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What are the benefits of having a premium savings account?
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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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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