Just like most other private banks, IDFC first bank too recently has come up with their premium banking program with a set of new products and services to offer to its affluent customers.
Here’s everything you need to know about the IDFC Bank’s Premium banking program,
Program Variants
It’s basically a 3 tier system and here’s the approx. NRV (as savings a/c balance) that the bank expects for now.
- Select: 3L
- Wealth: 10L
- Private: 25L-50L
While the above criteria is not officially confirmed, this is what we know so far from various sources, via branch banking. If you wish to go via loans & MF as NRV, the expectations would be understandably lot higher.
This may change a bit, and if it does you’ll get to know. And for that don’t forget to signup for the instant email alerts.
So each program comes with its respective lifetime free complimentary credit and debit cards.
Among them, we already have the products available for select & wealth, which are decent in my opinion.
So private banking products are the new ones to be known. Apart from the beautiful private banking metal debit card that’s Listed on their website, there also seems to be a new IDFC private credit card which appears to be highly rewarding – with the details we know so far.
Upgrades
I quickly checked with the branch for the upgrade of my existing account. Initially they said that I can upgrade to SELECT a/c right away if I wish.
But as I already have the IDFC Select credit card, I don’t find a need and so have requested for the upgrade to wealth A/c, the request which they’re currently looking into.
If the Wealth A/c goes live, I’ll also be eligible for the wealth credit card upgrade from my current select card. Let’s see how it all goes.
Final thoughts
It’s good to see that IDFC is coming with premium banking solutions with its dedicated credit and debit cards, which even bigger banks like HDFC/Axis/ICIC aren’t doing.
Just incase if you’re new to IDFC Bank, you can open a new account in matter of minutes digitally with a quick Video KYC process.
The good news in opening a new IDFC Ac is that they allow you to add funds to the account via debit card (first time only) as well.
I was able to get some reward points on my IndusInd debit card through this way and you too can – open a new IDFC savings Account now.
Hope 2022 is a great year for IDFC and also for all of us. That said, not to forget to avail the lucrative new year offers on your IDFC credit cards.
What’s your thoughts on the new premium banking program?
![IDFC Offer: Get Bonus Points on Credit Card Spends [Targeted – July 2023]](https://www.cardexpert.in/wp-content/uploads/2023/07/idfc-first-credit-card-offer-july-2023-60x42.png){kind=small}
Yup, I am trying to get mine upgraded as we to wealth. It’s good to see IDFC finally looking to get into premium banking Segment. Hoping to see some useful services from them
I believe apart from HDFC Premia, currently all the premium banking options from other private banks are terrible.
I have idfc wealth account. They give complimentary one year Amazon prime membership along with Zomato pro and times prime and some medical membership. All for one year. Even debit card are rewarding 3x for every 100 with 0.25 rs reward value. So overall 0.75% reward. Indeed IDFC is doing good job.
Any update on where can see the reward points earned from wealth debit card transactions?
Still no update to see reward points. Let’s hope they change and incorporate the reward in app
Crisp n clear article again framed nicely. Kudos to you.
IDFC First Bank is upping the ante now. Looks like old n loyal customers are likely to be the beneficiary soon enough.
Private NRV as 25L ?
I spoke to my RM and he insisted 3cr+ for Private Account, Wealth for 75L+ and Select for 25L+. Either he is taking me for ride if yours is true.
He is taking you for a ride for sure.
Private is 50 lacs what I have heard and informed about with customer care thrice.
What your RM says is right. One among many criteria is NRV across products he said you about which combines savings, FD, investments, insurance premium all put together.
Ask the RM about NRV basis savings ac balance criteria and it will be more or less as per this article.
I have got Wealth account on 10Lac NAV. For private account they ask 25Lacs.
Was this your new account or it’s been for a while? In what forms you had 10 lacs NRV, saving account FD or other investments?
I received Select invitation with appx 4 lacs balance in account. Have parked 11 lacs in saving account now to receive wealth invitation. Let’s see what happens.
My account have saving balance more then 10 lacs and i have more then 1 year old account with idfc wealth credit card as well.
I think they are still giving wealth account to select customer only. By end of January to all customers i think. Let’s hope for best.
Keep 25 lacs for private account with idfc private debit and credit card too ..
