5 Features of Premium Savings Account That Makes It Unique

Everyone wishes to deposit their money and assets safely where there is no fear of robbery, theft, or burglary. Considering it is your hard-earned money and meant for living a lavish lifestyle, nobody wants to put it at stake. For this purpose, you open a Bank Account for depositing your assets and putting your wealth to good use. Emergencies can happen anytime. Hence, it is better to prepare for them financially.

If you are a high net-worth individual and want to use it appropriately, then banks provide a Premium Account that comes along with additional benefits. You also get an Infinite Debit Card with it, free online services like SMS and phone banking facilities, and exemptions from processing fees on Loans. However, there are some Premium Savings Account fees & charges applicable on Debit Cards, fund transfers like Outward Remittance, and Local Currency Cheque returns.

Features

Initial deposit

You can start the account opening process with a Total Relationship Value of Rs. 5 lakh to access the Premium Banking products. Make sure to build this TRV to Rs. 30 lakh within six months from when you opened the account.

Minimum balance

Every bank requires the account holder to maintain a minimum balance to keep the account functional and active. The amount could differ between people or locations. The HNI people need to maintain at least Rs. 1 lakh in such accounts.

Chequebook

Every account holder can apply for a new chequebook every year. Based on your location, you get about 200 cheque leaves per annum.

Debit Cards

Premium Savings Accounts come with Infinite Debit Cards which come with higher spending and withdrawal limits. You can use them at contactless terminals and shop within the limit of Rs. 3 lakh per day in India. Infinite Cards also lets you access premium brands and outlets across Asia.

Online Banking

Premium Savings Accounts are manageable anytime, anywhere with numerous features available online and on the Mobile Banking app. You receive super-secure login, an immediate remittance facility, smooth navigation, and get instant payments done.

Opening of the account

The best part about Premium Savings Account is you have a dedicated relationship manager who handles your banking and Wealth Management services. Relationship managers are your trusted wealth partners and work with a team of specialists to provide the essential wealth solutions to meet your financial objectives. If you are concerned about the associated costs, for instance, DBS fees & charges, you can contact customer service or speak to the specialist.

Why is it best to apply for a Personal Loan online?

 A Personal Loan is a widely availed consumer debit product. In comparison to other Loans, it is more accessible. It also has a quick processing time. This is why most people prefer it as a borrowing option.

Moreover, securing a Personal Loan has become relatively easier today. Various online Loan portals offer it. To apply for the same online, you only need to follow some steps. They are also easy to understand and take minimal time to complete. While these are just a few benefits, here are some others:

1. Ideal for emergencies

In times of financial crisis, you need to arrange funds swiftly. You usually do not have time for lengthy procedures as expenses need to be funded immediately. Through online Personal Loan application, you get funds instantly. You do not have to stand in long queues and wait for your turn. This saves you a lot of time. If you upload the right documents on the website or Banking app, the process gets done even faster.

2. Quick documentation process

The documentation process online is quite simplistic. You can scan the requested documents and upload them directly on the web portal. This way, you discard the hassle of carrying around photocopies. The risk of loss or damage is also reduced.

3. Faster approvals

Traditional application processes are subject to external factors. These factors are usually not in your control. Sometimes, the manager may not show up. In other cases, the bank may be shut down. These disruptions delay the process. However, online loan application processes are systematic. They are to the point. Most online portals enlist the interest rates so that you can apply for the Personal Loan in an informed manner.

4. Easy access

It is tricky and inconvenient to keep track of traditional Loan applications. You may misplace the documents. Because of this, you could have to start over the process. To avoid this, it is wise to apply for the Loan online. Online portals store your data systemically. All your information becomes easily accessible. Details like your Savings Account or income proof stay safe and confidential.

You can monitor it and your application status. As a result, you do not have to depend on intermediaries for assistance.

