Why Opt For Priority Banking Services?

Many private banks in India have followed international banks in providing specialised services to a specific set of priority customers. Their average balance in the bank or the banking relationship duration usually determines their eligibility. While some automatically get the status of a priority customer, others need to apply for it.

Priority Banking differs from Wealth Management. Wealth management service is concerned with providing first-class customers with customised services for all their financial needs, like investment advice and portfolio management. Preferential Banking provides the same banking services to priority customers at specialised rates or offering a particular convenience level.

Benefits

The Priority Bank Account offers tailored services to those who prefer premium access, like market insights, research reports, exclusive offers, and bespoke privileges. You get a dedicated relationship manager for assistance, eliminating the need to queue up for transactions. They take care of all your banking needs.

Other benefits of Premium Banking services include preferential remittance rates, higher interest on Fixed Deposits, free unlimited ATM withdrawals, etc. Additionally, enjoy exclusive entry to premium lounges at major domestic and international airports. You can also benefit from complimentary pick-up, drop-off, and meet-and-greet services from there.

Why become a premium customer?

Each individual and household has varied requirements depending on their financial situation, background, relation with technology, etc. Determine whether you need heavy banking services for your personal and professional needs or if it is only a small part of your financial life.  You can access Priority Banking services if your total relationship value is Rs. 5 lakh, which adds up to Rs. 30 lakh within six months of account opening.

The TRV includes the total of all accounts in a family, including the quarterly balance of all Savings Accounts and end-of-period Term Deposits, Investments, Insurance, and Mortgage Loans outstanding. 40% of the net balance of the Home Loan or Loan Against Property is a part of TRV computation.

Documents required

The documentation required for Preferred Banking customers differs according to their residency status. For instance, you must submit proof that you are an Indian resident, a Non-Resident Indian, or a Person of Indian Origin to get the most advantages from your Bank Account. If you think you need services repeatedly from your bank, consider a Priority Banking relationship.

You may also want an unlimited chequebook facility, which is unavailable to you as a regular bank customer. It is an option to enhance your banking experience and get exclusive benefits.

Final words

With the advent of Online Banking, the need for chequebooks, Demand Drafts, and physical bank visits has dramatically reduced. You can carry out most services by logging in to your account using the app on your smartphone. Your smartphone is the best ally whether you require emergency funds or need to transfer them to someone.