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Regarding ICICI Wealth Select Savings Account opening

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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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Finance Mentor Finance Mentor
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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 Cadet Deal Cadet
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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?

Finance Mentor Finance Mentor
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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.

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

Finance Mentor Finance Mentor
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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.

Helpful Helpful
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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
Critic Critic
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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 Cadet Deal Cadet
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bq. 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 ?
Helpful Helpful
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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 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.

Benevolent Benevolent
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How does credit card changes saving account to wealth management 🤔

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Trailblazer Trailblazer
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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

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

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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

Deal Subedar Deal Subedar
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Yes a wealth account can be opened with 5L or 10L initial cheque .. You can keep 0 AMB

Wealth select account is different . can not say. Not available with all branch .

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Can i able to open wealth account on a normal icici branch?

Deal Cadet Deal Cadet
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Yes, you can open it in any branch.

Maybe normal branches will be more receptive than wealth branches.

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Generous Generous
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My TRV with them is a lot more than 25L with them.. I am still having a priority account!!

Deal Cadet Deal Cadet
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You can manually request for an upgrade by going to the branch.

Why do you have 25L sitting in a bank anyway?

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Generous Generous
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After reading this tread the only thing I understand is wanting to get something in return for nothing.

To the OP, do not try to open an account or get a card for which the requirements are way above what you can afford right now.
Maybe you will be able to get it, but you can suddenly be charged/downgraded for not fulfilling the criteria to hold that account. (you never know) and seeing how you said you want a 0 balance account, I don’t think the charges will be something you would want to deal with if it came to that.

You see benefits like free 5 star hotels and free flights and it’s never free. There are ways some criteria etc that you need to fulfill to get some of the benefits.

Deal Cadet Deal Cadet
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How does ICICI expect a customer to maintain 25 Lakh NRV when all he has is a 5L initial cheque?

Surely there is something else to all this.

Helpful Helpful
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I think you’ll lose the following services if you don’t have the 25 lakhs but you can still enjoy a zero balance a/c and free premium debit card i think. See this page : https://www.icicibank.com/wealth-management/per...

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If I opened this account will I became eligible for their pre-approved ltf premium credit cards. I have seen hdfc preferred a/c holders getting ltf regalia card as pre-approved offer similar thing happens on icici also?

Tech Guru Tech Guru
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How well do they manage wealth???? Any idea.

Deal Cadet Deal Cadet
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i guess they dont manage wealth, they try to sell insurance plans, they ask to make FD, RD, invest in trading, mutual funds etc just like doctor johnny sins, instead of managing his patients health, doctor sins does all other things to his patient...
Deal Cadet Deal Cadet
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Selling Ulip and insurance policies. Wealth unki badgi not ours smile
Helpful Helpful
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@Spiderguy252
Since you gave a 5l cheque to open the account. What was the beneficiary name you write on the cheque your name or bank’s name. I need to know because I need to fill positive pay form before giving the cheque.

Deal Cadet Deal Cadet
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ICICI BANK LTD (First Name) (Last Name)

Benevolent Benevolent
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My account with ICICI salary acct has linked demat account. Due to demat balance, they gradually upgraded to WM. But frankly, did not find anything special.

replyuser
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