There are different Public or Government-run banks and Private banks in every country with common characteristics that encourage you to save money and invest in other assets and financial products. They have various charges for their services but work under the Reserve Bank of India regulations. Many Priority Banking sectors allow you to open a Savings Account and apply for Loans.
You can also access online banking facilities such as internet banking, SMS banking, mobile banking, phone banking, etc., with specialised banking apps for transactions and bill payments. The following are the benefits it offers:
Travel in style
As a Priority Bank Account holder, you get exclusive access to premium lounges at major international and domestic airports. You can also avail of complimentary pick-up and drop-off and meet-and-greet services at major airports. With branches worldwide, your dedicated Relationship Manager will assist you with all your needs.
Priority market insights
You get exclusive access to the best market research with Premium Banking. You will be among the first to know the latest updates and detailed analyses by the bank’s group research team in a fast-changing world.
Preferential banking
Your relationship manager prioritises your needs while working with some of the brightest and best in the industry to provide bespoke solutions tailored to your short-term and long-term goals. You also benefit from preferential rates on remittances, higher interest rates on Fixed Deposits, free unlimited ATM withdrawals, and much more.
Remote account opening
With the rise in the digital sphere and space, many banks are shifting from traditional methods to digital ones. They provide remote account opening facilities as a part of their Priority Banking services to customers from branches worldwide. You can easily access and manage your portfolio with the app and enjoy more than 110 features at your fingertips.
Secure login
As a Preferred Banking customer, you can access all your transactions and investment portfolios anytime through a secure login, fast remittances, smooth navigations, and swift payments. These features make banking processes safer, easier, and quicker, no matter where you are.
Eligibility
If you wish to be a Priority Banking customer and open an account, you should have a Total Relationship Value of Rs. 5 lakh. However, you must build the TRV to Rs. 30 lakh within six months from the account opening date. The TRV computation takes place across all accounts in a family.
Calculation
The TRV gets calculated on the quarterly balance of all savings accounts and end-of-period Term Deposits, Insurance, investments and Mortgage Loan outstandings. The bank also considers 40% of the net balance of the Home Loan or Loan Against Property towards TRV computation.
Conclusion
These accounts are available for all residents, Non-resident Indians, and Persons of Indian Origin. Submit relevant documentation to the bank based on your residency status. You can access it online or ask your dedicated relationship manager for more information.
