percentage charge will apply for failing to maintain the required AMB in your Savings Account. This charge will be based on the shortfall between the actual balance maintained and the minimum balance required, as agreed at the time of account opening.

New Non-Maintenance Charges...

• Anindya98
• bank account charges idfc idfc bank idfc bank savings account idfc bank select idfc bank wealth idfc savings account mab savings account
• Replies: 12
• Forum: Bank Account

• 
• 

4. Whether I can still hold the select debit card even if they choose to downgrade my program in future?

Yes, but only until renewal. I am aware of 2-3 customers who use the Select Debit Card; however, IDFC has restricted their lounge access and reward points after the downgrade.

5. Any other points I should know about this program which are red flags?

If lounge access is your primary need and not willing to maintain MAB then use Indusind Select with Legend CC and you can use multiple DCs LTF with the account variant.
IDFC will downgrade your account in the future.
Currently, IDFC is aggressively devaluing.
IndusInd will not downgrade if you have Legend CC linked to your account.

Any specific reason for joining the IDFC Select or Indusind Select Program?

 

[kohinoor]

Better Contact your RM regarding your doubt. Also there is a user @Anindya98 who uses idfc select you can talk with him about his experience. Maybe it will help you.

Thanks, will check it out

 

[kohinoor]

There are lot of misinformation floating related to this bank.
Might be, the bank is changing their stances very fast that most of the things user knows, are becoming untrue.

We recently has not-so-good experience with this bank. So, please do not reply on online information, particularly with this bank. and check with RM, and take things in written emai/or other means..

We were told something and received something, but we had some written commitment so they are bound to deliver that.
But its very inconvenient and time taking.

Yeah true it feels so shady and unsecure, given how different opinions are there and no defined terms as such. But will get written email from them regarding all the T&C and won't haste anything

 

[kohinoor]

All the time before the upgrade

@helloworld already answered

You will be charged in the case of IDFC Select after the recent devaluation. Indusind Select is 0 MAB paired with Legend CC.

Thread 'Important: IDFC Revised Charges for Non-Maintenance of AMB starting 1st January 2025'

Dec 3, 2024

Greetings from IDFC FIRST Bank.

We are reaching out to inform you of upcoming changes to the charges associated with non-maintenance of the required Average Monthly Balance (AMB) in your Savings Account.

Details of upcoming changes

Non-Maintenance of AMB: Effective 1st January 2025, a fixed percentage charge will apply for failing to maintain the required AMB in your Savings Account. This charge will be based on the shortfall between the actual balance maintained and the minimum balance required, as agreed at the time of account opening.

New Non-Maintenance Charges...

• Anindya98
• bank account charges idfc idfc bank idfc bank savings account idfc bank select idfc bank wealth idfc savings account mab savings account
• Replies: 12
• Forum: Bank Account

• 
• 

Yes, but only until renewal. I am aware of 2-3 customers who use the Select Debit Card; however, IDFC has restricted their lounge access and reward points after the downgrade.

If lounge access is your primary need and not willing to maintain MAB then use Indusind Select with Legend CC and you can use multiple DCs LTF with the account variant.
IDFC will downgrade your account in the future.
Currently, IDFC is aggressively devaluing.
IndusInd will not downgrade if you have Legend CC linked to your account.

Any specific reason for joining the IDFC Select or Indusind Select Program?

Hey buddy,

Thanks for such a detailed and comprehensive reply. In response to your points:-

1. Yeah I can maintain 3L before the upgrade but not sure whether it will be possible after the upgrade. There may be some ups and downs, but I don't want to be in a pressure to maintain atleast 3L all the time in the fear of downgradation or extra charges.

2. In the attachment it is said that non maintenance charges are not applicable for FIRST Select, FIRST Wealth & FIRST Private customers (although I couldn't find anything related to this on their Schedule of Charges webpage). So I am still unsure whether NMC are applicable for IDFC Select account or not.

3. At what point did they downgrade the accounts of the customers you were talking about? and whether they got charged anything extra for debit card after downgrade?

