IDFC Bank - How to reduce MAB from 25K to 10K (or whatever minimum is allowed)

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Deal Subedar
rak007

My wife has a IDFC Bank account with Minimum Account Balance (MAB) requirement of 25K. Initially, we used to use IDFC card extensively so we would pay the money from this account for credit card bills too.

But Now since we have moved majority of purchase to a different card and thanks all the devaluing of the cards where minimum amount of transactions (10k-25k etc) are needed for lounge access (which we use may be once per 2 years), I don't see the point of 25K MAB and want to reduce this to whatever least is allowed (10K?).

How to do this? And what benefits will we lose if we did it?  

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Deal Lieutenant Deal Lieutenant
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You can ask/email customer care to downgrade the 10k account.

Or you can maintain 3L and upgrade it to zero balance IDFC select account 

Deal Subedar Deal Subedar
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3L and zero balance? I didn't understand.
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Deal Cadet Deal Cadet
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Visit branch and fill a form for 10k it will downgrade on the same day.

Deal Subedar Deal Subedar
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Ok. will check with CC and branch and if no option then closure.
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Deal Cadet Deal Cadet
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if you have select debit card then it pays 0.5% rewards till 50k. 2.5% rewards post 50k for credit card bill payment.

if you don't have this debit card then you can upgrade.

Deal Cadet Deal Cadet
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1. If you have a higher variant savings account, then you might have an option to downgrade to a regular one.

2. Try to transfer the savings account to a Rural branch, which will eventually have lower MAB requirements. I did this for Axis couple of years ago (MAB 15k turned to 2.5k), and IndusInd last month (15k to 10k after account downgrade, then further to 1.5k after branch transfer). If you don't have any rural branch in your city, then opt for one in another city, it doesn't matter. Everything is centralized anyways, except for the extremely rare scenarios where you specifically have to visit the home branch.

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