HDFC Preferred Account upgrade

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Deal Cadet
samm255

I’ve got the regular account upgrade offer to Preferred account through whatsapp and it is also showing under offers in netbanking. Should I do it? Eligibility criteria says I have to maintain AMB 2 lacs but I can’t do that, in fact right now I only have 60K in my account and sometimes my balance goes down to minimum balance 10K.

Also under Fees & Charges it mentioned Charges on non Maintenance of minimum Balance in Savings Accounts is NIL so I am confused?

Please suggest me if I do upgrade or should I stay away?

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Deal Cadet Deal Cadet
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No fee for non maintenance of minimun balance, get it upgraded. At most you’ll be downgraded later on for non maintenance.

Deal Cadet Deal Cadet
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There aren’t any charges if you’re not maintaining 2L balance.
Max they’ll just downgrade back but usually they don’t do. So its worth upgrading

Deal Cadet Deal Cadet
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@Fanil bro please spread some light as you already have preferred account I guess?

Deal Subedar Deal Subedar
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I have also upgraded to preferred account and never kept more than Rs 100 in account. I get email every month that my AMB is low but it is not yet downgraded. It’s been almost 2 years now.
Mine is a salary account though, but not sure if that matters.

Deal Cadet Deal Cadet
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Can I upgrade my regular hdfc saving account to saving max online to avoid debit card charges

Hotshot Hotshot
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samm255 wrote:

@Fanil bro please spread some light as you already have preferred account I guess?

No need to maintain go for upgrade

Deal Cadet Deal Cadet
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Thank you everyone. Just submitted the request to upgraded account. How long does it take to upgrade?

Deal Cadet Deal Cadet
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samm255 wrote:

Thank you everyone. Just submitted the request to upgraded account. How long does it take to upgrade?

how old was ur regular account?? how much balance did u maintain for last 6 months???

Deal Cadet Deal Cadet
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aniket1587 wrote:

how old was ur regular account?? how much balance did u maintain for last 6 months???

It’s 5 months old. My balance was highly fluctuated these 5 months so can’t tell exactly but I guess it was 50k AQB.

Deal Subedar Deal Subedar
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Mufasa wrote:

Can I upgrade my regular hdfc saving account to saving max online to avoid debit card charges

No

Deal Cadet Deal Cadet
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samm255 wrote:

It’s 5 months old. My balance was highly fluctuated these 5 months so can’t tell exactly but I guess it was 50k AQB.

just 5 month old account and AMB faaar from required 2 lac and u still got preferred acc upgrade… u r very lucky…

Deal Cadet Deal Cadet
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@Ramta_Jogi bro, I need some suggestion from you about preferred. As I already upgraded my account and I’ve seen you mentioned to downgrade account if want any loan as charges are high for preferred customer. I plan to take a loan from them in future against property, it will be around 15 lakh so should I downgrade my account first or I can take it as preferred. Can you please shed some light ?

Deal Cadet Deal Cadet
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aniket1587 wrote:

just 5 month old account and AMB faaar from required 2 lac and u still got preferred acc upgrade… u r very lucky…

Initially I had 5 lakh for 3 months then next two months only had 10k and now I have 60k. Account will be 6 months old on 27th.

Deal Subedar Deal Subedar
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samm255 wrote:

@Ramta_Jogi bro, I need some suggestion from you about preferred. As I already upgraded my account and I’ve seen you mentioned to downgrade account if want any loan as charges are high for preferred customer. I plan to take a loan from them in future against property, it will be around 15 lakh so should I downgrade my account first or I can take it as preferred. Can you please shed some light ?

I have never heard charges are higher for preferred customers…
Rather they will have processing fee waivers/discounts if you are preferred customer.

interest rates will depends on your CIBIL score and your repayment capacity.

Deal Cadet Deal Cadet
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Sudarshan61 wrote:

I have never heard charges are higher for preferred customers…
Rather they will have processing fee waivers/discounts if you are preferred customer.

interest rates will depends on your CIBIL score and your repayment capacity.

I was asking for the worst case scenario in repayment, what happens if I miss one or two repayment due to some financial issue in future? Would the interest rate be higher on late payments compare to normal account ?

Deal Subedar Deal Subedar
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samm255 wrote:

I was asking for the worst case scenario in repayment, what happens if I miss one or two repayment due to some financial issue in future? Would the interest rate be higher on late payments compare to normal account ?

No.

Deal Cadet Deal Cadet
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I have classic account with hdfc.
Do they send new debit card after preferred or will classic platinum will be there?

Deal Subedar Deal Subedar
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samm255 wrote:

@Ramta_Jogi bro, I need some suggestion from you about preferred. As I already upgraded my account and I’ve seen you mentioned to downgrade account if want any loan as charges are high for preferred customer. I plan to take a loan from them in future against property, it will be around 15 lakh so should I downgrade my account first or I can take it as preferred. Can you please shed some light ?

Ask for the loan against property rate now and then ask some other friend who holds regular hdfc account to confirm that rate with the bank branch

The thing is, these rates (loan against property) are not instantly available to cross check via netbanking & hence need to be physically examined & verified.

Do consider other banks too for such secured loans. ICICI has competitive rates now. SBI, most probably, would have cheapest offering.

Avoid Axis

Deal Subedar Deal Subedar
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Sudarshan61 wrote:

I have never heard charges are higher for preferred customers…
Rather they will have processing fee waivers/discounts if you are preferred customer.

You won’t hear it coz not many dig through the surface of sweet smiles of the bankers handing out loan to you. These processing fee waivers/discounts are just to sugar coat that “premier” jackass status they hand to you.

After all, how many do even read the TnC of any credit card booklet/loan application?

Deal Cadet Deal Cadet
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Ramta_Jogi wrote:

Ask for the loan against property rate now and then ask some other friend who holds regular hdfc account to confirm that rate with the bank branch

The thing is, these rates (loan against property) are not instantly available to cross check via netbanking & hence need to be physically examined & verified.

Do consider other banks too for such secured loans. ICICI has competitive rates now. SBI, most probably, would have cheapest offering.

Avoid Axis

Thank you bro for the advise.

Submitted AXIS account closure request last week and done with them.

I’ve SBI 14 yrs old account so will check with them also.

Deal Cadet Deal Cadet
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I too get classic offers, t&c says would be charged if no MAB care is taken, what should I do

Deal Cadet Deal Cadet
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Many people say that there is no charges if you don’t maintain MAB. Preferred account t&c says Nil charges for MAB.

Deal Cadet Deal Cadet
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How long does it take to upgrade account. Still nothing happened.

Deal Subedar Deal Subedar
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samm255 wrote:

How long does it take to upgrade account. Still nothing happened.

10 to 30 days

Deal Subedar Deal Subedar
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karan.chawla001109 wrote:

I too get classic offers, t&c says would be charged if no MAB care is taken, what should I do

Do it. Classic upgrade doesn’t have MAB charges and chances of downgrade is very low @karan.chawla001109

Deal Subedar Deal Subedar
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I too got Classic upgrade option. Mine is salary account and it is zero AMB. Free debit card issued too.
Will there be any extra benefit with this classic upgrade?
I have Money Back CC.
Can that be upgraded to higher variant with this classic upgrade?

I went through all the replies, but, I do not see any real benefit with classic upgrade.

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