5. Simple research

Traditional Loan application processes are overwhelming. Each lender has a different set of benefits. It is hard to keep track of who offers what. But this is not the case in online applications. Through online loan portals, you get detailed information. They give you the best deals on quick Personal Loans. This includes affordable interest rates, processing fees, loan tenures, etc. You can choose who matches your requirements. This way, you make sound decisions.

6. Round-the-clock support

Most online lenders offer 24x7 customer support. Their customer service team guides you through your issues. They also resolve your queries.

Types of Personal Loans to apply for

 Personal Loans serve as viable options when you want to satisfy immediate financial needs. Their instant disbursal and easy application process make them an appealing option. Besides, unlike other forms of Loans, you need not submit any collateral to avail of them.

Today, you get a Personal Loan for various purposes. Some examples include higher education, medical expenses, debt consolidation, holidays, etc. However, you also get such a loan based on the interest rates. It is essential to know about them to select one that suits your needs. Here are a few explained:

• Secured Loans

It is wise to opt for such Loans if you have any financial assets like jewellery and property. Such Personal Loans offer lower interest rates because of collateral. The lender can seize the collateral submitted if you fail in repayment. Hence, it is best to ensure that you pay the Equated Monthly Instalments on time.

• Unsecured Loans

They are the most popular form of Personal Loan in India. They levy the highest interest rates. Lenders face a higher risk due to no collateral submission. Hence, they find a means to compensate for the risk-bearing. Also, factors like your credit score, income, and debt-to-income ratio determine the rate charged. These factors indicate your creditworthiness the best.

• Fixed and variable-interest Loans

In most cases, lenders also offer Fixed-Interest Loans. These come with fixed Personal Loan interest rates that stay consistent throughout the Loan tenure. You also get an idea of the rate charged beforehand through the website or Banking app. In Variable-Interest Loans, the interest rate fluctuates based on market benchmark changes. As a result, you pay varying interest during the Loan term. 

• A personal line of credit

Such a Personal Loan does not have any fixed instalments or duration. It is a revolving credit you can avail of instead of a lump sum. It works just like a credit card. Lenders offer this facility based on collateral or by connecting to your checking account. Such quick Personal Loans are apt for emergencies and immediate financial needs. They come with various benefits and interest rates.

Hence, you get the option to select one that satisfies your financial requirements. However, it is best to compare lenders and check for their offerings before doing so.

• Debt consolidation Loan

This is a combination of all the Loans. It has a lower Annual Percentage Rate. Thus, you pay lower interest rates instead of multiple varying rates. It is best to opt for them if you have many debts and want to simplify the repayment. The amount is also disbursed to your Bank Account immediately.

Tips for choosing a Personal Loan

1. Consider the purpose of the Personal Loan
2. Take into account the repayment terms
3. Read the fine print of the terms and conditions
4. Mind the interest rates

A beginner’s guide to Personal Loans for self-employed professionals

 Running a business helps you overcome the limitations of earning a monthly income. But it is an equally challenging job, which entails a host of responsibilities. It is also relatively risky as you can incur unexpected expenses at any given moment. In times like these, you cannot simply rely on your savings.

Instead, it is wise to opt for an Instant Personal Loan for self-employed individuals. It is a type of Personal Loan that caters to the needs of people who run their enterprises. Whether for business-related purposes or personal reasons, it provides the necessary financial assistance in times of emergency. Let us understand what it offers:

Swift eligibility check

Reputed lenders provide a list of eligibility requirements on their website or Banking app. You can go over the same quickly before you go ahead with the application process.

Paperless documentation process

If you take the digital route and apply for the Personal Loan online, you easily dodge extensive paperwork. All you need to do is follow the specified steps and submit documents to complete your KYC verification. The following are some of them for reference:

• Original photocopy of Aadhaar Card
• Original photocopy of PAN Card
• Salary slips for proof of income
• Your online Bank Account statements

Flexible & convenient Loan tenures

Repaying the Loan amount can seem intimidating. But if you choose a reliable lender, you enjoy flexible repayment tenures. For instance, some banks offer tenures ranging from 12 to 60 months, giving you ample time to repay the Loan and go debt-free.