What I believe once you are offered with a pre-approved account (let’s say Select), it is vert difficult to get it changed to a higher variant (say Wealth) through the branch even after maintaining more than 10-15 lacs balance later.
I am having hard time with my branch to convert Select to Wealth. They are asking for other investments for Wealth. An escalation did not help, they routed the request to branch only.
Anyone targeting Wealth account or credit card start maintaining 10+ lacs balance in account and that too only in case you are not yet received any pre-approved offer for either account or credit card.
I got wealth variant for 10 lacs. I am planning to get private status for 25 lacs as agreed by my RM
Hi Manoj, in which city and branch do you hold your account? Mine is Bangalore.
Similar case, my RM also mentioned 5Cr MAB/NRV for private. Wealth requirement was 50L. Well if private actually as low as 25L, then probably I have a lame RM or he took me to be a lame client 🙂
Hi Sid, got the offer from my RM for getting account converted to Select Banking and applied via the link shared.
Just as FYI, I have been maintaining 25k only (min. required for Signature Debit card free). Had earlier gotten the Select Credit card when they were launched. So don’t think 3L+ is a stringent criteria, and may depend on other things too.
Any clue on when they will expand credit card service to more tier II cities? There’s an IDFC bank branch in my city but for more than a year now the website has been showing my city in not serviceable yet! Thanks
Are these premium banking already live? I checked with BM for private account and he said this will be live by Jan end..
Spoke to the RM, NRV benchmark is 10L for Wealth and 50L for Private (though they can start with 30L also).
Memberships are only for joining year and other services appear pretty standard.
Rest time will tell.
I am trying to find a good premium banking option, can anyone advise on any other alternatives or HDFC Premia is the undefeated leader here?
I too have applied for wealth account today. Do they consider this criteria of > 10l for individual or all family accounts. I have 4 accounts with them will they consider cumulative balance? They didn’t have private account here or they were not aware of it which is less likely. I too am in tier 2 city. No credit card option here too.
Even in Tier-1 city like B’lore, they do not have Pvt. banking in all branches
Ok thanks. Does it take long to upgrade to wealth account. Its more than a week and no upgrades still
Sid – any information around the new debit card and if they would have a rewards structure?
Not yet, Shri. Hope we get to know in couple of weeks.
Siddharth – Did you get any words from idfc branch on your follow-up to upgrade to Wealth program ?
Is hdfc offering visa infinite debit card with preferred banking?
Can anyone please confirm.
No, Currently Not. only IDFC first and i guess Stan. chart. Bank is providing Visa Infinite Debit card. HDFC imperia only offers Visa Signature Debit card.
@SiD – In my case too , IDFC is taking too much time. applied through text msg invite link, But didn’t received any confirmation over message or mail .
Yes bank debit card is on Visa infinite
YES also gives gives Visa Infinite Debit card across the range.
Can you also write on similar programmes by other banks in the likes of axis, hdfc bank, icici bank, etc.
Even axis burgundy gives visa infinite
Sid, what exactly is the process of getting times prime and Amazon prime membership? Will they send any code ?
they send via email witin a month of migrating to wealth variant
My experience in Bengaluru.
Went to a branch on 13th.
(Not my home branch).
Told them I’m eligible for First Private Account.
(I currently hold Select Credit Card and Classic Savings Account).
They arranged for a link on sms.
On clicking the link, it showed I was eligible for a Wealth Account.
Manager tried to tell me no big difference between Wealth and Private, but substantial difference between Select and Private.
I told him, since I’m eligible for Private, I’d like Private.
I was told it is normally the RM who has to initiate upgrade, basis the balance.
I didn’t have my RMs number.
(Unlike HDFC and Axis, IDFC doesn’t show the RMs’ number in app/website after logging in).
I was asked to wait for a day for an update about the upgrade.
I haven’t yet heard from them.
The delay could be due to Sankranti.
Hope to hear back tomorrow.
Will post an update whenever I receive an update.
Cheers!
S&S
B’lore branch got back to me.
Apparently MF investments touching 50L is mandatory for a Private Account.
Cheers !
S&S
I read through the comments & came across feeling bamboozled. Why is there such a huge craze among people to keep 3l – 50l parked in a savings account & burn their money @ 3.5 -5% when it could easily fetch better returns in F.D, M.F, Stocks or multiple other revenues?
