Wealth/HNI account of which bank is the best with zero MAB

[codenerd]

I am planning to get a wealth/ equivalent HNI account in either of the banks:-
Axis Burgundy
Indusind Pioneer
ICICI Wealth
IDFC Wealth (Upgrade in progress from Select but too much unnecessary drama)

I am fine with initial funding of 5-10 lakhs but only if I can withdraw most of it in sometime and just keep 1-2 lakhs max or maybe even zero balance.

Please suggest me great alternatives or the best one which even gives premium debit/credit card also and not just some stupid VISA platinum variant.

 

[xiddy]

Many people have got that LTF Sapphiro after pushing their RM ad I've seen in the thread.

I'll call her and ask for the requirements for LTF Sapphiro, let's see what she says.

 

[TheTrickySid]

Many people have got that LTF Sapphiro after pushing their RM ad I've seen in the thread.

That was mostly pre COVID

 

[jack333]

25L for Wealth Select. For basic wealth account we can open with as low as 5L

What is additional in wealth select?

 

[Chaitanya-a]

I'll call her and ask for the requirements for LTF Sapphiro, let's see what she says.

Yeah it depends on the RM as well. Lets see how much effort he/she is going to put for you. Coz its all in their hands only

 

[Chaitanya-a]

What is additional in wealth select?

@avishj

 

[Chaitanya-a]

What? Shouldn't they have lower requirements for existing customers? That's absurd.

Existing customers are always lowest priority for banks. Still ICICI is better than HDFC in this matter.

 

[ADITYA1904]

Does the account by default come with LTF Sapphiro? Or do we have to apply for it after a while? I have only been offered the paid variant so far.

When you have wealth management account and you dont have any paid variant of credit card then after 3-6 months there is automatic pre approved lifetime free rubyx sapphiro credit card offers came if you use their wealth management account for good…

 

[xiddy]

I tried calling my RM 3 times through the contact no in the app, and I just keep hearing myself once the call "connects".

 

[ADITYA1904]

I tried calling my RM 3 times through the contact no in the app, and I just keep hearing myself once the call "connects".

You dont have number in netbanking page? Or you can email them wealthmanagement@icicibank.com for mobile number of your RM

 

[xiddy]

I have a number in the app that re-routes to her personal no, and when it connects, I can't hear the other person, only my own voice echoes.

 

[ADITYA1904]

I have a number in the app that re-routes to her personal no, and when it connects, I can't hear the other person, only my own voice echoes.

Thats why i said email them and ask for mobile number

 

[xiddy]

Finally managed to connect to her. She said that she can get the account upgraded to wealth management without any issues, and if I have paid Sapphiro pre-approved in my account (which I do), then she can apply the LTF version on my behalf, but it will have to be approved by senior management.

 

[pratyush]

I have seen some people say axis charges a lot. In fact, it is not true, I never had any consolidated charges ever. There is a reason why they are called HNI accounts. I have HNI accounts in 2 banks namely axis, hdfc and none of them charge me anything. I did not open any HNI accounts, mine were migrated to HNI as per their internal criteria automatically.

For Axis(Burgundy) & HDFC(imperia) it is 10L in a savings account or 30L in FDs or DEMAT holding is greater than 1 Cr.
For Axis(Priority) & HDFC(Preferred) it is 5L in Savings or 15L in FDs

HDFC(preferred) is better than Axis(Priority)

The money in the Savings account is 10L which average monthly balance, which means you cannot use that 10L or keep 3Cr in savings account for one day and 0 balance for the next 29 days.

If you do not maintain these, there are charges.

If you have money, then only open an HNI account. Just because some X person is opening a wealth account I have to open, it is not the case. Know your finances.

FDs have a lower return and are exposed to income tax of 30%, it is not a good investment. Everybody has an emergency fund as per their preference, you can keep that in FD.

Invest in Mutual Funds, higher returns, and one day you will have an HNI account.

P.S.: One of my friends has a Burgundy Private account, which does not that I have to chase it. Maybe one day but not now, let my money work now.
I am saying NOT anything bad to anyone, but open your eyes. You are the manager of your own finances. It may not sound good, but its the truth

 

[Chaitanya-a]

Finally managed to connect to her. She said that she can get the account upgraded to wealth management without any issues, and if I have paid Sapphiro pre-approved in my account (which I do), then she can apply the LTF version on my behalf, but it will have to be approved by senior management.

What's her condition for upgrading to Wealth Management?

 

[jack333]

@Chaitanya-a @avishj
How much initial deposit required for new wealth select account?

 

[TheTrickySid]

@Chaitanya-a @avishj
How much initial deposit required for new wealth select account?

It can be anywhere around 25-75L not sure coz very few people have it so there's no proper info available.
Also TRV required is 3Cr

 

[Chaitanya-a]

@Chaitanya-a @avishj
How much initial deposit required for new wealth select account?

25L for Wealth Select

 

[jack333]

Have you confirmed at branch because my branch doesn't knows anything about it? It comes with visa infinite debit card as I checked on their website.
One more thing is other account automatically gets converted to wealth if your one account is wealth?

 

[xiddy]

What's her condition for upgrading to Wealth Management?

She just asked how much my average account balance was and said that it will be done. I just need to sign a form.

 

[Chaitanya-a]

She just asked how much my average account balance was and said that it will be done. I just need to sign a form.

Great. Looks like a professional RM unlike others who always give excuses.