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.

 

[TheTrickySid]

I've only credit card relationship with icici and account shows wealth/black status in mobile app as my card CL > 5L

So , if i open a normal 10k savings account , it will be upgraded to wealth ?

Or do i have to open a wealth account with initial 5L funding and then let it be 0 MAB ?

No you will have to open new account with initial funding

 

[Rahul92]

No you will have to open new account with initial funding

Do they downgrade if keeping 0 MAB ?

 

[TheTrickySid]

Do they downgrade if keeping 0 MAB ?

Usually no, if there are frequent transactions carried out.
But it's not recommended that you keep no balance into this account.

I would suggest atleast keep 10-20k and keep doing regular transactions.

 

[xiddy]

Yes you can open it in any branch and then later you can even get it transferred to any branch of your choice

So I got a new wealth management account opened. But it was created with a new customer ID. Does anyone know if I can merge it to my existing customer ID?

 

[TheTrickySid]

So I got a new wealth management account opened. But it was created with a new customer ID. Does anyone know if I can merge it to my existing customer ID?

It'll automatically get merged within 7 to 10 days.

 

[xiddy]

Oh, great! Thanks!

It'll automatically get merged within 7 to 10 days.

 

[jack333]

Yes
I can confirm this, but you have to maintain mab in your old account according to it's variant.

Your new account will be 0 mab

What if the older account is already zero mab (privilege banking)? @HyperBeast

 

[TheTrickySid]

What if the older account is already zero mab (privilege banking)? @HyperBeast

It'll continue to be as it is.

BTW how is it 0 mab in privileged banking??

 

[jack333]

So it won't get upgraded to wealth if its already zero mab by opening new wealth account?
Privilege is also zero mab i think

 

[TheTrickySid]

So it won't get upgraded to wealth if its already zero mab by opening new wealth account?
Privilege is also zero mab i think

It will get the wealth status but mab won't change for old account

Also Privilege is not 0 mab

 

[jack333]

Mine is showing zero mab with privilege banking

 

[TheTrickySid]

Mine is showing zero mab with privilege banking

Then I'll continue to be 0 mab

 

[suhailmz]

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

I got HDFC preferred even when my AMB was 10k. My RM did it all. Although the account is a salary account & is 6 years old.

 

[TheTrickySid]

I got HDFC preferred even when my AMB was 10k. My RM did it all. Although the account is a salary account & is 6 years old.

Salary accounts are officially 0 MAB bro
Even imperia is 0mab if it's salary account 😂

 

[suhailmz]

Salary accounts are officially 0 MAB bro
Even imperia is 0mab if it's salary account 😂

HDFC rocks 😂

 

[TheTrickySid]

HDFC rocks 😂

Not only HDFC
Salary account in any bank is 0 mab

 

[suhailmz]

Not only HDFC
Salary account in any bank is 0 mab

I know that, I was talking about upgraded account. For example, if I open a salary account with IDFC, I don’t think they will provide wealth upgrade.

 

[Chaitanya-a]

I know that, I was talking about upgraded account. For example, if I open a salary account with IDFC, I don’t think they will provide wealth upgrade.

Yeah coz IDFC Wealth actually gives us the feel of premium banking. Whereas you won't feel same in HDFC premium banking programmes. They don't have any value.

 

[suhailmz]

Yeah coz IDFC Wealth actually gives us the feel of premium banking. Whereas you won't feel same in HDFC premium banking programmes. They don't have any value.

Agreed

 

[kshitij_0]

Yeah coz IDFC Wealth actually gives us the feel of premium banking. Whereas you won't feel same in HDFC premium banking programmes. They don't have any value.

What's the MAB required for IDFC Wealth? Is there any scheme of Family Banking in IDFC?