Banking has become an integral part of our everyday lives. You can rely on Bank Accounts to park your money securely. Depending on your account type, you may or may not earn interest on your deposits. You can depend on banks to make a variety of payments and transactions. Banks also let you invest, buy Insurance, and avail of a credit.
A Bank Account is at the core of all your banking and financial activities. Hence, you should open one on priority if you do not hold one. Different Bank Accounts are available. A Savings Account is the most common type to open. It lets you save, earn a competitive interest rate, and bank. There are different types of Savings Accounts, and the Preferred Banking Account is one of them. The account has several features and benefits that build it like a premium experience.
Features and benefits
- You can open a Preferred Account remotely thanks to the bank’s online platforms. They bring the best of the banking and financial world to your fingertips.
- You receive an Infinite Debit Card upon account opening, letting you make seamless offline and online transactions. You enjoy a higher daily cash withdrawal limit of up to Rs 3 lakh.
- You enjoy higher Fixed Deposit interest rates and preferential exchange rates.
- Just call your dedicated relationship manager to take care of all your banking needs.
- They work alongside experienced specialists to suggest the most suitable wealth solutions to meet your financial objectives.
- Preferred Banking Account keeps you updated with the latest market news from Indian and International markets. You can access detailed market analyses to make informed and profitable moves.
- You enjoy a host of privileges across travel, medical, and education. You can avail of exclusive discounts on sports and entertainment bookings made through select platforms.
- You get specialised support in property management, tax, legal, and trust planning from the bank’s trusted partners.
Preferred Banking eligibility and requirements
The bank considers your Total Relationship Value to extend Preferred Banking services. It is the minimum relationship value you need to hold with the bank. They check your average quarterly Savings Account balances, Term Deposits, Insurance premiums, other investments, Mortgage Loan outstanding, and 40% of the net balance of your Home Loan or Loan against Property.
The bank considers not just your but also your family’s account balances, investments, and outstanding Loan amounts. You need to have a minimum TRV of Rs. 5 lakh for account opening. You also need to gradually increase the minimum TRV to Rs. 30 lakh within six months of account opening to enjoy the preferred banking benefits.
Note that this is the minimum TRV you need to maintain. You can also try to maintain a higher TRV. This is because the higher the TRV, the better the banking benefits.
No comments yet