Regarding ICICI Wealth Select Savings Account opening

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Deal Newbie
timelord

https://www.icicibank.com/wealth-management/per...
I need a zero balance bank account that offers free premium debit card. I found that ICICI offers Wealth Select Savings Account with no minimum balance requirements and offers visa infinite debit card with no joining or annual fees. Anyone here use this account. I need to open this account next monday.
https://www.icicibank.com/wealth-management/per...
https://www.icicibank.com/service-charges/wealt...

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Deal Subedar Deal Subedar
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This one requires NRV of 3 crores + & is available in selected locations/branches only.

Their wealth management account variant required NRV of 25L plus.

Deal Newbie Deal Newbie
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I opened this account yesterday, and seeing that today and tomorrow are holidays here in Chennai, the RM said it will be processed by Monday.

I gave a 5L cheque as initial deposit, and it is said to be a zero balance account.

1. But let’s be real – how much do I realistically have to maintain in the account or as an FD so I’m not downgraded?

2. Also – if I’m downgraded, will that Privilege (or whatever) account have a minimum balance to maintain?

Deal Cadet Deal Cadet
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Wat is the advatange in icici premium debit card.

Deal Subedar Deal Subedar
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Trusted_fellow wrote:

Wat is the advatange in icici premium debit card.

Am not sure which variant he is referring to but infinite comes with loads of features and discounts on international travel. You do have to spend substantial amount to avail those discounts.

Deal Newbie Deal Newbie
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So I need 3 crore to get this account. I thought I can open this account without any initial investment and enjoy zero balance a/c and premium debit card. Why can’t banks provide these types of facilities for normal zero balance a/c holders. This is the same case for credit cards no one offers a LTF super premium visa infinite/mastercard world elite with free hotel bookings,flight tickets,luxury car rentals for entry level users. Poor people are the one that need free flight tickets and 5 star hotel stays they are the ones who can’t afford not rich pensive

Deal Cadet Deal Cadet
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no one offers a LTF super premium visa infinite/mastercard world elite with free hotel bookings,flight tickets,luxury car rentals for entry level users

Do you see the irony in this. You expect the bank to provide all this to you while you give them zero MAB laughing ?

Deal Subedar Deal Subedar
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Spiderguy252 wrote:

I opened this account yesterday, and seeing that today and tomorrow are holidays here in Chennai, the RM said it will be processed by Monday.

I gave a 5L cheque as initial deposit, and it is said to be a zero balance account.

1. But let’s be real – how much do I realistically have to maintain in the account or as an FD so I’m not downgraded?

2. Also – if I’m downgraded, will that Privilege (or whatever) account have a minimum balance to maintain?

You can’t open this account with an initial cheque. What you might have opened is a gold or titanium variant Zero AMB account.

Wealth select requires invitation to join or that NRV for 3 months.

Deal Newbie Deal Newbie
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Ramta_Jogi wrote:

You can’t open this account with an initial cheque. What you might have opened is a gold or titanium variant Zero AMB account.

Wealth select requires invitation to join or that NRV for 3 months.

Well I walked into a Wealth Management branch and specifically asked for the WM account to be opened, and the RM said he would do so.

Bit of a dumb move if it ends up being Gold/Titanium but I’ll keep everyone posted on Monday.

Btw, I already have a Gold account but that is a 50K MAB variant. The one silver lining if they open G/T is that it will be 0 MAB.

Deal Cadet Deal Cadet
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Spiderguy252 wrote:

I opened this account yesterday, and seeing that today and tomorrow are holidays here in Chennai, the RM said it will be processed by Monday.

I gave a 5L cheque as initial deposit, and it is said to be a zero balance account.

1. But let’s be real – how much do I realistically have to maintain in the account or as an FD so I’m not downgraded?

2. Also – if I’m downgraded, will that Privilege (or whatever) account have a minimum balance to maintain?

25 lac TRV but they wont downgrade ur account within 1 year i guess… if u r downgraded then u will have to maintain balance as per account variant.. it depends on how much MAB u maintain being wealth customer…

Deal Cadet Deal Cadet
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Ramta_Jogi wrote:

You can’t open this account with an initial cheque. What you might have opened is a gold or titanium variant Zero AMB account.

Wealth select requires invitation to join or that NRV for 3 months.

icici wealth account can be opened with initial funding of Rs 5 lacs or 10 lacs… my nearby branch requires 10 lacs funding and zero balance wealth acc can be opened…

Deal Cadet Deal Cadet
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Spiderguy252 wrote:

I opened this account yesterday, and seeing that today and tomorrow are holidays here in Chennai, the RM said it will be processed by Monday.

