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Question on SGB before closing IDFC SB account

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dravidsarang

dravidsarang

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My IDFC wealth is demoted to Select (obviously cause I decreased my MAB with them with a big margin).
Over the time, I was anyways planning to close the account, however with recent devaluation I have made my mind to finally close my Select SB account with IDFC.

Another thread from the forum:
Vasuki

Thread 'Idfc account close'

I have made Account zero balance in idfc and there is no charges pending .
What else to do before closing of account..
Confirmed with customer care .i can close at any branch .. .
Any experience?
Since i will be traveling to another city ..i want it to be closed without any hassle !
  • Hehe
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The above thread helped me with the easiest process to get this done.

Now, the real question:
I made SGB investments (big amount) using IDFC app in July'23 (long time to mature). However, I made sure to keep my Demat Account in the application form while applying for SGB.
SGB is allotted and I can see SGB details both in IDFC Mobile App (under all investments) as well as in my Zerodha account.
The eKuber email shows certificate with "certificate name as IDFC"
1722010323562.webp

I am 90% sure that there is no action needed regarding SGB while closing the account, however, to be 100% sure, I would like to understand if anyone have/had a similar challenge in the past and if any action is required to be taken.

PS: I was planning to talk to my HDFC BM on this if there is a possible way to get these SGB reflected in my HDFC account (without HDFC demat).

Thank you!!
 
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change your zerodha linked bank acc (if it's this select acc), else you'll miss out on interest.

no once it's in demat form, it can only be transferred from one demat to other. unless you intend to rematerialize it & hold it in book form.
 
quino said:
change your zerodha linked bank acc (if it's this select acc), else you'll miss out on interest.

no once it's in demat form, it can only be transferred from one demat to other. unless you intend to rematerialize it & hold it in book form.
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naah! that is all good. my zerodha is anyways linked to HDFC."
I guess there will be no harm to clear my account and raise closure request.
 
Regarding downgrading, I don’t know when (date)it got downgraded. It was used for emergency funds and wasn’t touched for a long time.
There was no call/text/email about it.
Since few months I see my account is moved to IDFC select.
Didn’t cared to check further on it as I was anyways going to close it
 
dravidsarang said:
My IDFC wealth is demoted to Select (obviously cause I decreased my MAB with them with a big margin).
Over the time, I was anyways planning to close the account, however with recent devaluation I have made my mind to finally close my Select SB account with IDFC.


The above thread helped me with the easiest process to get this done.

Now, the real question:
I made SGB investments (big amount) using IDFC app in July'23 (long time to mature). However, I made sure to keep my Demat Account in the application form while applying for SGB.
SGB is allotted and I can see SGB details both in IDFC Mobile App (under all investments) as well as in my Zerodha account.
The eKuber email shows certificate with "certificate name as IDFC"
View attachment 62604

I am 90% sure that there is no action needed regarding SGB while closing the account, however, to be 100% sure, I would like to understand if anyone have/had a similar challenge in the past and if any action is required to be taken.

PS: I was planning to talk to my HDFC BM on this if there is a possible way to get these SGB reflected in my HDFC account (without HDFC demat).

Thank you!!
Click to expand...
Your Old Wealth DC is still active or a new DC is showing up in app?
 
theflash said:
but then benefits of Wealth or Select?

Also if anyone knows what will happen to Free Locker..?
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Funny part is that the branch I was having my wealth account do not have locker facilities at all 😂😂 I kept getting a 6 months push from RM stating that the bank is moving to a bigger location with locker facilities but alas nothing happened for 3 yrs+
 
dravidsarang said:
Funny part is that the branch I was having my wealth account do not have locker facilities at all 😂😂 I kept getting a 6 months push from RM stating that the bank is moving to a bigger location with locker facilities but alas nothing happened for 3 yrs+
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Don't rely on only idfc, now a days getting locker in any urban area is very difficult. Inquire all psu in your area and big 3's for locker with lolipop of fund transfer.
This situation will go much dire sooner
 
newinnov said:
Don't rely on only idfc, now a days getting locker in any urban area is very difficult. Inquire all psu in your area and big 3's for locker with lolipop of fund transfer.
This situation will go much dire sooner
Click to expand...
I have SBI locker 🥳🥳, but a free locker would be handy any day.
Wealth is my birth right! said:
RM gave goli
now u say to him that u are moving branch if no locker offered
Click to expand...
I am giving him GOLA now by closing the bank account itself 😂
 
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