Standard Chartered Bank today announced the launch of its ‘Premium Banking’ initiative, which offers a suite of digital banking solutions and exclusive rewards designed for Premium Banking customers and their families. Premium Banking sets out to target the emerging affluent segment, who are earning enough to start saving and investing. These customers are typical very digitally savvy. Travel has also become an integral part of their lifestyle. As such, Premium Banking offers a line-up of privileges from travel, rewards to health benefits for customers and their families.
The bank said in a press release that Premium Banking customers using Super Value Titanium Card can enjoy complimentary access to more than 800 airports lounges in India and overseas, along with one family member holding a supplementary credit card. They can also get on-call assistance from their banking needs from a team of Premium Banking Relationship Managers. These customers will earn 5X rewards for overseas spends on their Super Value Titanium credit cards. In addition, they will receive a complimentary one-year membership with Indian Health Organisation which provides unlimited tele-consultation and other health benefits for up to four family members.
In the 2017 Standard Chartered’s Emerging Affluent report – The Race to Save, it was revealed that the frequent use of digital tools and services was high among Indians at 43%. “Hence we have given these customers the option to leverage an array of digital capabilities like Click to Chat, Video Banking, Voice Authentication, allowing them to bank anytime and anywhere,” it said.
Shyamal Saxena, Regional Head – Retail Banking, India, Standard Chartered Bank, said, “The launch of the new Premium Banking programme leads the way forward on how we are enhancing our product suite combining digital banking solutions and exclusive rewards designed for the emerging affluent customers. This feature-rich offering has its key benefits extended to the customer’s family, thereby creating a first-in-class ‘family banking’ proposition. This is one of the exciting retail banking initiatives that Standard Chartered will be bringing to the market.”
Other privileges of the Premium Banking programme include:
# 5 per cent cash back on all spends above Rs 750 on Platinum Cashback Debit Card
# 5 per cent cash back on fuel, telecom and utility payments on Super Value Titanium Credit Card
# Discount of 25 per cent on locker fees
# 50 per cent waiver on processing fees for mortgage
# Additional 0.5 per cent on term deposits for senior citizens
# A Forex card with more than 20 currencies and comes with an issuance fee waiver of Rs 499
The Premium Banking programme is available for customers who meet any one of the following eligibility criteria:
# Minimum monthly average Funds under Management (FUM) of Rs15 lakh
# Mortgage loan value above Rs 1 crore