What is the fascination with private banking? Just for a label.
If you use the funds kept in savings account to purchase MFs, Bonds, Insurance etc via IDFC, they are more than happy to let you not maintain the balance.
When the people have loads of money flowing in, who thinks about MF and stocks. RBI is not printing new money. If someone is going for extra profit then someone is definitely going for extra loss.
No Govt. Bank offers better FD or even Savings account rates compared to Private banks.
And most have money in savings account for instant access/emergency funds/liquidity which neither MF nor stocks or “multiple other” options can give.
I got the link for wealth invite. 10 Lakh balance is not mandatory, it all depends on RM.
I think you were pre approved for Wealth and a RM just triggered the offer. I checked in two branches they told it is decided from backend and they don’t have control as of now.
Agree with Sandeep’s comment here.
It seems all is done from the backend and the branch guys have little to no control here. They only see if invite is there for your account and trigger an sms.
Update:
A wealth manager from my home branch called me today.
He said if I have 25L in investments (MF, PMS, AI etc) I can be onboarded to Private.
After a brief chat, he offered to onboard if I had an investment between 10L & 20L.
Cheers !
S&S
Warning: Miscommunication Alert
I filled up the online form for Private account upgrade, following which a person from the branch called me.
He said that the eligibility is upwards of 1cr AMB but after negotiating he said that they can onboard with 25 lacs AMB which should grow to 50L-1cr in a year or so, which was agreeable to me.
He connected me further to a specialist Private Banking RM who kept pitching me bonds/PMS even though I said that I have MFs which I will move to IDFC – he agreed to it.
I moved some of my MFs to IDFC and subscribed to some new MF to meet the AMB requirement.
10 days later I still didn’t have any update of the uogarde and the Private RM was only interested in marketing me new products.
One fine day, I specifically squared him up for the upgrade – he said that my account was already mapped to Private Banking. I said that I don’t see any such update nor the debit card, or netbanking or the welcome offers or even an email.
To which he said that IDFC First Private Banking program is different from the Private Banking mapping that I am assigned to and that First Private requirement remains at 2cr+.
And this left me speechless!
I was taken for a ride intentionally – I told the RM I am moving out all my investments out of IDFC and he cared a damn.
Pathetic service and tricks by these guys.
Thought of complaining higher up but then didn’t have the patience and just ended the “not so Private” relationship with the bank.
Can you share the link for the online form to request for Wealth/Private upgrade?
It’s a personalized link and I don’t think it’s wise to share it.
Oh ok, I thought it is on the website to show interest or something.
So it is triggered automatically for Targeted customers?
Any concrete eligibility details available now for each variants?
Auto triggered but if Bank gets manual approval, RM can trigger it as well.
Finally received my IDFC wealth welcome kit and wealth debit card.
Cool, I got it today as well. A big box!
Me too got the kit today I was suppose to get Private @ 38lac CASA but they gave wealth I am fine with the downgrade since the benefits are mostly the same.
The card/ cheque book holder that came was quite cheapish they should give something better but at least the debit card looks good.
@sid do find out about the pre-approved wealth credit card for this program everyone here is clueless. The customer care says talk to your RM and the RM says we dont have any offer yet for you :<
They’ve taken my request for the Wealth CC upgrade over the call, will keep you updated on how it goes from there.
Thank You! Sid for your great knowledge of these products with your help i was able to upgrade my saving account to First Wealth and not only that they also upgraded my credit card from First Select to First Wealth on my request ofc. Great posts help things move smoothly
Hi Sid, is the CC upgrade done?
I have got multiple accounts upgraded to Wealth. Now want to get the CC upgraded too
Ac upgraded but CC upgarde denied. Not caring much for now as anyway the card is not 1yr old yet.
RM told me about 1 year waiting period last month when I asked for CC upgrade from Select.
He now says the CC team will contact me directly if I’m eligible.
There is nothing much the branch or he can do about it.
He still promised to loop in RH in his next reminder email to CC team to prevail upon them for Wealth CC.
I was under the impression that Wealth CC is given default to Wealth Account Holders.
S&S
Any SoC document in the kit?
