SBI WEALTH BANKING

[aashokk09]

recently came to know about this banking program. Has anyone using/used this SBI wealth banking program? anything good in this program ?
procedure to upgrade savings account to wealth saving program

Individual Clients - Wealth Management

sbi.co.in

 

[Tarun239]

Through sbi wealth account, getting FYF Sbi elite credit card is preapproved or it can be rejected as well??

 

[Paradjanov]

@Desu Sarath Any other advantages of SBI wealth?
I am primarliy getting it for free RuPay select debit card for international lounge access for my parents

Free Wealth Debit Card, and unlimited free cheques. Essentially, that’s all. Elite CC (if eligible) would be FYF.

The RM matters a lot, though. For example, a responsive RM would conduct a Life Certificate verification online (in Nov, for Govt pensioners), exactly how my mom’s was done. But with some other RM, it might not have been happened at all.

 

[Paradjanov]

Through sbi wealth account, getting FYF Sbi elite credit card is preapproved or it can be rejected as well??

Not pre-approved. I know of two Wealth customers who applied and got rejected.

Having said that, for a Wealth customer having 25/30/40 Lakhs in CASA, a bank (any bank) probably wouldn’t reject a CC, unless it has some genuine reason for doing so.

 

[Paradjanov]

The person is opening a Investment Services Account for me while upgrading to wealth status.
Any idea about this

If you do this, you lose money.

Because then, SBI Securities becomes your official broker, and your Mutual Fund investments come under “Regular”, in the assigning of the NAV for your parked funds. Rather, if you would have purchased the MFs yourself, your MF investments would come under “Direct”, in NAV-assigning. So, essentially, SBI would eat away some of your profits, just as any other broker would have done.

 

[abhi_cc]

If you do this, you lose money.

Because then, SBI Securities becomes your official broker, and your Mutual Fund investments come under “Regular”, in the assigning of the NAV for your parked funds. Rather, if you would have purchased the MFs yourself, your MF investments would come under “Direct”, in NAV-assigning. So, essentially, SBI would eat away some of your profits, just as any other broker would have done.

I am aware of direct and regular funds. I have always invested in direct funds since 2017. Had to explain this to SBI branch person as there was no way of doing this online in 2016-17 if you didn't have central kyc.
My question was about if I don't invest in this, are there any other things that I should be careful about?

 

[Paradjanov]

I am aware of direct and regular funds. I have always invested in direct funds since 2017. Had to explain this to SBI branch person as there was no way of doing this online in 2016-17 if you didn't have central kyc.
My question was about if I don't invest in this, are there any other things that I should be careful about?

No, nothing in particular.

 

[AjaxS]

The point of any wealth management account is not account or card benefits but access to Portfolio and Investment Services.
SBI Wealth gives you access to SBI Caps which offer PMS, AIF as well as trading services.
They trade on your behalf and with your consent depending upon your risk appetite.
On a decent day, they can generate profits of 5 figures and on a good day, profits of 6 figures easily (again dependent upon how much you are willing to trade).
Getting a wealth management account and not utilizing the trading services is like buying a Ferrari Sports Coupe and then complaining that it can only seat two people.

 

[abhi_cc]

The point of any wealth management account is not account or card benefits but access to Portfolio and Investment Services.
SBI Wealth gives you access to SBI Caps which offer PMS, AIF as well as trading services.
They trade on your behalf and with your consent depending upon your risk appetite.
On a decent day, they can generate profits of 5 figures and on a good day, profits of 6 figures easily (again dependent upon how much you are willing to trade).
Getting a wealth management account and not utilizing the trading services is like buying a Ferrari Sports Coupe and then complaining that it can only seat two people.

You can buy PMS, AIF without having a wealth account, you just need money.

About trading services, if you are not doing quant which I don't think SBI is doing, there is no way you are getting anywhere near that return in a day.
There is no history of these returns so all these numbers are pie in the sky

 

[AjaxS]

You can buy PMS, AIF without having a wealth account, you just need money.

About trading services, if you are not doing quant which I don't think SBI is doing, there is no way you are getting anywhere near that return in a day.
There is no history of these returns so all these numbers are pie in the sky

Speaking from personal experience, up to you to believe it or not And again SBI doesn't do it it is SBI Caps.

 

[abhi_cc]

Speaking from personal experience, up to you to believe it or not And again SBI doesn't do it it is SBI Caps.

You are just talking about trading right? I am not much into trading securities. Can you please tell me how SBI caps help here?

Do they give suggestions for trade daily and is this exclusive for wealth account holders?

 

[AjaxS]

You are just talking about trading right? I am not much into trading securities. Can you please tell me how SBI caps help here?

Do they give suggestions for trade daily and is this exclusive for wealth account holders?

Yes, trading in securities. Once you have a Wealth Account someone from SBI Caps gets in touch with you offering trading services.
You don't have to be a wealth account holder to avail of the services, but with a Wealth account, it comes as a standard offering.
They don't give suggestions but trade on your behalf, before executing each trade explain the reasoning and then ask for permission to execute the trade.
Your trading corpus depends upon your risk appetite.
And again the gains in 5 and 6 figures are not every day but on decent days and good days when markets go up.

 

[abhi_cc]

Thanks for the explanation, I will probably try it out with small amount to understand it a bit better.
Have you ever calculated the overall XIRR return that you got from this after deducting trading charges? It would be great if you could share the %age if possible.

 

[AjaxS]

Thanks for the explanation, I will probably try it out with small amount to understand it a bit better.
Have you ever calculated the overall XIRR return that you got from this after deducting trading charges? It would be great if you could share the %age if possible.

since it is short-term trading calculating XIRR does not make sense or may be even possible. But they will share a P&L statement on a monthly basis.

 

[abhi_cc]

Understood.
So, what's the monthly return rate? For the last few months?

 

[Bhagat Singh]

Through sbi wealth account, getting FYF Sbi elite credit card is preapproved or it can be rejected as well??

It can be rejected!! Apply through RM for 100% chances.

 

[Bhagat Singh]

Anyone using SBI wealth account???

 

[Paradjanov]

Anyone using SBI wealth account???

Yes. Over 6 yrs now.

 

[Bhagat Singh]

Yes. Over 6 yrs now.

Does it show wealth anywhere??? My net banking and yono is same. As before. Only savings account varient changed from sbi general to sbi wealth public

 

[Bhagat Singh]

Does it show wealth anywhere??? My net banking and yono is same. As before. Only savings account varient changed from sbi general to sbi wealth public

Also does sbi downgrade??

 

[Paradjanov]

Does it show wealth anywhere??? My net banking and yono is same. As before. Only savings account varient changed from sbi general to sbi wealth public

No, it does not display Wealth anywhere, neither in OnlineSBI, nor on YONO/YONO Lite. SBI Wealth had a dedicated app earlier, which essentially tracked your (linked) MFs too (via SBI Securities), and which could be together seen in the app itself. However, the app was badly done, and I don't know of anyone who took that app with any seriousness, or used it to any appreciable degree.