Regarding ICICI Wealth Select Savings Account opening

295°
Deal Cadet
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 Lieutenant Deal Lieutenant
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deals44u wrote:

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

Is the Sapphiro card LTF?

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 .

Deal Subedar Deal Subedar
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aniket1587 wrote:

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…

Different for different locations. Over here they won’t do it

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.

Doesn’t happen now

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

Deal Newbie Deal Newbie
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timelord wrote:

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

Yes, you can open it in any branch.

Maybe normal branches will be more receptive than wealth branches.

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

Critic Critic
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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.

And how to get sapphiro credit card ltf which will again require you to have a very good relationship with icici bank in the first place.

Critic Critic
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timelord wrote:

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

Wealth acc likely yes. Wealth select acc being talked about here, no.

Deal Newbie Deal Newbie
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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 Newbie Deal Newbie
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santosh_blr wrote:

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

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

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

Deal Subedar Deal Subedar
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Spiderguy252 wrote:

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

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

If you go to the bank, they will start bugging constantly by calling every now n then.. anyways I don’t use any of those facilities they would offer.. only useful thing can be the credit card, which can give lounge access etc, but travel is doomed now.

About having soo much money in rhe bank, yes it is a stupid move sad .. have kept it thinking I will buy some property, but that is not happening for a long time now.

Deal Newbie Deal Newbie
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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.

Deal Cadet Deal Cadet
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Spiderguy252 wrote:

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.

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...

Deal Cadet Deal Cadet
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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?

Hunk Hunk
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How well do they manage wealth???? Any idea.

Deal Cadet Deal Cadet
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bikidas2060 wrote:

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

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 Newbie Deal Newbie
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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?

Update: The account was opened, I got some SMS traffic but obviously yet to get the welcome kit and activate the netbanking.

Tomorrow is another holiday (lol) so will probably get something working on Wednesday.

I wish to close the 50000 MAB Privilege account when this one is up and running.

Deal Cadet Deal Cadet
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Selling Ulip and insurance policies. Wealth unki badgi not ours smile

Deal Cadet Deal Cadet
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Spiderguy252 wrote:

Update: The account was opened, I got some SMS traffic but obviously yet to get the welcome kit and activate the netbanking.

Tomorrow is another holiday (lol) so will probably get something working on Wednesday.

I wish to close the 50000 MAB Privilege account when this one is up and running.

Can you check whether it is actually zero balance a/c by transferring the 5 lakhs to some other bank a/c and wait for a few days

Deal Newbie Deal Newbie
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timelord wrote:

Can you check whether it is actually zero balance a/c by transferring the 5 lakhs to some other bank a/c and wait for a few days

I can’t see anything yet. Still waiting for it to show on my netbanking.

Deal Cadet Deal Cadet
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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.

Critic Critic
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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.

Deal Newbie Deal Newbie
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timelord wrote:

@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.

ICICI BANK LTD (First Name) (Last Name)

Cool Cool
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guest_999 wrote:

And how to get sapphiro credit card ltf which will again require you to have a very good relationship with icici bank in the first place.

Account opened in late 2019 and this year May I got the sapphiro LTF with a high 6 figure limit(First ever CC). My MAB was always above 1L other than that I had no relationship like demat, FD, etc.,

During February, March and April, my MAB was above 2L.

Hopefully it will help others to know the internal requirements for Sapphiro LTF

PS While applying I had no idea it was one of their premium card but still the rewards rate sucks. Since it’s my only CC I had to use this for everything.

Missing