Everything to learn about Premium Accounts

Savings Accounts are the most sought-after banking product. Besides being safe, it offers consistent and stable interest rates. It is also relatively easy to operate them as it does not mandate complex deposit requirements. Owing to such benefits, many open them. But the investment needs of high-net-worth individuals are different and complex. They expect more from their Savings Account than only essential services.

Hence, banks have introduced an advanced version called the Premium Account. Besides involving minimal associated costs, it gives the holder access to numerous privileges. Here is what you should know about such an account.

Eligibility criteria

To open this account, you should comply with the following requirements:

You should be residing in IndiaYour monthly average balance should be at least Rs. 1 Lakh

Noteworthy features

Lifestyle privileges

A Premium Savings Account offers a range of lifestyle privileges. They are as follows:

Travel- Complimentary airport pick-up or drop-off services, airport meet-greets, exclusive airport lounge access, global travel assistance, etc.

Education- Special facilities let you fund your child’s overseas education effectively

Medical- Global medical concierges help you and your family during medical emergencies anywhere through Priority Banking

Sports & Entertainment- Instant access to attractive discounts on sports and entertaining activities

Property & legal services- Non-banking offerings such as property management services, tax planning, trust management, legal services, etc.

Note, these are only basic services. The categories may differ based on your banking partner.

Associated fees

Banks look for ways to compensate in some way by offering exclusive privileges. Hence, they have specific charges for such services. The cost depends entirely on your banking partner. For example, DBS fees and charges for the Premium Account are minimal. Hence, you should look for such reliable banks.

Minimum balance requirement

You need to maintain a minimum balance here, as you do with any Regular Savings Account. In most cases, the minimum quarterly balance is about Rs. 1 lakh. However, it comes down to your location and your bank’s policies.

Initial deposit

The initial deposit for such HNI accounts is up to Rs. 3 lakh Total Relationship Value. You need to ensure that such TRV increases to Rs. 30 lakh within six months of the initial deposit. This again depends solely on your location and banking partner.

Documentation

Following are the documents to submit when you open the account:

Identity Proofs (Passport/ PAN Card/ Voter ID/ Driving License)Address Proofs (Utility bills/ Bank Account Statement/ Aadhaar Card/ Passport)Birthdate Proofs (PAN Card/ Birth Certificate/ Passport)Attested employee card to indicate the employment statusRecent passport-sized photo