Financial planning is an essential aspect of wealth growth. It allows you to lead a stress-free life, knowing you have a backup source of funds. Now, there are several investment options to help you with this. The market has countless lucrative avenues. However, it is essential to choose amongst them carefully after thorough consideration.
If lack of knowledge is your issue, several mediums are available for assistance these days. A Wealth Account is one of them. It comes with various bespoke wealth solutions that enable you to achieve your monetary objectives. Such guidance empowers you to make sound investment decisions. But before you initiate a Wealth Account opening process, consider these things:
Eligibility criteria
You must maintain a high balance, typically Rs. 5 lakh, with the bank to show your Total Relationship Value. You must also build this TRV to Rs. 30 lakh over six months after opening the account. It gets calculated by aggregating your savings and end-of-period Insurance, Term Deposits, Investments, etc.
Once done, you become eligible to enjoy the account's benefits and access other Premium Banking products. It is best to consult a customer executive to assess the validity and conditions of the product usage.
Suitability
You should consider opting for this account if you have surplus funds and wish to grow them through lucrative investments. However, you should contact your bank beforehand to ensure the terms.
Convenience
Convenient solutions are the highlights of such accounts. Since you cannot always visit the bank physically, banks bring the services to your fingertips. You get real-time access to your investments from anywhere, at any time. You enjoy quick logins, remittances, and payments right after the Wealth Account opening.
Fees
Like any other Bank Account, banks levy specific charges for account maintenance. Since the account offers specialised assistance, the cost involved is higher than a Regular Savings Account. You pay an annual fee for Debit Card usage, transfers, local currency cheque returns, etc.
However, you also get free services like account statements, demand drafts, standard instructions creation, banking enquiries, etc., essential for Wealth Management.
Offerings
You can select from a range of diverse wealth growth-oriented products. These include:
- Mutual Funds
- Remittances
- Fixed Deposits
- Insurance
- Structured Products
Other sophisticated offerings entail Private Equity, Real Estate Funds, long and short-term funds, etc. It would help if you learnt about these wealth solutions before the Wealth Account opening.
Investment guidance
Financial planning is all about taking calculated decisions. You want to stay updated on all your investments and regulate them until maturity. Besides, you need specific solutions for the same. Considering this, you get assigned a dedicated relationship manager upon opening a Wealth Account. The expert opinion you get makes it easier to meet your investment needs.