The banking and financial sectors have evolved massively. Before, you had to visit the bank to meet every banking requirement. Now, thanks to the internet, you can sit in your living room or travel anywhere and still fulfil your banking requirements. Banking products and services have further evolved. They now allow you to enjoy more efficient and specialised banking.
Preferred Banking is a service under Premium Savings Account. Various benefits and privileges are associated with Preferred Banking. Utisiling these, you can get an enhanced banking experience. The following is a quick mention of the multiple costs associated with Preferred Banking:
Debit Card charges
Almost all leading banks extend a Debit Card on Premium Account opening. You can use it offline and online to make various types of transactions. Several charges are linked to the Debit Card, which you need to pay for. They are:
- Annual maintenance fee – You need to pay this fee yearly for your Debit Card usage. You need to pay this fee irrespective of whether you use or do not use your Debit Card.
- International cash withdrawal – You can use your Debit Card anywhere globally to withdraw cash. Generally, you can make cash withdrawals domestically. You need to pay a basic fee in case of an international cash withdrawal. Even if you swipe your card to check your account balance anywhere internationally, you get charged for it.
- Replacement cost – If your Debit Card gets lost or damaged, you can replace it by paying a replacement cost.
Fund transfer charges
You can make seamless fund transfers from your Premium Account. Just enter the beneficiary account details, ensure the account has sufficient funds, and your fund transfer request is processed quickly. Typically, you do not incur any charges for making domestic fund transfers or receiving inward remittances. But you need to pay a fee for initiating an outward remittance.
A plus point of Preferred Banking services is that you can remit funds at preferential exchange rates. This ensures you can transfer enough amount without bearing a heavy burden on your pocket.
Cheque return penalty charges
If you have issued a cheque from your Premium Account that returns for no reason, you need to pay a penalty. You can learn about the cheque return penalty charges by checking the bank’s website. Note that the penalty charges increase in case of repeated cheque returns. Hence, you should be careful and responsible.
Note that these fees vary depending on your Total Relationship Value. Generally, banks waive maximum charges if you hold a high TRV. To reap the maximum benefit of Preferred banking services, build a good TRV.