Does it mention about charges and minimum balance criteria?
Yes indeed!! A big box..
Have you received the message for Amazon prime membership?
My wife got first select account and she got the message already while it is not mentioned in her welcome letter.
It’s mentioned there in the welcome letter and yes I got the msg as well with the code.
I encountered very peculiar scenario. Got a call from RM that I am eligible for wealth card, he shared a sms link. I applied for that right away and got my wealth credit card in 48 hrs. When I inquired to get wealth bank account, I am told that I am not eligible for now 🙁
Card can be availed without A/c as well. They’re both different but I wish they link both together, like Pinnacle-IndusInd Exclusive
Thanks for that input, I also now have that combination and it’s all good till now
Looks like that was a pre-approved Wealth credit card offer on your account and RM just shared the link with you to claim the same.
i received welcome kit for select as well, big box indeed but nothing useful inside 😀 credit card holder box is waste of everything. amount they invested in such a big box and that credit card box, they could have sent a good quality mask instead :))
received amazon membership and health membership coupon over sms as well, yet to use them though.
Interesting that they are offering Amazon Prime for Select Program too.
Any idea how much time it too to get kit post upgrade? In my case, one of the family members account got upgrade to Select, via text message link. Post that in 3 days got Athena Vhealth promo over email.
It has been 12 days, no idea on kit. No SMS on Amazon etc. So wondering!!
Same for me…. I have 2 accounts in family and we received the kit yesterday after 20 days.. And for Amazon prime, the first select account got the message yesterday but mine is first wealth, I haven’t received the message yet.
Thanks. Clear to me that they are still in early stages and many things are not clear, processes are being set up etc.
i didn’t keep track of time, but i guess it came soon enough, within a week or so. may depend on address also, mine was in Bangalore, so may be faster.
Are they sending Amazon Prime code for existing prime members? I got the welcome kit 10 days back but no amazon prime code.
Has the times prime membership been taken away? I got only Amazon, Zomato Pro & Sony Liv. If they have taken away times prime thats a very fast reduction of benefits.
I’ve got the same as well. Seems they’ve removed others, as I no longer see vhealth & times prime on their website.
Update: RM confirms that Times Prime is indeed removed.
They took too long to upgrade me to wealth I.e more than a month. They were sending me wealth link sms without any LINK in the sms.
A special sms with full url was sent by the back team almost 30-40 days after first attempt. Btw the 0.75% cashback for wealth debit card ‘As stated above by a user’ is that really active right now?
Yes 0.75% discount is applicable. But it’s not started yet. So we need to wait. They confirmed over call with reference number that when this feature start they will give all 0.75% points from backlog expenditures as well. Hope they oblige their words then it’s good reward by paying your credit card bills
Times Prime has been replaced with Sony Liv
Yet to see any private program upgrade confirmation and unboxing. If anyone has seen any video/thread, please let us know.
Any one got Schedule of Charges document in their welcome kit?
Just curious to know if any minimum balance criteria or other important fees mentioned in that?
Same question. No schedule of charges. Informally, I know there is no MAB as the branch manager himself told me there will be no charges for it. But I would request someone to share documentation to verify this if they come across any.
I have the video of private program unboxing video and that is next level!!!
Please share your link photos or experience
Were you offered idfc private credit card too
The first impression has been quite poor. Not sure if I will stick long with them.
– the call centre does not have an option to speak to business development to answer any query for new account opening. Website does not allow opening a select or wealth account.
– Filled the callback form. No callback for 3 days now
– started application for Wealth card. terminated process mid-way when t&c is shown that bank may chose which card varient to offer hoping someone will pick up abandoned application & call back. Nothing so far
– after waiting for response, went ahead with applying creditcard on card-2-card basis. Offered select with 2lac against Infinia with 20lacs
Does IDFC even want my business? Big doubt
I fully agree with this. They close tickets without resolving the issue. CC is very poor. Their software also has issues.
My auto-pay instruction for CC didn’t get activated till afternoon on due date. Hence I had paid the the full due amount manually.
Strangely , auto pay for activated in the evening and withdrew whatever balance left in the savings account towards CC due which is zero. Call to customer care no use.
