Recently, IDFC First and Yes Bank launched unique debit playing cards for high-networth and ultra-high networth people (HNIs and UHNIs). These playing cards provide some unique advantages to their high-end clients corresponding to complimentary golf course entry, increased insurance coverage covers and extra frequent airport lounge visits.
Who is eligible?
The buyer must have a excessive worth relationship with the financial institution. The buyer is obtainable a particular financial savings account by the financial institution and as a part of that, these playing cards may be availed.
Take the case of Axis Bank Burgundy Savings Account. To be eligible for such an account, the shopper wants to keep up a mean quarterly stability of ₹10 lakh throughout financial savings and present accounts.
Alternatively, the shopper ought to keep a minimal complete relationship worth (TRV) of ₹30 lakh or of ₹1 crore (together with demat holdings).
Someone receiving month-to-month wage of ₹3 Lakh in Axis Bank wage account may even be eligible for these accounts.
To be eligible for Yes Bank’s Private Programme, the shopper must have a minimal common month-to-month stability of ₹3 crore in present and financial savings account (CASA) plus mounted deposits, or a complete relationship worth of ₹5 crore at a household stage, or a minimal internet wage credit score of ₹1 crore each year in Yes Bank’s wage account.
What are the advantages?
Most of the non-public banking programmes provide increased day by day money withdrawal limits to clients. With IDFC First Private Debit Card, the shopper can set a restrict of ₹10 Lakh for day by day withdrawal. As an Axis Bank Burgundy buyer, the day by day withdrawal restrict is ₹3 Lakh.
Insurance protection additionally comes together with these playing cards. With IDFC First Private Debit Card, the accident insurance coverage cowl is ₹1.5 crore.
Yes Private Debit Card affords accident insurance coverage cowl of ₹20 lakh to cardholder. In the case of Axis Burgundy, accident cowl quantities to ₹15 lakh.
“Other advantages that include non-public banking companies are investment-related companies, advisory on high-ticket funding merchandise corresponding to PMS (portfolio administration companies) and various funding merchandise,” points out Raj Khosla, founder and managing director of MyMoneyMantra.com.
“The accident insurance cover, as well as the lost card liability cover are important features that come with these cards,” Khosla provides.
Yes Bank’s Private Debit Card additionally affords advantages on worldwide cruise traces corresponding to Avalon and Oceania.
Other life-style advantages that include these playing cards embrace complimentary entry to golf video games, lounge visits at worldwide and home airports and reductions on film tickets.
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(Graphics: Mint)
Who ought to go for these playing cards?
Not all HNIs and UHNIs are snug utilizing bank cards for his or her spending. Several choose debit playing cards. So, these debit playing cards may be good options for such clients, who need a big suite of unique advantages, however with out the usage of bank cards.
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