What Is The Criteria In IDFC Bank For Family Banking?

[BankExpertIndia]

Dear Community Members

I Am Thinking To Open Account In IDFC Bank... So I Wanted To Know The Minimum And The Maximum MAB For Accounts In A Family Group.

Experts Do Share Your Knowledge
@TechnoFino

 

[karankayastha]

Just visit the branch once, meet him directly. Or else ask RM to get email or mobile details of BM.

Ok i Finally got a call from RM now he is Onboarding me i accepted the t&c do the family Member who has wealth account need to accept the t&c too? Also after this how long it takes to reflect in the app & how soon do we get the Kit?

 

[Rishabh]

Ok i Finally got a call from RM now he is Onboarding me i accepted the t&c do the family Member who has wealth account need to accept the t&c too? Also after this how long it takes to reflect in the app & how soon do we get the Kit?

Family linking or grouping will not be visible to you. It is visible to bank only.

 

[karankayastha]

Family linking or grouping will not be visible to you. It is visible to bank only.

Ok so in our app it doesn't show as wealth account?

 

[CardGame]

Ok so in our app it doesn't show as wealth account?

It will take some time for that once request is approved. It took 4-5 days for me

 

[sm9811911]

What's the latest on this topic?
Getting the family grouping easily or is it still difficult to get RM to agree ?

 

[tfbeginner210]

What's the latest on this topic?
Getting the family grouping easily or is it still difficult to get RM to agree ?

Still difficult. Even after a gap of 3 months.

Atleast in my case. I am being asked to get all the members to open the 3in1 investment account (demat with IDFC and trading acc in ICICI - sounds ridiculous) just because their accounts are in branches difft to mine.
Or otherwise, again maintain a large amount in their accounts for some time.

 

[shashank08]

What's the latest on this topic?
Getting the family grouping easily or is it still difficult to get RM to agree ?

Different people have different experiences..

I was trying for wealth for myself and Select for my wife almost 1.5 years back. RM asked to maintain the balance in my account for 1Q and my account conversion was done.
When I was trying for my wife's account to Select (at that point I didn't know about family grouping in IDFC) then my RM himself suggested for family grouping.

Then I opened account for my Minor kid then it was also added in wealth grouping without any hassle.

And recently my mother's account was also added just by mailing and calling my RM.

So it all depends on RM.. whether its difficult or easy.

 

[sm9811911]

Different people have different experiences..

I was trying for wealth for myself and Select for my wife almost 1.5 years back. RM asked to maintain the balance in my account for 1Q and my account conversion was done.
When I was trying for my wife's account to Select (at that point I didn't know about family grouping in IDFC) then my RM himself suggested for family grouping.

Then I opened account for my Minor kid then it was also added in wealth grouping without any hassle.

And recently my mother's account was also added just by mailing and calling my RM.

So it all depends on RM.. whether its difficult or easy.

I agree. These things depends on rm. I did reach out once to rm but he didn't do anything. I also didn't follow up as no immediate benefits (all are wealth holders). But will follow up to see what is stopping him.

 

[sm9811911]

Still difficult. Even after a gap of 3 months.

Atleast in my case. I am being asked to get all the members to open the 3in1 investment account (demat with IDFC and trading acc in ICICI - sounds ridiculous) just because their accounts are in branches difft to mine.
Or otherwise, again maintain a large amount in their accounts for some time.

That is BS. Just reach out to bm and ask to merge or else will shift the home branch. Which ever bm agrees, shift to that branch. Think shifting home branch is pretty easy.

 

[Beyond]

Yes Same Here With Me

I Am Thinking To Open Many Like
1. IDFC
2. AU Bank
3. Kotak
4. StanC

Your priority is in very wrong order 😀
It should be downside up

 

[yolofino]

Different people have different experiences..

I was trying for wealth for myself and Select for my wife almost 1.5 years back. RM asked to maintain the balance in my account for 1Q and my account conversion was done.
When I was trying for my wife's account to Select (at that point I didn't know about family grouping in IDFC) then my RM himself suggested for family grouping.

Then I opened account for my Minor kid then it was also added in wealth grouping without any hassle.

And recently my mother's account was also added just by mailing and calling my RM.

So it all depends on RM.. whether its difficult or easy.

Does IDFC allow ASBA facility (for IPO application) in minor savings account?

Can minor account be opened online? Whose mobile number & email is linked to the minor account?

 

[shashank08]

Does IDFC allow ASBA facility (for IPO application) in minor savings account?

Can minor account be opened online? Whose mobile number & email is linked to the minor account?

Minor account is linked with parent's account. So parent must have account before minor account can be opened.
I can see lots of restrictions in IDFC minor account so I don't think ASBA facility is available for minor account but I am not sure.

 

[EnthuCC]

Does IDFC allow ASBA facility (for IPO application) in minor savings account?

ASBA requires a Demat account which only people 18 years and older can get.

 

[yolofino]

ASBA requires a Demat account which only people 18 years and older can get.

Minors can have demat accounts.

 

[yolofino]

Minor account is linked with parent's account. So parent must have account before minor account can be opened.
I can see lots of restrictions in IDFC minor account so I don't think ASBA facility is available for minor account but I am not sure.

Can you check in your kid's account if the ASBA facility is there? Like try applying for an IPO and what is shows.

 

[EnthuCC]

Minors can have demat accounts.

Okay you were correct and my knowledge was incorrect.

 

[shashank08]

Can you check in your kid's account if the ASBA facility is there? Like try applying for an IPO and what is shows.

You can access minor account via parent's internet/mobile banking. I have registered my demat for ASBA and it doesnt give me option for account selection. So I am not sure whether ASBA is available for minor account or not.
But when I tried to register for emandate for mutual funds then IDFC didn't allow to register for emandate on minor account.

 

[yolofino]

You can access minor account via parent's internet/mobile banking. I have registered my demat for ASBA and it doesnt give me option for account selection. So I am not sure whether ASBA is available for minor account or not.
But when I tried to register for emandate for mutual funds then IDFC didn't allow to register for emandate on minor account.

Ahh, so IDFC don't have a separate login for netbanking!

You can add multiple demat accounts to your account. Is there no such option in that section?

 

[shashank08]

Ahh, so IDFC don't have a separate login for netbanking!

You can add multiple demat accounts to your account. Is there no such option in that section?

you can add multiple demat accounts but it always shows parent's bank account to apply for IPO and doesn't allow to change the bank account.
So I think you can't apply for IPO from minor's bank account in IDFC.

 

[yolofino]

you can add multiple demat accounts but it always shows parent's bank account to apply for IPO and doesn't allow to change the bank account.
So I think you can't apply for IPO from minor's bank account in IDFC.

Ahh, okay. Thanks for explaining.