Pre-approved offering

In some cases, banks offer a pre-approved facility. Under it, qualified individuals get the loan amount disbursed to their Bank Account instantly.

Competitive rates

In most cases, banks provide competitive rates to eligible applicants. This way, you do not have to endure a huge financial burden.

Loan repayment options

In most cases, you get Loan repayment options. You can choose and monitor the same online or through the app to repay the Instant Loan for self-employed individuals like yourself.

No collateral needed

Like any other form of Personal Loan, this type also does not mandate the submission of collateral. You only need to meet the eligibility requirements and follow the specified application process. The rest is taken care of by your lender.

Financial assistance

In times of financial emergencies, you usually have a host of expenses to tend to. There is no time for you to arrange funds and using your savings is not advisable. This is why it is wise to opt for a Personal Loan for self-employed individuals to avoid such occurrences.

Better Loan amount limits

Most banks offer Loans for self-employed individuals ranging from Rs. 25,000 to 5 lakh. Such availability gives you the liberty to choose according to your needs. However, it is best to check your eligibility before choosing an amount.

Types of NRI FDs and their respective features

 When you move to another country, your resident Fixed Deposit Account becomes invalid. You are expected to convert it into a Non-Resident Indian or NRI Fixed Deposit instead. This rule is laid out by the Foreign Exchange Management guidelines and hence, must be exercised once you shift overseas.  However, an NRI Deposit also comes in different types.

In such a case, which one should you opt for? To understand this, it is essential to know about these types and their respective features. So, here is a quick guide on that.

Non-Resident External FD

An NRE FD is ideal for global Indians earning in foreign currency. The following are some of its notable features:

• It automatically converts the holder’s deposits into Indian Rupees. It also maintains these funds in the same manner throughout the deposit tenure.
• This FD Account offers full repatriation. It enables the holder to withdraw the principal amount and the interest earned.
• The interest earned through an NRE FD is exempt from taxes. Therefore, it is suitable for individuals who wish to enjoy tax benefits.

Non-Resident Ordinary FD

An NRO FD is apt for individuals who earn income from India. Here are some of its features for your understanding.

• If you have moved to another country and in your absence, you put your house on rent, the rent money will be the income you earn from India. In this case, an NRO FD will facilitate such transactions.
• This NRI FD also allows joint holdings. You can open it with an Indian resident or another NRI.

Foreign Currency Non-Resident Deposit Account

An FCNR FD lets you deposit funds in freely convertible currencies. It serves best individuals who keep moving to different countries for work. It allows them to maintain the deposited funds in the original foreign currency. The following are the currencies accepted in this type of NRI Account:

• US Dollar
• Canadian Dollar
• Great Britain Pound
• Australian Dollar
• Canadian Dollar
• Japanese Yen
• Singapore Dollar

These currencies’ minimum and maximum deposit amounts vary from bank to bank.

Parameters to remember when selecting an NRI FD

Before you open an NRI Fixed Deposit Account, keep these in mind:

Your financial objectives

Be clear about your financial goals beforehand. This will assist you in picking the right kind of NRI FD.

Taxation policy

Understand the taxation policy of each NRI FD. It plays a significant role in your total investment. For example, deposits made in an NRE Account are exempt from taxes. The same applies to an NRE FD.

Duration of your deposit

Each type of NRI FD has different minimum and maximum durations. For example, the minimum duration of an NRE FD is one year. Hence, it is essential to be mindful of this.

The Functioning of Preferred Banking Explained

 We all need money to fulfil our needs and build wealth. Banks have transformed their services by using online platforms and reaching out to every customer worldwide. Earlier, you stood in queues for any banking activity. The world of Preferred Banking is rich and varied, offering solutions to high-net-worth or HNI individuals regarding investment, banking, tax management, etc.

It offers personalised financial services to clients through experienced wealth managers and professionals. They can explore greater financial prospects concerning investment, such as real estate and hedge funds.

How does it work?

