Top 5 Benefits of Private Banking in India

1. Time Friendly

2. Excellent customer assistance

3. Better access to loans

4. Major discounts on big purchases

5. Better investment opportunities and returns

   Benefits of Private Banking

   Introduction

Private banks may have deeply overshadowed government-run banking institutions in the West, but many people in India continue to place their trust in government banks. While there are many reasons behind the tremendous popularity of government banks in India, the massive benefits of private banking are yet to be understood by most people. Having an account in a private bank can make a huge difference in the way you look at banking and manage your finances, as there are many factors that add to their value. Consequently, it will have many benefits that will make you financially strong and self-reliant without making any compromises in your expenses and overall standard of living.Here are a few benefits of private banking and how you can leverage them to your advantage and financial well-being. 

Time Friendly

One of the biggest negative aspects of government banks is their lethargic performance rate and their hard work. While there are many sides to this story, such as limited salaries, working environments, hour issues, and so on that restrict smooth functioning in government banks, the fact remains that common people lose much of their precious time and energy to get even the most basic work done.

Those of us who hold government bank accounts may have observed that though bank employees are reliable, there is often a delay in work or mismanagement by the branch for even basic work. However, private banks are quick on their work delivery and make sure that they save their customers’ time with a performance-driven approach to handling customer queries. Furthermore, they also have proactive and high-functioning apps and sites that allow you to manage your own finances in the comfort of your home without spending time physically visiting their branch.

Excellent customer assistance

A major aspect where private banks completely overshadow government banks is customer satisfaction. Every employee at a private bank is judged solely on the basis of their performance, which is ultimately based on how many customers they have been able to bring and retain for the company. And that, in turn, will only happen when the bank employees meet the expectations of their customers. In that regard, private banks naturally provide above-par customer assistance, often counseling them on which account would be best suited for them. Private banks also actively seek feedback from their customers to understand where they are lacking and what they can do to improve their services.

They create a welcoming atmosphere in their office branches for their customers for a pleasant banking experience, which may not be found in most government banks. 

Better access to loans

Getting a loan has become a nearly impossible task in today’s world, which is still dealing with the economic after-effects of the pandemic and the ongoing Russia-Ukraine conflict. However, India remains home to millions of aspiring entrepreneurs who are aiming to launch their own startups with the help of loans. Banks always prefer to offer loans to their loyal customers since they already have all the necessary information about the client. Being a long-time customer of a private bank can be especially helpful, as they themselves offer you loans given that you have a decent credit score.

While most people still have to make several visits and meet endless criteria, a loyal customer of a private bank always gets access to loans much more easily, given that they manage their finances well. 

Major discounts on big purchases

This is one of the overlooked benefits of private banking. Those of us who hold a private bank account and are looking to make a major purchase, such as tech gadgets like phones, laptops, TVs, speakers, etc., will be in a profitable position. Such expensive commodities are often sold at highly discounted rates using credit or debit cards of private banks, which often have tie-ups with various companies.

While government banks also have such collaborations and provide discount rates, private banks are able to offer you better discounts on many more commodities. Private banks are comparatively faster in finding such collaboration opportunities with domestic and international companies for such purposes. Being a customer of a private bank can thus have its own perks in this regard.

Click Here To Read About Benefits of Private Banking 

Better investment opportunities and returns

One of the biggest benefits of private banking is that your bank will present several investment opportunities for you from time to time. These banks have dedicated professionals to study and analyse current and future investment trends that have the potential to bring excellent returns to investors. For example, many people opt to invest in fixed deposits in banks. Private banks naturally offer higher interest rates and thus bring an excellent return. Generally, private banks are known to yield 7 – 12% returns, and it could go as high as 30%.

Banks are the most reliable sources of investments in India, which makes private banks a reliable investment partner as well. Having a private bank account can thus be extremely fruitful in the long run. 

Here are some of the biggest benefits of private banking and how you can leverage these benefits to your advantage and ensure your financial well-being.