Thinking to Downgrade IDFC Account

[TheGuy]

I already have IDFC Wealth CC.
I do not use IDFC Signature Debit Card (got it blocked when they were thinking to charge annual fee).

I do not see any difference between 25k MAB acc and 10k MAB acc. Please enlighten if there is.
I do not want the obligation to keep 25K else penalty.
Also, I am wanting to move expenses to HDFC for probably Core CC offer.

Edit: I have 25k MAB acc not wealth.
Comments?

 

[TheGuy]

7% interest on saving on monthly basis is good i would say.. keep the MAB Required.. cause you would keep that much amount somewhere.

It surely is. Currently I am using Liquid Funds. Not needing that much liquidity currently (and also not having). And moving other to HDFC for preapproved CC.

 

[TheGuy]

How did you get wealth cc?

It was preapproved offer. Got SMS. I think they basically only asked- do you want?. Nothing else.

 

[Anonymous ツ]

It was preapproved offer. Got SMS. I think they basically only asked- do you want?. Nothing else.

Did you have any prior relationship with idfc bank?

 

[xfactcc]

Asked them If former students can convert.

Do share their response.

 

[TheGuy]

Did you have any prior relationship with idfc bank?

Yes I had savings acc (25k MAB) since Beginning 2020. Got Card Offer (thru SMS) in Mid 2022.

 

[Anonymous ツ]

Yes I had savings acc (25k MAB) since Beginning 2020. Got Card Offer (thru SMS) in Mid 2022.

Last query.. how much AMB you maintained in your account ?

 

[samm255]

7% interest on saving on monthly basis is good i would say

lol, 7% is only above bal 5 lakh. Upto 1 lakh only 3% which is very pathetic and 2-5 lakh is 4%. IndusInd ROI is better than this.

 

[AritraSaha]

lol, 7% is only above bal 5 lakh. Upto 1 lakh only 3% which is very pathetic and 2-5 lakh is 4%. IndusInd ROI is better than this.

Yeah. They are offering 4% int somedays ago.. now straight down to 3% at hdfc, icici level.

 

[Rahul Gupta]

Last query.. how much AMB you maintained in your account ?

+1


T h r e e.

 

[samm255]

Yeah. They are offering 4% int somedays ago.. now straight down to 3% at hdfc, icici level.

Yes, they think they can compare themselves with HDFC and ICICI which makes me laugh. Their customer service is pathetic than PSU banks. A simple mobile update change request took 15 days to complete that is when I had to escalate to nodal. I find IndusInd branch service is better than IDFC.

 

[telescope]

Idfc dc reward points rate same in both 10k and 25k account?

 

[AritraSaha]

Idfc dc reward points rate same in both 10k and 25k account?

Yup. Future first also same

 

[Rahul Gupta]

Yup. Future first also same

They also give 2% cashback campaign benefit in future first account. So its basically even better than 25k mab, as you get signature dc with 2 lounge access per quarter, instead of platinum dc with one access in 25k mab.

 

[quino]

anyone tried NACH mandate with the future first account? pls share your experience.

@AritraSaha @Rahul Gupta

 

[Rahul Gupta]

anyone tried NACH mandate with the future first account? pls share your experience.

@AritraSaha @Rahul Gupta

I don't use it in savings account/dc but future first is a normal account so you won't be facing any issues.

 

[quino]

I don't use it in savings account/dc but future first is a normal account so you won't be facing any issues.

somebody mentioned it doesn't work on minor acc with idfc. so having some doubts, looking for confirmation.

 

[quino]

They also give 2% cashback campaign benefit in future first account. So its basically even better than 25k mab, as you get signature dc with 2 lounge access per quarter, instead of platinum dc with one access in 25k mab.

btw, do we need to enable it somehow or is it by default? how do we verify the same?

 

[Rahul Gupta]

btw, do we need to enable it somehow or is it by default? how do we verify the same?

It is active by default. Just order something worth 25k from amazon then cancel it. You will get 500rs cashback. You can do this for three month. Cashback will be credited within 3 working days.

 

[Rahul Gupta]

somebody mentioned it doesn't work on minor acc with idfc. so having some doubts, looking for confirmation.

I think you got confused here. Future first isn't a minor account. It is meant for IIT/IIM students. This is a regular account with zero MAB. Why don't use use credit card for NACH mandate?

 

[quino]

I think you got confused here. Future first isn't a minor account. It is meant for IIT/IIM students. This is a regular account with zero MAB. Why don't use use credit card for NACH mandate?

but still there could be restrictions. MFs can't be purchased through cc