I gave a 5L cheque as initial deposit, and it is said to be a zero balance account.

1. But let’s be real – how much do I realistically have to maintain in the account or as an FD so I’m not downgraded?

2. Also – if I’m downgraded, will that Privilege (or whatever) account have a minimum balance to maintain?

10 years back they had sent mail to downgrade but still they haven’t, meanwhile i didn’t maintained more than rs 1000 amb in last 10 years, but still it is functioning with all benefits like zero fee debit card (holding World Mastercard)

Deal Newbie Deal Newbie
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So If I gave 5 lac as initial funding then immediately withdraw money after a/c activation can i still enjoy all the benefits. 5 lac or 10 lac doesn’t matter maintaining is the problem. I can arrange the temporary cash for this purpose

Deal Newbie Deal Newbie
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aniket1587 wrote:

25 lac TRV but they wont downgrade ur account within 1 year i guess… if u r downgraded then u will have to maintain balance as per account variant.. it depends on how much MAB u maintain being wealth customer…

There is no chance of me maintaining 25 Lakhs. I’m not going to buy any ULIP or anything like that either.

Let’s see how things progress.

Deal Subedar Deal Subedar
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timelord wrote:

So I need 3 crore to get this account. I thought I can open this account without any initial investment and enjoy zero balance a/c and premium debit card. Why can’t banks provide these types of facilities for normal zero balance a/c holders. This is the same case for credit cards no one offers a LTF super premium visa infinite/mastercard world elite with free hotel bookings,flight tickets,luxury car rentals for entry level users. Poor people are the one that need free flight tickets and 5 star hotel stays they are the ones who can’t afford not rich pensive

Lmao, were you actually thinking to open an ultra-super-premium account type with zero net realizable value ?

Gajab ka confidence hai bhai laughing

Deal Newbie Deal Newbie
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ashmail123957 wrote:

10 years back they had sent mail to downgrade but still they haven’t, meanwhile i didn’t maintained more than rs 1000 amb in last 10 years, but still it is functioning with all benefits like zero fee debit card (holding World Mastercard)

Is it some small branch in a non-metro location?

Deal Cadet Deal Cadet
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no, it’s in metro city. But initially for few years i met the NRV, after that they could have converted it into lifetime

Deal Subedar Deal Subedar
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It’s easy to convert your existing account to wealth management account just by opting their sapphiro Credit card. This way your account is zero balance wealth management account and you can utlize all the privelages of sapphiro Credit card.

Deal Subedar Deal Subedar
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deals44u wrote:

It’s easy to convert your existing account to wealth management account just by opting their sapphiro Credit card. This way your account is zero balance wealth management account and you can utlize all the privelages of sapphiro Credit card.

How does credit card changes saving account to wealth management 🤔

Deal Lieutenant Deal Lieutenant
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I opened 1 lakh initial deposit account 3 yrs back zero balance u have to maintain 1 lakh for 30 days only

Deal Subedar Deal Subedar
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Sudarshan61 wrote:

How does credit card changes saving account to wealth management 🤔

Personal experience and also you can read card expert website for further information.

Deal Newbie Deal Newbie
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Dileep_kumar wrote:

I opened 1 lakh initial deposit account 3 yrs back zero balance u have to maintain 1 lakh for 30 days only

Is it wealth account? also which branch -rural/semiurban/urban/metro?

Deal Lieutenant Deal Lieutenant
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timelord wrote:

Is it wealth account? also which branch -rural/semiurban/urban/metro?

Don’t know which account where to check urban area

Deal Subedar Deal Subedar
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deals44u wrote:

Personal experience and also you can read card expert website for further information.

Some link or reference will be helpful instead of promoting XYZ website.

Deal Subedar Deal Subedar
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Sudarshan61 wrote:

Some link or reference will be helpful instead of promoting XYZ website.

I’m not promoting any website and it’s already a famous website . I also told it’s my personal experience. I just tried to help you out based on my personal experience and it’s upto you take it or not take it.

Note : I’m not able to post the link here as I get permission error due to the fact that it’s not allowed in desidime . However you can do a google search like card expert sapphiro review or cibil wealth management.

Deal Lieutenant Deal Lieutenant
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i also wanted to downgrade my 1lakh MAB accout and instead they offered me some 5 lakh MAB account without a need to maintain any balance. but they say i need usd remittance of 10k dollars per year, which i never did for the last two years and no charges/ downgrade yet

Missing