Sometimes you may see parking lots dedicated for certain clients when driving past a bank. You probably are wondering "How do those folks get to park right outside the bank and I don't?," as you circle around the area seeking for a place to park. Priority banking is the answer.
As the name implies, the type of services, perks and privileges offered to a bank by special clients are priority banks (sometimes called primary banking services).
It is another degree of financial services that banks give to their priority clients. However, the consumers are designated as priority clients by various banks based on various characteristics. Some banks have as priority clients consumers deposits above 1lac. In contrast, the consumers who use their services for a considerable length of time are regarded by other banks as a priority.
The majority of banks with priorities or major banking institutions have specialized counters, lounges and personnel to take care of those privileged people as they go through the door. These banks offer the best premier bank accounts.
Offers By Priority Banking
A dedicated relations manager will initially help you with your financial requirements whether it is investment advice, loan securing aid or the management of your savings account. The first benefit you will find for all banks provide is
A priority customer additionally provides entirely free of charge for each discounted preferential rates for transactions in specific circumstances.
In the absence of a cash withdrawal charge in other countries, for instance, priority clients may get an exemption from international telegraphic transfers (TT) inside their network.
In addition, selected banks give exceptional exchange rate in foreign currency at the top of international transfers' charge exemptions.
Priority clients may expect to enjoy cheaper rates on house credits and personal loans as well as exemption from charges on their credit cards in chosen financial institutions.
In addition, they would also get some lifestyle benefits, which provide them access to luxury airport lounges, special events invitations, shopping and other unique bargains in other countries.
Selected banks additionally give the international transfers with a unique rate of foreign-currency exchange at the top of the charge exemptions.
Banks Keep Priority Customers at First Place
A frequent client, for instance, would presumably look to a safe location, like fixed deposits, to obtain continuous interest income.
It depends greatly on the amount of cash the bank has to pay for how successfully a bank can operate.
Some clients have particular privileges to be treated to encourage them to do more with the bank and provide the bank more funding to continue to operate and serve all of its customers. To get priority banking privileges, customers must fulfil priority banking requirements.
To achieve so, the banking sector employs its financial knowledge by advising, reducing paperwork and usually holding priority clients' hands through all its financial transactions with the bank.
On the contrary, the priority consumer might be directed to other financial instruments and other possibilities requiring greater commitment and more risk for improved returns.
The consumer and the bank profit from helping their most cash-rich clients. The consumers receive better service, their money is better managed and the bank in turn is better off. This is a victory.
Conclusion
The priority banking service can include customer-to-customer service managers appointment of customer banking services, free access to the bank's Internet services, simple financial transactions to avoid waiting long. Financial counselling is also part of the priority banking services area
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