Our families are our source of love and encouragement. They usually support us through our good and bad times. In addition, our loved ones also offer a sense of security and are a crucial part of our lives. Consequently, when it comes to your banking needs, some banks provide the benefit of Family Banking privileges.
Such privileges offer a range of services for your parents, spouses, partners, and children. In this guide, let us understand Family Banking and its various advantages.
About Family Banking
Family Banking is a benefit that your bank may extend to you and your family. Such a privilege is available when you and your family members have Savings Accounts with a particular bank. You also need to meet certain criteria set by your chosen bank.
For example, some banks may require you and your family members to maintain a total relationship value of Rs. 30 lakh or more once a Family Banking relationship is formed. Here, the TRV of the entire family is typically calculated by including the following:
· Total of average quarterly Savings Account balances
· Investments
· Mortgage Loan outstanding
· Insurance
· A percentage of Loan Against Property or Home Loan
Benefits
When you opt for a Family Banking Account, you and your family can enjoy various Premium Banking benefits. You also enjoy multiple lifestyle privileges related to travel, education, etc. A few of the benefits you can look forward include:
· Family privileges
With Premium Banking, you can handle your and your family’s health needs across the world by accessing the benefits of global medical assistance. You can also take advantage of overseas educational concierge services offered by your bank to ensure your kid has a comfortable, educational experience overseas.
You and your family also benefit from exclusive access to movie premieres, curated events, and investment seminars with experts in the industry. Besides this, your bank may also offer doorstep banking.
· Beyond banking services
Since you and your family’s needs go beyond banking to take care of such requirements, you could enjoy various beyond banking services with Premium Banking. These may include facilities like property advice, tax planning, estate planning, trust planning, and legal advice. These services may be offered along with other reputed partners.
· Travel privileges
As a Premium Account holder, banks offer personalised and exclusive services to you and your family when travelling. For example, you may enjoy complimentary lounge access at various international and domestic airports and global travel assistance. Your bank also provides complimentary airport pick-ups and drop-offs.
Conclusion
With a Family Bank Account, you enjoy various Premium Banking benefits. You get the opportunity to access medical assistance, lifestyle privileges when travelling, educational benefits, and more. However, before you take advantage of Family Banking and extend its various privileges to your family, understand, and match the eligibility needs of your preferred bank.
