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?

 

[Rahul Gupta]

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

There is no downside in this account so you can open and try and if its not working then leave it and open some other account like hdfc savings max.

 

[theda]

Are you required to visit the branch for downgrade?

Yes only possible through branch. You can close account online though.

 

[TheGuy]

Do share their response.

Got reply. Gotta Escalate- any suggestions? this was simple query- 1- can former graduates apply? 2. Is Institution (Say JNU, NIRF top 5 University India) eligible?

Also took 2 days for simple reply. And pasted web links...

 

[TheGuy]

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

In beginning it ranged from 3.5L- 8L. They were offering 7% on Savings Accs (later 6%-4% now 3%). Now my AMB IDFC has ranged from 27k-70k. I also used it as my primary account as they had IMPS, DD etc free. It was around 150-200k when they sent SMS (July- Aug 22). I had also expressed Interest in Jan 2021 for their CC. (This info maybe useless).

CC: @Rahul Gupta

 

[Homer2]

Yes only possible through branch. You can close account online though.

How to close IDFC account online?

 

[theda]

How to close IDFC account online?

Contact customer care and ask them to send account closure link. Once you got the link click on it a form will open. Fill and submit the form, your account will be closed within 3 days.

Keep in mind they will try to convince you to not close the account. And may even say that it is not possible online. If so, say that one of your friend closed the account by this method.
If they still deny wait for 1 hour and call again eventually someone will do it.

 

[TheGuy]

Contact customer care and ask them to send account closure link. Once you got the link click on it a form will open. Fill and submit the form, your account will be closed within 3 days.

Keep in mind they will try to convince you to not close the account. And may even that it is not possible online. If so say that one of your friend closed the by this method.
If they still deny wait for 1 hour and call again eventually someone will do it.

If only they would (or could) change account type online 😛

 

[PRASHANTTHAKUR]

Is there any retention offer also?😂

Contact customer care and ask them to send account closure link. Once you got the link click on it a form will open. Fill and submit the form, your account will be closed within 3 days.

Keep in mind they will try to convince you to not close the account. And may even that it is not possible online. If so say that one of your friend closed the by this method.
If they still deny wait for 1 hour and call again eventually someone will do it.

 

[Riya Sharma]

ask if they can upgrade your acc to select/wealth based on your wealth cc.

Can I open a Wealth or Wealth Private account with them as a new customer?

 

[theda]

If only they would (or could) change account type online 😛

Yeah it would have been great but doing that requires core banking system (CBS) access. And customer care people don't and shouldn't have that access for good.

 

[theda]

Is there any retention offer also?😂

I don't think so at least they didn't offered me anything. Although they may offer to someone who maintain high MAB.

 

[ismail]

i hope closing the savings account does not have any relation with existing credit cards? and can we access the same app to see credit card transactions after account closure?

 

[theda]

i hope closing the savings account does not have any relation with existing credit cards? and can we access the same app to see credit card transactions after account closure?

yup, it wouldn't affect it. the app will keep working as usual.

 

[telescope]

Went to branch to downgrade 25k account to 10k/future first. They said future first downgrade is not possible and that is only for new to bank customers with no existing customer id. It might be false though.

Ended up with 10k downgrade.

 

[Vasuki]

Get your account to future first.. 0 balance & free visa signature dc.

🥲 Do they do that without much hassle ? Or will they judge you left right and centre

 

[theda]

🥲 Do they do that without much hassle ? Or will they judge you left right and centre

Yes, They will take you to the corner and punch you in the face.

 

[Vasuki]

Yes, They will take you to the corner and punch you in the face.

Is she takes me to the corner ..i. M happy 😁
No one better play boy than me - The great imran khan Niazi

 

[Batman]

From what I heard, IDFC does not downgrade wealth account. Isn't that true?

That's what my RM said when she promised a Wealth savings account to me.

"Even if you don't maintain MAB, IDFC doesn't downgrade until after 1-2 years."

 

[Vasuki]

That's what my RM said when she promised a Wealth savings account to me.

"Even if you don't maintain MAB, IDFC doesn't downgrade until after 1-2 years."

Did u got any benefits ? Upgrading it to wealth ..

 

[Batman]

Did u got any benefits ? Upgrading it to wealth ..

Hasn't been upgraded yet. RM said she'll make a request last Friday, and give me a call this Tuesday to update.

No calls, no update so far. Absolutely hate IDFC services.