What are the benefits of having a premium savings account?
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Premium savings bank accounts are high-end accounts that provide additional banking features and personalised solutions. Such accounts are best matched for those with requirements for premium services. They offer an edge over basic or regular savings bank accounts.
However, before you open a premium account, ensure to perform in-depth research to know the benefits and if they align with the ones you require. Discussed here are some of the important benefits of having a premium saving deposit account.
1. Unique services and transaction solutions
Many banks deliver personalised and convenient payment solutions to premium savings bank account holders. Such solutions involve bulk cheque printing with or without digital signature, 24x7 IFT or internal fund transfer, bulk demand draft printing, and online bulk RTGS, IMPS, and NEFT. Collection banking solutions involve demand drafts, daily cheques or cash pickup, cheque collection through CMS or cash management services, and electronic collections through virtual codes. Priority services involve 24x7 customer service experience, a dedicated relationship manager and a priority desk at branches.
2. Preferential pricing on loan rates and locker rental rates
You even get the benefit to avail lower lending rates on credit options like car loans, home loans, loans against security or loans against property. Also, lower locker rental rates are offered, and a higher saving bank interest rate may be offered on your deposits.
3. Active money facility
Banks might offer the active money option. In this option, your balance over a specific threshold is moved into a fixed deposit account at attractive interest rates, which allows you to generate higher returns on your deposited funds.
4. Lifestyle benefits
Premium bank accounts may even offer you access to a wide range of privileges to meet your unique needs. Such privileges might involve vouchers, discounts or attractive deals and offers on leading lifestyle brands.
5. Premium debit cards
Premium debit cards on such savings accounts offer you higher cash withdrawal limits and transaction limits, rewards, fuel surcharge waivers, and much more. Other important benefits involve complimentary access to the airport lounge, lifestyle and apparel offers, and an insurance policy where cover is offered on the loss of passport, personal accident, death owing to rail or road accidents, etc.
Ending note
A premium savings account is a great match for you if you are a businessperson or a high-net-worth individual. The best banks go out of their way to offer you customised services and privileges and the benefits of savings accounts are significantly more on a premium savings account.
As mentioned above, such privileges or benefits might involve exclusive lifestyle services, special loan interest rates and pricing on lockers, personalised investment solutions, and more. However, before you open a savings account, make sure to do proper research. Ensure to conduct in-depth research and based on your findings opt for the account that matches your preference.
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