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

 

[leonneel]

so i opened wifes wealth acct. im in select..shall call RM for family banking then get my acct upgraded to wealth as well...my question is .if i open my 4 years old child acct with family banking does my child also get wealth dc with lounge access and all?

 

[shashank08]

so i opened wifes wealth acct. im in select..shall call RM for family banking then get my acct upgraded to wealth as well...my question is .if i open my 4 years old child acct with family banking does my child also get wealth dc with lounge access and all?

Yes for both..
I have 4 accounts in my family grouping including account of my 2 year old son.
All 4 accounts have wealth DC.

 

[ontherocks]

Yes for both..
I have 4 accounts in my family grouping including account of my 2 year old son.
All 4 accounts have wealth DC.

Was your kids account opened separately (i.e. kid has a separate account number with a separate MAB) and then it was added to the Wealth family group?

 

[bkext]

Was your kids account opened separately (i.e. kid has a separate account number with a separate MAB) and then it was added to the Wealth family group?

Yes, kid/minor account is opened separately, a different A/C number. (Aadhaar and/or birth certificate required). Cheque by the parent (who will be guardian)
The minor account will be visible in the app of the guardian account, through you cannot perform any actions as such via app. Wealth family group will be done by bank staff (backend) after account is opened.

They would however need a different mobile number for the kid's account (never associated with IDFC). I was surprised 😯 and told them, you expect a 3yo to have a mobile number too 😛 . I could have fought, but thought that would be time consuming; so gave an unused number. 7 days After account got opened, got it changed to parent number.

 

[ontherocks]

Yes, kid/minor account is opened separately, a different A/C number. (Aadhaar and/or birth certificate required). Cheque by the parent (who will be guardian)
The minor account will be visible in the app of the guardian account, through you cannot perform any actions as such via app. Wealth family group will be done by bank staff (backend) after account is opened.

They would however need a different mobile number for the kid's account (never associated with IDFC). I was surprised 😯 and told them, you expect a 3yo to have a mobile number too 😛 . I could have fought, but thought that would be time consuming; so gave an unused number. 7 days After account got opened, got it changed to parent number.

Did they open the 25K MAB account i.e. took a cheque of 25K from you?
Good to know that one can change the mobile number.

 

[bkext]

Did they open the 25K MAB account i.e. took a cheque of 25K from you?
Good to know that one can change the mobile number.

Yes cheque was of 25K. But since it's grouped, not maintaining 25K in minor account. Using the minor's debit card to swipe at POS machines to withdraw slowly 😛

 

[shashank08]

Did they open the 25K MAB account i.e. took a cheque of 25K from you?
Good to know that one can change the mobile number.

Idfc minor account is zero balance account.. you dont have to maintain anything in idfc minor account.
You can login on parent's account and access minor account.
You can tranfer money to and from minor account using IMPS/NEFT without any issue.
Link for your information mentioning no MAB required for minor account.

Open Savings Account for Minor Online | IDFC FIRST Bank

Open Minor's Savings Account with IDFC FIRST Bank. Enjoy a Zero Balance Savings Account for Minors with features like free VISA Debit Card & Unlimited ATM Transactions. Apply now!

www.idfcfirstbank.com

 

[SureShot]

Idfc minor account is zero balance account.. you dont have to maintain anything in idfc minor account.
You can login on parent's account and access minor account.
You can tranfer money to and from minor account using IMPS/NEFT without any issue.
Link for your information mentioning no MAB required for minor account.

Open Savings Account for Minor Online | IDFC FIRST Bank

Open Minor's Savings Account with IDFC FIRST Bank. Enjoy a Zero Balance Savings Account for Minors with features like free VISA Debit Card & Unlimited ATM Transactions. Apply now!

www.idfcfirstbank.com

yes, minor account is zero bal account only.

But based on the account variant only (either 10K or 25K), debit card will be issued unless the account is in any program or family banking.

 

[Noob:)]

RM will initiate the process and you will receive the link for consent..
Omce grouping is created you will receive a mail as well.

Do you receive the link in both accounts (like the primary and whose accounts I want to add in family banking)?

 

[shashank08]

Do you receive the link in both accounts (like the primary and whose accounts I want to add in family banking)?

You will receive consent link only for the account which is not yet wealth.. if primary account is also not wealth then you will receive it for that account as well.

 

[Noob:)]

You will receive consent link only for the account which is not yet wealth.. if primary account is also not wealth then you will receive it for that account as well.

Finally, I received the mail from IDFC FIRST Bank.


Congratulations!

You are now part of a group at IDFC FIRST bank

Please find below your group details:

1. Name : X Kumar , Role in Group is : Self And Contact Detail : ********XXXX

2. Name : X Kumar , Role in Group is : Brother And Contact Detail : ********XXXX

 

[shashank08]

Finally, I received the mail from IDFC FIRST Bank.


Congratulations!

You are now part of a group at IDFC FIRST bank

Please find below your group details:

1. Name : X Kumar , Role in Group is : Self And Contact Detail : ********XXXX

2. Name : X Kumar , Role in Group is : Brother And Contact Detail : ********XXXX

Good...
That's what is expected..

 

[Noob:)]

You will receive consent link only for the account which is not yet wealth.. if primary account is also not wealth then you will receive it for that account as well.

Thanks for the answer 🙂

 

[mojo_jojo123]

I have a Corporate Salary account so did family grouping of 3 members effective its 0 balance account for all.

which variant ? what is salary credit requirement

 

[karankayastha]

I am pushing my RM to upgrade me to wealth account since past 1 year through family banking program but they deny stating that i will also need to maintain 10 lakh which is really silly

 

[pentiumd]

will minor account be a part of IDFC debit card rewards ?

 

[varkey]

will minor account be a part of IDFC debit card rewards ?

I think yes, I was able to login to my daughter's account on https://www.firstrewards.com/

 

[pentiumd]

I think yes, I was able to login to my daughter's account on https://www.firstrewards.com/

hey, thanks for the reply. were you able to earn points in the minor debit card ? thanks.

 

[ontherocks]

hey, thanks for the reply. were you able to earn points in the minor debit card ? thanks.

Yes, minor debit card fetches rewards identical to guardian debit card. You get welcome benefits too.