The number of millionaires or ultra-High Net Worth Individuals (HNIs) in India has increased by 11% year on year in 2021, which is the highest percentage growth in AsiaPacific. To support the rising growth of HNIs in India, many banks offer unique benefits and perks for this category. When choosing a bank, however, you must be careful. This is because an HNI account is not equivalent to any regular bank account. In such accounts, high funds are at stake, and thus access to services such as investment advisory, wealth management, and more becomes crucial. Banks also tend to provide certain privileges to this category of customers and hence you must opt for a banking institution that caters to all your financial needs.
Check out the privileges that banks offer to their millionaire customers
- Range of advisory services
An important privilege of premium banking is investment advisory. This is a personalised and dedicated portfolio management service and is available specifically to HNIs. Advisory services provided by banks include investment planning, cash management, and succession planning. You will have the best financial advisors, investment planners, and money managers at your disposal when you opt for these services. These are essential services because they look after various aspects of your wealth. For instance, with succession planning, you can maintain your family wealth across generations and leave behind your legacy in a strategic manner.
- Unique services and transaction banking solutions
Many banks assure to deliver convenient payment options and offer personalised solutions. These solutions include bulk cheque printing with or without a digital sign, bulk demand draft printing, 24×7 internal fund transfer and online bulk NEFT, RTGS and IMPS. Collection solutions include daily cheques, demand draft or cash pickup and delivery services from the registered address, cheque collection via cash management services, and electronic collections via virtual codes. Priority services include allotment of a dedicated relationship manager, 24×7 customer service experience and a priority desk at branches. Also, many banks tend to offer preferential rates on money transfers via wire transfer.
- Preferential pricing on lending and locker rental rates
HNIs also get the privilege to avail attractive lending rates on loan options like home loans, car loans, loans against property or loans against security. Also, lower rental rates are offered on lockers. Few lenders may even be willing to provide discounts or waiverson processing charges for various loan products. The process of accessing credit is also quicker and more streamlined for HNIs.
- More opportunities to earn returns
Banks may offer facilities to ensure your parked funds are not sitting idle but are generating good returns. You can opt for the facility that converts your balance over a specified threshold into a term deposit at higher rates, which earns you attractive returns on your parked funds.
- Lifestyle privileges
Banks may alsoprovide you with access to a plethora of exclusive benefits or privileges that are fit to meet your unique needs. These privileges may include discounts, vouchers, or attractive offers and deals on leading lifestyle brands.
- Premium cards
Banks also offer premium debit and credit cards, which come with higher withdrawal and transaction limits, fuel surcharge waiver, rewards, privileges, and much more. Other benefits include complimentary airport lounge access at both international and domestic airports, apparel and lifestyle offers, and insurance cover wherein coverage is provided on personal accident, loss of passport, travel linked documents, death due to road/rail accident, etc.
In the case of HNIs, banks usually go out of their way to make you feel privileged. As listed above, these privileges may include customised and personalised banking services, exclusive lifestyle privileges, special pricing on lockers and banking products, customised investment solutions, and others. Additionally, with experts such as financial advisors and investment planners, a range of your financial needs can be met as and when you need assistance.