Also called Premium Accounts, they are customisable. You can open it and get personalised assistance like a dedicated relationship manager to oversee all your accounts. The premium banker performs complex tasks from your end like arranging Loans and setting up recurring payment facilities for your bills.

Services offered

Plenty of banks offer private services to assist HNI people in growing their assets. Clients with such accounts get perks and personalised benefits like instant access to the employees working on their accounts. Though the services are not significantly different from traditional accounts, they bring a customised approach:

Deposit accounts

You can derive enormous benefits from your account as a Priority Banking customer. You get preferential pricing over standard account holders and personalised assistance.

Investment Planning

While they are readily associated with Wealth Management, you can benefit from investment advice and solutions from your private banker. Your assistant can create customised investment strategies and portfolios to achieve your goals after opening the account.

Real estate financing

You can capitalise upon real estate and advice from private banks can offer you significant Loans for primary or secondary homes.

Mortgage lending

Private banks also offer specialised Loans for HNIs to help finance the purchase of amenities like an aircraft, yacht, etc. You also benefit from flexible lines of credit.

Tax planning

You can plan your taxes from your banker due to a fluent understanding of existing laws and prospective legislative changes.

Estate planning

Managing wealth may seem challenging for HNIs who maintain a sharp focus on their careers and finances. With Preferred Account, you get estate planning to arrange seamless wealth transfers to future generations. This way, you can invest in greater avenues and reap benefits.

Tailored wealth solutions

You also get access to a wide range of wealth solutions like Mutual Funds, Bonds, PMS, Alternative Investment Funds, and other Structured Products with the latest market insights and analyses across the world.

Conclusion

Private Banking and other services are available to meet customers' needs, from Saving Accounts, Deposits, Loans, Credit Cards, and more. These services offer better support to the customer’s needs on financial activities.

Enjoy Access to Money Market Mutual Funds With Priority Banking

 A Premium or Priority Banking Account transforms routine banking for you. It offers an array of exclusive banking and lifestyle privileges. It matches your lifestyle aspirations and growing financial needs. It also gives access to several sophisticated wealth solutions like a Money Market Fund that grows your money in the long run.

What are these funds?

Money Market Funds invest their corpus in short-term debt instruments. This allows them to provide their investors with probable returns over the short term. These are meant for clients with a low-risk appetite. This also benefits investors who want to park their surplus funds in Mutual Funds for the short term instead of keeping the money lying idle in their Savings Account.

What makes these funds lucrative?

When you invest in Money Market Fund, you can benefit from the following features:

Liquidity

These funds have higher liquidity than other Mutual Funds. As a result, they easily allow you to move your currency in and out of the investments. Additionally, when you want to retrieve the current value of the units you invested, you have two options:

• Redeem a part of the investment
• Recover the entire amount

Lower risks

These funds involve lower risks than other Mutual Funds. However, returns may not be as huge as other high-risk investments.

Well-regulated

All Mutual Funds are regulated by the Securities and Exchange Board of India. Hence, a Money Market Mutual Fund follows the guidelines laid by the regulator, has a transparent process, and protects the interests of its investors. You also check your portfolio every month as mandated by SEBI.

How does Priority Banking help?

When you open a Premium Saving Account, you not only utilise sophisticated wealth solutions like a Money Market Fund but also get the latest market insights and all the updates from domestic and international markets that help you make an informed decision. Some banks also provide their Premium Account holders with detailed market analysis from the globe before anyone else.

Customers may benefit from detailed factsheets and information on the top-quartile Mutual Funds.

Things to remember

Remember the following aspects before investing:

• Always determine your risk appetite, investment horizon, and financial goals before choosing a Mutual Fund.
• Before committing, seek advice from a professional advisor regarding the suitability of a product if you are unsure. Access to a Premium Account may give the option of a thorough risk review. This may also allow you to build a portfolio suitable to your needs.
• Remember to read all relevant offer documents which include risk disclosures, etc., before picking a Money Market scheme.