Indeed, a regular bank account will suffice if you want to save funds and keep track of your spending. However, if you want better perks, more convenience, and a seamless banking experience, you should get a premium banking account with your banking partner.

Most banks in India will offer their premium banking services if you meet their eligibility criteria. But before deciding on whom to go with, it might be a good idea to know about all the account options and premium banking services.

This blog covers the various premium banking accounts you can find, the features of premium banking and the benefits of the service.

Types of Premium Banking Accounts in India and their Features

To avail of the premium banking privileges and services, you need to have a premium banking account. Most banks provide a savings and a current account option to their customers. These accounts are best for individuals that need relaxed norms and high-quality services. Here’s a look at how these accounts differ from regular accounts. Keep in mind that this may vary depending on your banking partner.

● Savings Account

Like regular savings accounts, premium savings accounts help customers store and grow their funds.

Features of a Premium Savings Account

Many premium savings accounts don’t have charges associated with maintaining a minimum balance. Some do not charge on any additional requests like issuing cheque books, returns, passbooks, etc. And many  of them don’t have charges on transactions, and oftentimes premium bank account holders can extend the benefits they receive to their grouped accounts as well.

In addition to all these perks, some banks offer free doorstep banking services, special offers on lockers and complimentary debit and Forex cards.

● Current Account

Premium current accounts, like regular current accounts, allow account holders to have seamless business transactions.

Features of a Premium Current Account

Unlike premium savings accounts, premium current accounts cater to entrepreneurs and traders who have High Net Worth. So, applying for a premium current account may protect you from cheques bouncing, nominal cash deposit charges, higher transfer limits, low transaction charges, and much more.

Some banks also offer benefits like doorstep banking, offers on lockers, low minimum balance charges, etc.

Benefits of Premium Accounts

Along with making the day-to-day baking experience convenient, banks give premium account holders access to a range of perks. Here are a few you should know about. Keep in mind these can vary depending on your current banking partner.

• Exclusive reward points on card transactions
• Premium access to popular restaurants and bars
• Discounts at highly acclaimed restaurants, exclusive travel packages, discounts at golf clubs, free golf lessons, and more

Some banks go the extra mile and provide account holders with customised wealth management services. They guide account holders with investments end-to-end, based on their financial goals and their risk tolerance.

Over to You

While having a premium account with your bank can open a world of special privileges and convenience for you, it is imperative that you choose the right premium account. So, do your research on the benefits and features of the premium accounts offered by various banks. Doing this will help you choose the best offer.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

For decades, High Networth Individuals or HNIs have preferred to invest in physical assets, direct stocks, and equity with an aim to maximise returns. However, changing the financial landscape, most of these individuals are actively moving towards financial assets for wealth creation.

Indeed, mutual Funds have emerged as the biggest player in this field, offering HNIs immense growth and wealth-creation opportunities. Mutual funds provide higher liquidity, diversification, and tax efficiency as compared to other investment options.

Here’s how HNIs are leveraging mutual funds for wealth creation.

1. Disciplined Investment Approach

Long-term wealth creation and investment planning take time, and HNIs have found the perfect solution in mutual funds. Mutual funds encourage diligent investments over a long period of time to meet their financial goals.

With Systematic Investment Plans, HNIs can invest in MFs at regular intervals where the discipline allows them to time the market before every investment. This way, they are able to grasp every investment opportunity that adds to their wealth. In fact, SIP investment offers them risk-adjusted returns and helps them make the most of their investments even in a bear market.

2. Setting Financial Goals

Mutual funds are relatively more flexible and secure than other financial products, but they aren’t entirely risk-free. However, a goal-based approach is what helps HNIs navigate the market’s ups and downs and get the most out of their investment.

It is best to set a financial goal and a time frame within which you want to achieve that goal. This is also an easy way to plan your investment over time – to decide if you wish to make lumpsum investments or go with SIP.

Moreover, a goal-based approach helps them choose MF investment options from a long-term perspective, which only contributes to wealth creation.