4. There is no specific reason to join Select program of IDFC. But since I can meet the criteria soon so I asked myself why not? The only thing that I find useful for me are Visa Infinite debit card benefits like lounge access and BMS offers (though I have Indus Legend CC and AU Ixigo CC for occasional lounge access). Not into reward points since I don't use DC even now. I opened account in IDFC only to have a 2nd savings account (primary salary account in ICICI). My experience with IndusInd has been below average in terms of customer response speed, being a holder of their Legend CC already.

I will add my father's account in Family banking program as well (he maintains a 25K MAB A/c too), so that will be 2 accounts in Select program. But as I said earlier I don't want to be under a constant burden of having to maintain such a high amount (when I require to withdraw or invest, like I want to invest in FD in sometime). So kindly suggest what's the right way to go

 

[Anindya98]

Hey buddy,

Thanks for such a detailed and comprehensive reply. In response to your points:-

1. Yeah I can maintain 3L before the upgrade but not sure whether it will be possible after the upgrade. There may be some ups and downs, but I don't want to be in a pressure to maintain atleast 3L all the time in the fear of downgradation or extra charges.

After the Upgrade maintain around 1.1L+ in SB and 50K in FD they will not downgrade your account. After the upgrade, you have to maintain your base account MAB which is 25K/10K based on the T&C mentioned by the bank.

2. In the attachment it is said that non maintenance charges are not applicable for FIRST Select, FIRST Wealth & FIRST Private customers (although I couldn't find anything related to this on their Schedule of Charges webpage). So I am still unsure whether NMC are applicable for IDFC Select account or not.

It means if you don't maintain 3L/10/50L in SB you will not be charged NMC but you have to maintain base variant MAB all the time.

3. At what point did they downgrade the accounts of the customers you were talking about? and whether they got charged anything extra for debit card after downgrade?

Typically, they initiate a downgrade after approximately one year; however, this varies based on the customer's profile and is not a strict rule.
No DC charges even after the downgrade.

4. There is no specific reason to join Select program of IDFC. But since I can meet the criteria soon so I asked myself why not? The only thing that I find useful for me are Visa Infinite debit card benefits like lounge access and BMS offers (though I have Indus Legend CC and AU Ixigo CC for occasional lounge access). Not into reward points since I don't use DC even now. I opened account in IDFC only to have a 2nd savings account (primary salary account in ICICI). My experience with IndusInd has been below average in terms of customer response speed, being a holder of their Legend CC already.

Lounge Access works but don't rely on BMS's offer "Quota Exhausted" most of the time.
BMS: Take ICICI Sapphiro LTF or IndusInd Eazydiner Signature

Thread 'Issue Booking Movie Tickets with Visa Infinite Cards on BookMyShow'

Nov 9, 2024

I have been experiencing an issue while trying to book movie tickets on BookMyShow using my IDFC First Wealth Credit Card and IDFC First debit card with the Visa Infinite offer. Despite checking multiple time slots (morning, afternoon, and evening), I consistently receive the following error message:

Can anybody help on this?

• fradela
• bms bookmyshow cards free movie tickets idfc first bank select debit card issue movie visa wealth credit card
• Replies: 15
• Forum: Credit Card - General

• 

I will add my father's account in Family banking program as well (he maintains a 25K MAB A/c too), so that will be 2 accounts in Select program. But as I said earlier I don't want to be under a constant burden of having to maintain such a high amount (when I require to withdraw or invest, like I want to invest in FD in sometime). So kindly suggest what's the right way to go

Once your father's account is added under family banking, the MAB requirement will be waived, provided you maintain your 25K MAB in your account.

Thread 'IDFC Family Banking for First Select/Wealth/Private Customers'

Jul 19, 2024

I am sharing my history with IDFC: (WOW Card) May 2023 only this was available -> SB Account 25KMAB Joint July 2023 (Secondary Holder) -> SB Account 25KMAB Joint October 2023 (Primary) -> Applied Via CashKaro got IDFC Millenia/Classic without docs via C2C (Selected Millenia 1.38L)-> SB Account 25KMAB May 2024 -> First Select Account Conversion on 14th June 2024 -> Called the CC asked for Select Card as I was pre-qualified instantly request taken card generated within few hours
I only spend Rs130 using my Millenia Card before the upgrade.
Also, got a new single account for my mother...

