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Explore Premium Banking Services in India – Accounts, Features and Benefits
Posted on Friday, January 19th, 2024 | By IndusInd Bank
Indeed, a regular bank account will suffice if you want to save funds and keep track of your spending. However, if you want better perks, more convenience, and a seamless banking experience, you should get a premium banking account with your banking partner.
Most banks in India will offer their premium banking services if you meet their eligibility criteria. But before deciding on whom to go with, it might be a good idea to know about all the account options and premium banking services.
This blog covers the various premium banking accounts you can find, the features of premium banking and the benefits of the service.
Types of Premium Banking Accounts in India and their Features
To avail of the premium banking privileges and services, you need to have a premium banking account. Most banks provide a savings and a current account option to their customers. These accounts are best for individuals that need relaxed norms and high-quality services. Here’s a look at how these accounts differ from regular accounts. Keep in mind that this may vary depending on your banking partner.
● Savings Account
Like regular savings accounts, premium savings accounts help customers store and grow their funds.
Features of a Premium Savings Account
Many premium savings accounts don’t have charges associated with maintaining a minimum balance. Some do not charge on any additional requests like issuing cheque books, returns, passbooks, etc. And many of them don’t have charges on transactions, and oftentimes premium bank account holders can extend the benefits they receive to their grouped accounts as well.
In addition to all these perks, some banks offer free doorstep banking services, special offers on lockers and complimentary debit and Forex cards.
● Current Account
Premium current accounts, like regular current accounts, allow account holders to have seamless business transactions.
Features of a Premium Current Account
Unlike premium savings accounts, premium current accounts cater to entrepreneurs and traders who have High Net Worth. So, applying for a premium current account may protect you from cheques bouncing, nominal cash deposit charges, higher transfer limits, low transaction charges, and much more.
Some banks also offer benefits like doorstep banking, offers on lockers, low minimum balance charges, etc.
Benefits of Premium Accounts
Along with making the day-to-day baking experience convenient, banks give premium account holders access to a range of perks. Here are a few you should know about. Keep in mind these can vary depending on your current banking partner.
- Exclusive reward points on card transactions
- Premium access to popular restaurants and bars
- Discounts at highly acclaimed restaurants, exclusive travel packages, discounts at golf clubs, free golf lessons, and more
Some banks go the extra mile and provide account holders with customised wealth management services. They guide account holders with investments end-to-end, based on their financial goals and their risk tolerance.
Over to You
While having a premium account with your bank can open a world of special privileges and convenience for you, it is imperative that you choose the right premium account. So, do your research on the benefits and features of the premium accounts offered by various banks. Doing this will help you choose the best offer.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
