What is Priority Banking?

It is yet another level of banking services rendered by banks to its priority customers. The customers are however classified as priority customers on the basis of different parameters by different banks. Certain banks include customers with deposits over 1lac as priority customers. In contrast, other banks consider those customers as priority customers who have been availing their services from a considerably long period of time.

To such class of customers, banks provide certain exclusive services and special benefits, rendering their banking experience far-more convenient and hassle-free. Sometimes, priority banking services are also offered to new customers of the bank as a promotional offer. The services covered under the priority banking category may include appointment of Client-Relationship Managers for customers' banking service requirements, free access to Internet services in the bank, easy banking transactions doing away with the need for long-waits in the queue. Financial consultation is also included in the ambit of priority banking services.

In the Indian context, priority banking is a new concept and banks are gearing up to provide the benefits of the same to its priority or privileged customers. As for instance, Axis Bank provides exclusive priority platinum debit card as part of its priority banking services, wherein customers can get their desirable image on the debit card; avail increased withdrawal limits of 1 lac; get 25% cash back on all movie tickets (with a maximum of INR 1000/ calendar year); and such other benefits. The bank also offers special privileges to priority salary clienteles, including unlimited cheque book facility; full waiver on annual fees charged for priority platinum debit card; and full waiver on annual maintenance fees charged for maintaining a Demat A/c with the bank for the first year.