IDFC Wealth account upgrade

[vishalprakash]

I want to upgrade my IDFC regular savings account (MAB 25000) to wealth account. Can anyone tell me how I can upgrade without hefty funds like 10 lacs. I have heard people getting upgraded to wealth account with a minimum fund as low as 1 lac. What's the hack? Please suggest.

Response much appreciated.

 

[zacobite]

I want to upgrade my IDFC regular savings account (MAB 25000) to wealth account. Can anyone tell me how I can upgrade without hefty funds like 10 lacs. I have heard people getting upgraded to wealth account with a minimum fund as low as 1 lac. What's the hack? Please suggest.

Response much appreciated.

what are you looking for? any specific benefit?

 

[vishalprakash]

what are you looking for? any specific benefit?

it's debit card
Family benefits - we can add upto 5 members of family to avail same benefits
Debit has 3% reward benefit on credit card and other bill payments
Exceptional lounge access with guest, i would say best debit in segment.
it's interest rates for saving account

 

[zacobite]

it's debit card
Family benefits - we can add upto 5 members of family to avail same benefits
Debit has 3% reward benefit on credit card and other bill payments
Exceptional lounge access with guest, i would say best debit in segment.
it's interest rates for saving account

debit card doesn't give 3% on cc payment
interest rates are same for all types of accts
it does give better insurance coverage - maybe better customer service.. but nothing special.. free locker is there which is a gd benefit.. go for it if it meets ur needs

 

[vishalprakash]

i have seen my colleague getting cashback in form of reward points on CC bill payment.

 

[zacobite]

i have seen my colleague getting cashback in form of reward points on CC bill payment.

no.. pls recheck.. its not possible that a DC is giving 3 % for cc payment..it maybe lower

 

[vishalprakash]

my fi account gives 2%. that's why I was thinking to get that debit card

 

[zacobite]

my fi account gives 2%. that's why I was thinking to get that debit card

2% flat on cc pay? so if i pay 1L i will get 2k Rs back in my account?.. Pls confirm.. i have to chk this out! 3% on idfc also v v unlikely.. pls do get written confirmation from bank.. in above eg 3k inr cashback into acct..

 

[vishalprakash]

there is a capping of 500/month, I use 3 accounts of my family members if required. Also, per transaction cashback is limited to Rs 30. So, you have to do a transaction of Rs 1500 too many times depending on the bill amount. So, you may find this method with a bit with hassle. And also, not many people know about this, definitely this will get devaluated as it will be accessed widely by too many people or by being discussed on social media and youtube. Youtube is a big threat now a days.

 

[vishalprakash]

If you wish I can refer you the Fi account

 

[zacobite]

If you wish I can refer you the Fi account

no way.. don't trust these neo banks

 

[zacobite]

there is a capping of 500/month, I use 3 accounts of my family members if required. Also, per transaction cashback is limited to Rs 30. So, you have to do a transaction of Rs 1500 too many times depending on the bill amount. So, you may find this method with a bit with hassle. And also, not many people know about this, definitely this will get devaluated as it will be accessed widely by too many people or by being discussed on social media and youtube. Youtube is a big threat now a days.

again too much effort for too less... idfc is a decent bank.. fd rates are generally higher.. gd option

 

[vishalprakash]

yes, efforts are there. Mine bill never goes above 50000 a month. Not a big spender.

 

[vishalprakash]

What's the actual issue with neo banks? I actually want to know.

 

[zacobite]

What's the actual issue with neo banks? I actually want to know.

they r like startups.. not stable / poor service / bad tech / lotsa issues..intermediary.. they still have bigger banks behind.. so all rewards are to hook customers only... not sustainable.. rbi also watching closely..

 

[vishalprakash]

will close if I really face some issue. Till now it is working fine

 

[zacobite]

will close if I really face some issue. Till now it is working fine

good luck