With time your lifestyle aspirations and financial needs change, they go a notch higher. Today, you want the best for yourself and your loved ones. Your financial and banking needs have evolved. Before, you would primarily contact the bank to secure your money. Today, besides ensuring your money, you approach the bank to invest, remit, and do more. Your Bank Account is at the core of all your banking needs.
As your banking needs become more specific, a regular Bank Account does not suffice to meet them. You should consider opening a Priority Account. Being a Priority Account holder, the bank prefers fulfilling your banking needs. You need this to match your changing lifestyle aspirations and growing financial needs.
Like every Bank Account, a set of charges are associated with the Priority Account. The following are the important ones:
TRV non-maintenance fee
TRV stands for Total Relationship Value. As a Priority Account holder, you need to maintain a minimum TRV with the bank. You should have a TRV of INR 5 lakh when the account is accessible. You should raise the TRV to INR 30 lakh within six months of account opening. You are liable to a penalty fee in case of TRV non-maintenance. The penalty fee differs depending on your TRV and is charged quarterly.
Debit Card charges
Typically, you receive an Infinite Debit Card on opening a Priority Account. You can use this Debit Card to make seamless transactions offline and online. You need to pay the following charges associated with the card upfront:
- Annual maintenance fees – The maintenance fee is what you pay for card usage. It is a basic fee amount. Generally, the yearly maintenance fee is waived if you hold a higher TRV with the bank.
- Card replacement cost – If your Debit Card gets misplaced, stolen, or damaged, you can apply for a card replacement. You need to pay the card replacement cost. You can get your card replaced freely if you hold a higher TRV.
- Forex mark-up – If you want your Debit Card to have a forex mark-up, it is possible. You should pay a fixed percentage for forex mark-up.
- International balance enquiry and cash withdrawal – Priority Banking lets you access your account anywhere worldwide. Pay a nominal fee for balance enquiry overseas. You also need to pay a fee for international cash withdrawals. Both charges get waived if you hold a higher TRV.
Outward Remittances
A plus point of opening a Priority Bank Account is it allows you to make Remittances at preferential exchange rates within the shortest time. This way, you can be there for your loved ones despite the distance. You need to pay a reasonable fee for Outward Remittances.