Have you ever considered applying with your bank for preferred banking? Many banks give their customers something called "Priority Banking Solutions" which qualifies for the eligibility criteria.
Banks handle premium banking consumers in a specific manner, and they handle their priorities. Let us talk about it in detail, and if it makes sense for you as a customer to apply for priority customer banking.
You need to understand if the banks have a model of priority banking at all. If you want to put it positively, then it is a way to keep a different list of High Net-worth Individuals, concentrate more on them and serve them better, as one customer who's qualified for private banking would give the bank 100 times more business/profit than a regular one. A chosen banking customer would have to meet a few eligibility requirements, which gets linked to the bank balance.
Similarly, other banks also maintain criteria for high balance in the bank savings account. It means the bank can get plenty of cash for their business and can handle these customers well.
Facilities provided to Private Banking Customer
A customer of private banking enjoys few benefits over regular customers and gets more functionality. Some of these are:
For most people, banking is a small part of their financial life, and they only get most of the facilities and what they need from their basic banking account. For them, applying for priority banking does not make sense.
Most investors, however, are actively interested in banking for personal purposes or their professional needs. For many of them, a few features that come with Privilege Banking may mean something very significant. If you are one of them, see how much of it you can need and then take a call.
Banks handle premium banking consumers in a specific manner, and they handle their priorities. Let us talk about it in detail, and if it makes sense for you as a customer to apply for priority customer banking.
You need to understand if the banks have a model of priority banking at all. If you want to put it positively, then it is a way to keep a different list of High Net-worth Individuals, concentrate more on them and serve them better, as one customer who's qualified for private banking would give the bank 100 times more business/profit than a regular one. A chosen banking customer would have to meet a few eligibility requirements, which gets linked to the bank balance.
Similarly, other banks also maintain criteria for high balance in the bank savings account. It means the bank can get plenty of cash for their business and can handle these customers well.
Facilities provided to Private Banking Customer
A customer of private banking enjoys few benefits over regular customers and gets more functionality. Some of these are:
- Separate queue at the bank
- No Net Banking charges on NEFT and RTGS transactions
- Free cheque book payable at any branch of the bank throughout the country, so you do not have to ask for demand drafts
- Charges waiver for cancellation of DD, Cheque Return, Duplicate Statement Fees, Demand Draft Charges, Locker Charges discount
- Cheque pick-up facility
- If you are transacting at other bank ATMs in India, no fees on balance inquiries and cash withdrawals
For most people, banking is a small part of their financial life, and they only get most of the facilities and what they need from their basic banking account. For them, applying for priority banking does not make sense.
Most investors, however, are actively interested in banking for personal purposes or their professional needs. For many of them, a few features that come with Privilege Banking may mean something very significant. If you are one of them, see how much of it you can need and then take a call.
