FREE upgrade to Classic Banking Programme in HDFC

[17ysaurabh]

Hey guys, I recently got an email from HDFC Bank that I have got a free upgrade to the Classic Banking Programme.
Does anyone have any idea about this? Is it good? Should I upgrade?

 

[arjungoyal12]

Hey guys, I recently got an email from HDFC Bank that I have got a free upgrade to the Classic Banking Programme.
Does anyone have any idea about this? Is it good? Should I upgrade?

I have a preferred account which has a high limit. Can you tell if there are any benefits written in that email?

 

[17ysaurabh]

I have a preferred account which has a high limit. Can you tell if there are any benefits written in that email?

Yeah sure. I'm sharing a screenshot of the same. These benefits are really good.
But, my main concern is related to platinum credit card. I already have a millennia credit card. I don't want to change it. It gives me good cashback as compared to platinum card. Also, I'm not sure if my minimum balance limits or any account charges will change or remain same.

 

[sujitsgawand]

Yeah sure. I'm sharing a screenshot of the same. These benefits are really good.
But, my main concern is related to platinum credit card. I already have a millennia credit card. I don't want to change it. It gives me good cashback as compared to platinum card. Also, I'm not sure if my minimum balance limits or any account charges will change or remain same.

Correct even if you have lifetime free millennia card and if u get updated then your annual fee waiver is also lost.

 

[arjungoyal12]

I scaled the program, from Classic all the way to Imperia you can even include the Preferred in that, hoping for exclusive benefits. Instead, I got bombarded with useless policy pitches from Relationship Managers who vanished the moment I needed actual help, like a card upgrade or decent forex rates. It's a one-way street: they rake in fees and commissions, while we navigate a maze of unhelpful service. Time to rethink these loyalty programs – they're all carrot and no stick!

 

[ShavirB]

Hey guys, I recently got an email from HDFC Bank that I have got a free upgrade to the Classic Banking Programme.
Does anyone have any idea about this? Is it good? Should I upgrade?

It's a pretty useless upgrade. Most customers who maintain 1Lakh+ balance in the past 3-4 months are automatically shifted to classic banking. I don't see any specific benefit of upgrading, on the contrary classic banking customers are bombarded with calls from RMs because their Account Balance is usually decent.

 

[anuragmukherjee28]

All about Classic Banking Programme in HDFC

ELIGIBILITY

• Average Monthly Balance of Rs. 1 Lakh in the Savings Account
  OR
  Average Quarterly Balance of Rs. 2 lakhs in Current Account
  OR
  Average Monthly Balance of Rs. 5 Lakhs in combination of Savings Account and Fixed Deposit
  OR
  For Salaried Customer, Monthly net salary credit of Rs. 1 lakh & above in HDFC Bank Corp Salary Account

FEATURES

Personalised service​

• Enjoy easy access to banking and finance services through a dedicated personal banker
• Your personal banker will help you with assistance in getting a loan at attractive rates to giving advice on investments to facilitating your routine banking needs

Family benefits​

• To add to your delight, the features & benefits that you enjoy as a Classic customer, can be extended to your family members as well

Preferential pricing​

• Up to 50% off on Processing fees for Loans for Classic Banking customers
• Get special prices on a wide range of products including forex, demat, trading and locker.

Card privileges​

• Access one of the most premium range of HDFC Bank Privileges
• Example - HDFC Bank Classic Platinum Chip Debit Card at nil annual charges

Combined statement​

• Keep track of your multiple accounts with a combined statement every month
• Get special offers and investment insight through our monthly newsletter Classic Speak exclusively for Classic customers

CHARGES BENEFITS

Product/Type of Charge	Classic Fees and Charges
Debit Card	HDFC Bank Classic Platinum Chip Debit Card with nil annual fees.
Charges on Non-Maintenance of minimum Balance in Savings Accounts	Nil
Charges on non-Maintenance of minimum Balance in Current Accounts	Applicable as per product variant of current account
Locker Annual Rental	Locker with 25% discount on annual rental charge available for first locker allocated per group
Forex transaction rates	Up to 5 paise better rate on card rate for forex transactions on select currencies.
Multicurrency Forex Card	40% Discount on issuance fees on Multicurrency card.
DD/MC Charges on Savings Accounts	Nil issuance charges on DD/MC up to Rs.1Lakh per day per customer as long as part of the Classic programme
Transactions on Domestic ATM	No charges for usage of HDFC bank as well as non HDFC Bank ATMs
Cash Transaction Charges for Savings Accounts	5 transactions with nil charge
Demat account Annual Maintenance Charge (AMC)	Discounted AMC of Rs.500/- per annum in case of Nil transactions, Rs.250 if at least 1 transaction.
NEFT/RTGS	Nil charges through online mode Charges applicable as per savings / current account variant for outward fund transfers done through branch

DEMERITS

Limited Additional Benefits:

• Compared to higher tiers like Preferred or Premier Banking, Classic Banking offers a relatively basic set of features. perks like preferential interest rates, lower fees, dedicated relationship managers, and exclusive discounts offered in higher tiers are simply not present in this.

No Flexibility in Choice of Cards:

• With Classic Banking, you receive a standard Classic Platinum Chip Debit Card. While it has no annual fee, you may miss out on the benefits of premium credit cards offered in higher tiers, such as reward points, lounge access, and travel insurance.

Marketing Calls and Promotional Push:

• As a Classic Banking customer, you may receive more frequent marketing calls and promotional offers from HDFC compared to regular banking customers

Potential Downgrading:

• If you consistently fail to maintain the minimum AMB ( Average Monthly Balance ) for Classic Banking, you may be downgraded to regular banking and lose the associated benefits. and the AMB is also too high and it might be difficult for some people to maintain it

 

[Karunakara]

I have got an upgrade offer from Classic to Preferred. It shows aa free upgrade and no cost upgrade. Does it mean I don't have to maintain 2L AMB? What does "free" really mean?