All bank account holders have some expectations from their bank. Some look at cooperation and others at guidance, and some look at the technology level. In general, people prefer to choose a bank that caters to all their needs. However, if you are a preferred account holder, then expectations increase manifold. Before fixing a bank where you will be a preferred account holder,here are some things worth considering.


A committed relationship manager

Your relationship manager must take care of your financial needs. He must be eager and willing to help you through your queries and requests. This includes banking  service requests, guidance for loan procedures, information, and suggestions about suitable financial products. Most importantly, there must be a sense of trust between you and your manager.


Business banking solutions

In addition to personal banking solutions, the bank must offer solutions for all sorts of financial problems and situations, including business banking solutions.


Priority

The bank must put you on their priority list. Your queries, applications, and  processes must be given precedence. The bank must endeavour to reduce your waiting  time and provide you superior customer services to make your banking effortless.


Privileges

You must receive special privileges. This could be anything including better loan facilities or locker facilities. Being on the priority list allows you to avail of many advantages.


Charges

Whenever you withdraw money from another bank's ATM you must not be charged for the withdrawal or for checking your balance.


Transaction charges

Whenever you use your bank’s net-banking facilities, whether NEFT or RTGS, you should not be charged for them. In any case, with internet and mobile banking, the  need of cheques demand drafts or visits to banks has decreased dramatically.

Not many people try to avail the benefits of a preferred account because regular banking works just fine for them. However, if you are a high-intensity customer with a larger balance and greater banking needs, priority or preferred banking could work best for you. Remember, as a preferred customer, you bring tremendous value, and receive special treatment as a result. Choose your preferred account wisely!

 

Disclaimer: Copyright Kotak Mahindra Bank Ltd.

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