Zero Balance ICICI Wealth Management Account

[bimanpaul]

My Salary Account has been upgraded to Wealth Management account with Zero MAB requirement.
I did not request for any upgrade. It appears that ICICI Bank did it on their own. Although, customer care confirmed that it is a Zero Balance account, do I need to be wary of other hidden charges? Has any have come accross such auto upgrade to Wealth Management account from ICICI?

 

[panu24]

Do you have any other investment in icici bank like FDs?
No hidden charges for wealth account.

 

[bimanpaul]

No FDs currently.
I am frequent user of iWish flexible RD but never held more than 3L in total.
My salary account is 12+ years old

 

[raghavamobile]

I AM USING ICICI Wealth Management ACCOUNT FROM 2 YEARS BUT NO CHARGES

 

[NOOBY]

My Salary Account has been upgraded to Wealth Management account with Zero MAB requirement.
I did not request for any upgrade. It appears that ICICI Bank did it on their own. Although, customer care confirmed that it is a Zero Balance account, do I need to be wary of other hidden charges? Has any have come accross such auto upgrade to Wealth Management account from ICICI?

what was your NRV when they converted ?

 

[ashwinkashwink is verified member.]

My Salary Account has been upgraded to Wealth Management account with Zero MAB requirement.
I did not request for any upgrade. It appears that ICICI Bank did it on their own. Although, customer care confirmed that it is a Zero Balance account, do I need to be wary of other hidden charges? Has any have come accross such auto upgrade to Wealth Management account from ICICI?

Request for wealth debit card which is complimentary free with wealth. Other cards are chargeable even for wealth.

 

[bimanpaul]

what was your NRV when they converted ?

Around 3L

 

[Copycat]

My Salary Account has been upgraded to Wealth Management account with Zero MAB requirement.
I did not request for any upgrade. It appears that ICICI Bank did it on their own. Although, customer care confirmed that it is a Zero Balance account, do I need to be wary of other hidden charges? Has any have come accross such auto upgrade to Wealth Management account from ICICI?

Mine was the same. They auto converted it about 2-3 years ago. I didn't even know for some time, because there was no intimation other than the colour of NetBanking changing. No charges at all. When my DC expired they automatically sent me a MC World DC. They also auto converted my other ICICI account at the same time. I guess it was because of the PAN being the same. The 2 accounts are not linked and have different customer IDs.

 

[NOOBY]

Around 3L

did you open salary account first ?

If your salary is above 3L/month, ICICI converts the account to Wealth by default (if not, then people can request that)

 

[thanix]

My Salary Account has been upgraded to Wealth Management account with Zero MAB requirement.
I did not request for any upgrade. It appears that ICICI Bank did it on their own. Although, customer care confirmed that it is a Zero Balance account, do I need to be wary of other hidden charges? Has any have come accross such auto upgrade to Wealth Management account from ICICI?

Mine also get auto upgraded I think last year or so. I guess they have criteria for salary credit and even if the net salary credit exceeds a month, they move from privilege to wealth. They don't downgrade also. I have not seen any hidden charges. Just enjoy zero balance wealth management account.

 

[bimanpaul]

did you open salary account first ?

If your salary is above 3L/month, ICICI converts the account to Wealth by default (if not, then people can request that)

Salary > 1.5L
Salary account is 12+ Years old

 

[bimanpaul]

Mine also get auto upgraded I think last year or so. I guess they have criteria for salary credit and even if the net salary credit exceeds a month, they move from privilege to wealth. They don't downgrade also. I have not seen any hidden charges. Just enjoy zero balance wealth management account.

What if I change company and my salary account is moved out of ICICI bank? Will I still be able to enjoy wealth account priviledges?

 

[Copycat]

What if I change company and my salary account is moved out of ICICI bank? Will I still be able to enjoy wealth account priviledges?

I don't know specifically about Wealth. But both my accounts were salary accounts opened for 2 different companies about 20 years ago and all these years I have enjoyed the benefits of a salary account: zero MAB, no debit card fees, etc even when I shifted jobs. So my guess would be: yes, you will continue to enjoy the benefits

 

[NOOBY]

Salary > 1.5L
Salary account is 12+ Years old

Aah cool, so even though acc is 12+ year old (and currently salary) with NRV of 3L, you got upgraded.

You must be lucky!

What if I change company and my salary account is moved out of ICICI bank? Will I still be able to enjoy wealth account priviledges?

Mostly, ICICI does not downgrade accounts (as of now)

So, you should be able to enjoy the benefits

 

[bimanpaul]

Mine was the same. They auto converted it about 2-3 years ago. I didn't even know for some time, because there was no intimation other than the colour of NetBanking changing. No charges at all. When my DC expired they automatically sent me a MC World DC. They also auto converted my other ICICI account at the same time. I guess it was because of the PAN being the same. The 2 accounts are not linked and have different customer IDs.

Even no notification for me. I had some doubt when iMobile app changed its theme to Black but I did not bother much. When I logged in to netbanking, I came to know about upgrade. Normally, customers receive Wealth Management Welcome Kit. Did you get any welcome kit?

 

[bimanpaul]

I don't know specifically about Wealth. But both my accounts were salary accounts opened with 2 different companies about 20 years ago and all these years I have enjoyed the benefits of a salary account: zero MAB, no debit card fees, etc even when I shifted jobs. So my guess would be: yes, you will continue to enjoy the benefits

Although I know one friend who has changed job multiple times and continues to enjoy benefits even after changing salary account. But as I know, officially bank can give a notice after 3 months if salary is not credited and downgrade the account. But never known anyone whose account was downgraded.
Anyone here whose salary account got downgraded when salary account was changed?

 

[Copycat]

Even no notification for me. I had some doubt when iMobile app changed its theme to Black but I did not bother much. When I logged in to netbanking, I came to know about upgrade. Normally, customers receive Wealth Management Welcome Kit. Did you get any welcome kit?

No, I didn't get any kit. However, my upgrade happened during the pandemic when they weren't even sending out renewed DCs (had to ask them, some months later). So, I don't think they bothered sending any welcome kit then.

 

[thanix]

Even no notification for me. I had some doubt when iMobile app changed its theme to Black but I did not bother much. When I logged in to netbanking, I came to know about upgrade. Normally, customers receive Wealth Management Welcome Kit. Did you get any welcome kit?

I also didn't got any kit. I am least bothered. Except the colour change, nothing much. Only use was free CIBIL report once in 45 days I think.

 

[jack333]

Bro you can refresh daily free of cost. That's why people are after wealth account these days 🤣

 

[panu24]

I also didn't got any kit. I am least bothered. Except the colour change, nothing much. Only use was free CIBIL report once in 45 days I think.

you can download cibil report daily.