• Anindya98
• debit card family banking idfc idfc bank idfc bank select idfc bank wealth idfc first bank credit card idfc first select banking program
• Replies: 93
• Forum: Bank Account

• 
• 
• 

 

[kohinoor]

After the Upgrade maintain around 1.1L+ in SB and 50K in FD they will not downgrade your account. After the upgrade, you have to maintain your base account MAB which is 25K/10K based on the T&C mentioned by the bank.

It means if you don't maintain 3L/10/50L in SB you will not be charged NMC but you have to maintain base variant MAB all the time.

Typically, they initiate a downgrade after approximately one year; however, this varies based on the customer's profile and is not a strict rule.
No DC charges even after the downgrade.


Lounge Access works but don't rely on BMS's offer "Quota Exhausted" most of the time.
BMS: Take ICICI Sapphiro LTF or IndusInd Eazydiner Signature

Thread 'Issue Booking Movie Tickets with Visa Infinite Cards on BookMyShow'

Nov 9, 2024

I have been experiencing an issue while trying to book movie tickets on BookMyShow using my IDFC First Wealth Credit Card and IDFC First debit card with the Visa Infinite offer. Despite checking multiple time slots (morning, afternoon, and evening), I consistently receive the following error message:

Can anybody help on this?

• fradela
• bms bookmyshow cards free movie tickets idfc first bank select debit card issue movie visa wealth credit card
• Replies: 15
• Forum: Credit Card - General

• 

Once your father's account is added under family banking, the MAB requirement will be waived, provided you maintain your 25K MAB in your account.

Thread 'IDFC Family Banking for First Select/Wealth/Private Customers'

Jul 19, 2024

I am sharing my history with IDFC: (WOW Card) May 2023 only this was available -> SB Account 25KMAB Joint July 2023 (Secondary Holder) -> SB Account 25KMAB Joint October 2023 (Primary) -> Applied Via CashKaro got IDFC Millenia/Classic without docs via C2C (Selected Millenia 1.38L)-> SB Account 25KMAB May 2024 -> First Select Account Conversion on 14th June 2024 -> Called the CC asked for Select Card as I was pre-qualified instantly request taken card generated within few hours
I only spend Rs130 using my Millenia Card before the upgrade.
Also, got a new single account for my mother...

• Anindya98
• debit card family banking idfc idfc bank idfc bank select idfc bank wealth idfc first bank credit card idfc first select banking program
• Replies: 93
• Forum: Bank Account

• 
• 
• 

Thanks a lot. Based on what you told I think I can try this program for now, since those are somehow easy to maintain balances. About BMS, I got the offer for upgrade to Sapphiro FYF but didn't opt for it (since I hold Rubyx LTF and may not get that later). Not able to avail Sapphiro LTF for now. If there is any way to get it LTF, would be more than happy to avail it.

 

[Anindya98]

Thanks a lot. Based on what you told I think I can try this program for now, since those are somehow easy to maintain balances. About BMS, I got the offer for upgrade to Sapphiro FYF but didn't opt for it (since I hold Rubyx LTF and may not get that later). Not able to avail Sapphiro LTF for now. If there is any way to get it LTF, would be more than happy to avail it.

ICICI Bank you can have multiple cards without closing your LTF Rubyx.

Thread 'ICICI has recently downgraded the Salary Criteria for Sapphiro LTF & Rubyx LTF'

Jun 11, 2024

New Update: Yesterday I got to know from my RM

Rubyx - 75000 per month Salary
Sapphiro - 1.5L per month Salary

• Anindya98
• credit card icici icici credit card rubyx sapphiro sapphiro credit card
• Replies: 179
• Forum: ICICI Bank Credit Card

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• 
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Post in thread 'ICICI Emerlarde PVC LTF based on salary'

Dec 28, 2024

How to apply for LTF card?

You can try the following steps:

Process 1: If you have an existing relationship with ICICI then BM/RM can bring the approval of the LTF card from RH. When you apply for the card it will be paid but when you will receive it will be converted to LTF, as the approval will be taken beforehand.

Process 2: If your company has a corporate tie-up with ICICI then your Corporate RM will get the card LTF. Also, any ICICI corporate branch can apply for the card. And if you are a Central/State Government employee then ask them to select the option...

• Anindya98

•