IDFC First Launches Premium Banking Program: Select, Wealth, Private

By | December 26, 2021
IDFC FIRST Private Debit card

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?

Author: Siddharth

Helping Indians to choose right credit cards, pick right offers and enjoy luxury vacations for less. Day & night exploring the spiritual reality of our human existence.

29 thoughts on “IDFC First Launches Premium Banking Program: Select, Wealth, Private

  1. Naveen Swami

    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.

    Reply
  2. manoj singh

    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.

    Reply
    1. Kunal

      Any update on where can see the reward points earned from wealth debit card transactions?

      Reply
      1. manoj singh

        Still no update to see reward points. Let’s hope they change and incorporate the reward in app

        Reply
  3. Satish Kumar Agarwal

    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.

    Reply
  4. Rajesh

    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.

    Reply
    1. Sandeep Kumar

      He is taking you for a ride for sure.
      Private is 50 lacs what I have heard and informed about with customer care thrice.

      Reply
    2. Satish Kumar Agarwal

      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.

      Reply
    3. manoj singh

      I have got Wealth account on 10Lac NAV. For private account they ask 25Lacs.

      Reply
      1. Sandeep Kumar

        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.

        Reply
        1. manoj singh

          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 ..

          Reply
          1. S Kumar

            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.

    4. manoj singh

      I got wealth variant for 10 lacs. I am planning to get private status for 25 lacs as agreed by my RM

      Reply
      1. Sandeep Kumar

        Hi Manoj, in which city and branch do you hold your account? Mine is Bangalore.

        Reply
  5. Abhi

    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 🙂

    Reply
  6. Vaibhav Saboo

    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.

    Reply
  7. Deepak

    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

    Reply
  8. Ankit Mittal

    Are these premium banking already live? I checked with BM for private account and he said this will be live by Jan end..

    Reply
  9. Naveen Swami

    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?

    Reply
  10. Witz

    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.

    Reply
    1. AAJ

      Even in Tier-1 city like B’lore, they do not have Pvt. banking in all branches

      Reply
      1. Witz

        Ok thanks. Does it take long to upgrade to wealth account. Its more than a week and no upgrades still

        Reply
  11. Shri-man

    Sid – any information around the new debit card and if they would have a rewards structure?

    Reply
    1. Siddharth Post author

      Not yet, Shri. Hope we get to know in couple of weeks.

      Reply
  12. Johnson

    Is hdfc offering visa infinite debit card with preferred banking?
    Can anyone please confirm.

    Reply
    1. Ash

      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 .

      Reply
      1. Ajai Singh

        YES also gives gives Visa Infinite Debit card across the range.

        Reply
  13. Amit Thakur

    Sid, what exactly is the process of getting times prime and Amazon prime membership? Will they send any code ?

    Reply

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