Idfc customer care is one of the worst I saw till time. They are just so cheerful and assures you that the issue will be resolved (looks like they are trying to copy Amex) but coming to actually resolving the issue they are the worst. They close the tickets even without a solution and fun part is you cannot reopen the ticket.
Upgrading to wealth account won’t make any difference too. It is not like HDFC Imperia where they have dedicated Help Desk and usually knowledgeable people sitting at customer service to serve you.
Tried escalating to head of customer service and then to principle nodal office and strangely they also close the tickets without any reason.
If you try to raise it with your RM, then they will first offer you some investment strategies and if you show interest to that then only they will show interest in resolving your issue otherwise you are on your own.
My parents hav been on boarded to wealth account and received 2 codes separately. Now applied for myself too. RM says it will be individual only and grouping of family members may be later in private account. But we haven’t received the wealth account kit. Has anyone received it here?
Just got my Wealth debit card kit. It raises your expectations with the size and grand decoration on it. Inside it’s a beggar’s kit :-). The card is marked right at middle – actually thats the only thing they designed right. The card/money travel purse looks poor quality and some markings already on it like it’s worn off (nothing premium on it). A cheque book and a large brochure which really doesnt tell anything apart from the vague terms on the site. No point telling 20% off international flights but no clause/terms associated or which site/airline. Anyway took the marketing gimmick of IDFCFirst wealth, and i guess they have removed the debit card reward points which was earlier another perk
Can someone please share roughly how long does it take from the time received invite link is used to register for the upgrade program to the time the actual onboarding happens and the kit is dispatched? Thanks.
It took 15-20 days for me for Wealth debit card arrival post updating at the SMS link. However few quarters back the Wealth credit card was super seamless, 4 days from the online link activation. (RM had communicated on whatsapp then with a link)
Im curious cos I am eligible for Private but I am sure we wont do any investments thru them. Hence my RM is trying to downgrade us to wealth so that they dont loose us as a customer.
The RM says that under private they will keep wanting to check why we arent investing with them.
Would this be true?
Is someone having the info about the NRV/TRV (MFs, Stocks) needed for Select/Wealth Variant?
I have ~20 lakhs of MFs which can be maintained.
Why don’t you shift your regular MFs to direct fund and save your 1% commission on that.
Guys, after how many days did you get the voucher/promocodes for Amazon, Sonyliv etc.
I got non so far, already it has been some 20 days since got the kit for first 2 accounts
Hi Gagan, can you confirm after how many days, you got the voucher/promocode?
Hi Aks,
For me it took well over 30-60 days, varied across accounts.
Thanks Gagan. Mine is wealth program. Upgraded a week back,so still a long time if they haven’t improved.
Hi Aks,
Did you manually request an upgrade or get invited? What was your MAB?
Hi Sid, S&S,
For some reason, can’t reply to your replies.
Thanks for answering my question “CC upgrade”.
Yes, it is clear to me too, that CC variant is not linked to Savings Account variant.
Happy to share Gagan.
Glad it was useful !
Coincidentally, I got a call from my RM right after I posted.
He took down some details to push my case through RH is what he told me.
Hoping for the best !
S&S
Yes – was quite helpful.
What does RH stand for?
Regional Head
Update on upgrade from IDFC Select to IDFC Wealth:
1. Upgrade successful.
2. RH via RM didnt do much.
3. Branch Manager (BM) was awesome after I complained about indifferent RM.
4. He first ensured CL moved to 5L. (Probably a basic criteria to consider eligibility)
5. In under a week’s time, after I started speaking to BM, I was able to see IDFC Wealth Card showing in my account.
6. Was keen on using Spa facility via the card, nothing else as such.
7. I now see that Spa facility is reduced to only 4 airports. Lulz.
Cheers!
S&S
Thanks for the updates on this. Mine pending with RM for more than 2 months.
Exactly same for me they first increased limit to 5 lakhs and two days later card was upgraded.
Spa benefit is more or less useless now
Sir whether any card available in market better than diners club black in terms of reward points ?
SC ultimate is another good option. But personally i feel that golden era of Indian credit card with good rewards and cashback is over. Now just regular benefits mostly
How good is VHealth membership received with IDFC Wealth account upgrade? Is it worth utilizing the voucher or give it a pass to not create one more online account?