3. Diversifying the Portfolio

Mutual funds offer an excellent opportunity for HNIs to diversify their portfolio. Many HNIs achieve the desired portfolio diversification by investing in a variety of options, including hybrid funds, liquid funds, debt funds, tax saving schemes, and more, depending on their risk preference and investment goals.

A smartly diversified portfolio helps protect investments against market volatility by building a healthy balance of risky products with stable and safe assets.

4. Choosing Tax-Efficient MFs

Since tax planning is a critical aspect of smart financial planning, investing in tax-efficient mutual funds is another way HNIs invest for wealth creation. Mutual funds offer great returns in two forms- capital gains and dividends.

While the dividend is added to their taxable income and taxed at the respective rate, capital gains on equity mutual funds are taxed at a flat rate of 15%. Here you stand to make long-term capital gains on selling MFs after one year of holding period.

Investors in higher tax brackets, like High Networth Individuals, enjoy greater tax benefits than fixed-income investments by investing in mutual funds.

The Bottom Line

Mutual funds have emerged as an excellent investment opportunity for investors of all types. Given their high liquidity, the flexibility of investment, and risk-free returns, mutual funds offer great scope for wealth creation to HNIs in India.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

Saving money is a crucial first step towards securing your future and preparing for financial emergencies. Saving a fixed percentage of your income every month is not simply a firm step towards your long-term financial goals, but also ensures a safety net for unforeseen circumstances. Put simply, whether you are a salaried employee, a homemaker, or a self-employed professional, a savings account is an essential yet convenient place to start saving.

A savings account allows you to deposit and withdraw your hard-earned money at your convenience, offering complete liquidity. Additionally, you earn interest on your deposit, which grows in a steady manner over time. A cornerstone of financial stability, your savings account can also be utilised for unforeseen emergency expenses.

As a new-age and customer-centric institution, IndusInd Bank is dedicated to offering flexible yet dynamic banking products. To this end, the bank offers an array of savings accounts tailored to meet your individual spending and saving needs. Additionally, it makes opening a savings account online truly convenient with a simple four-step application process. 

How to Open a Savings Account Online with IndusInd Bank

IndusInd Bank offers customers a wide range of savings accounts tailored to their various banking and lifestyle needs. These accounts feature exclusive rewards and benefits with a 100% paperless application process, eliminating the need for a visit to a bank branch.

Here is the step-by-step process to open a savings account online with IndusInd Bank-

1. Pick an Account Number

IndusInd Bank offers you the flexibility to choose your account number. To open a savings account online with IndusInd Bank, you need to enter your mobile number. By default, the last 10 digits of your account number will be the same as your mobile number. However, you can change it to a number of your choice.

2. Fill in Your Details

The bank then requires you to fill in your details, including your name, contact, date of birth, and address. Additionally, you also need to provide your Aadhaar card and PAN details for verification.

3. Fund Your Account

After verification, your account will be ready to set up, and you can add funds. Your savings will earn a savings account interest rate and shall grow steadily over time.

4. Complete Video KYC Process

IndusInd Bank allows its customers to complete their KYC verification online via a video call. You can complete the process in just a few minutes.

Features and Benefits of IndusInd Bank Savings Account

Here are the various features and benefits of opening a savings account online with IndusInd Bank-

• Minimal Paperwork: With no physical documentation requirements, applying for a savings account is a quick and simple process.
• Access to Digital Banking Services: IndusInd Bank offers customers an array of digital banking services to access and manage their savings account. You can rely on mobile banking, WhatsApp banking, and net banking services for a convenient banking experience.
• Attractive Interest Rates: IndusInd Bank offers attractive savings account interest rates, allowing you to maximise returns on your deposits.
• Exclusive Deals and Offers: Every purchase on your IndusInd Bank debit card fetches attractive rewards and cashback offers.
• Account Number of Your Choice: You can select an account number of your choice that is easy to remember.

In Conclusion

The journey to efficient and responsible financial management begins with opening a savings account online. The benefits of an IndusInd Bank savings accountare numerous, from attractive interest rates to a range of digital banking services. Additionally, with a 100% digital application process and the convenience of video KYC, you can quickly set up your account from the comfort of your home.

So take your first step towards a financially secure future, apply now and start saving with IndusInd Bank.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.