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Kotak Mahindra Bank today announced a revamped version of Privy League, its premium banking proposition, meant to cater for the financial planning, banking and investment needs of affluent customers.
It consists of three tiers — Prima (for the emerging affluent segment, with a relationship value with the bank of at least Rs 500,000), Magna (for the affluent segment with a relationship value of at least Rs 1,500,000) and Optima (for customers with a relationship value of at least Rs 3,000,000). These will offer customers more banking options and exclusive service.
“Privy League will be introduced for the first time to current account customers,” said Kamlesh D Rao, executive vice-president and head of priority banking. ‘Privy League Business Banking’ will provide customised financial solutions to current account customers, such as funding solutions, trade and foreign exchange services, and multiple alternate banking channels. Customers will also have the option of extending the benefits to their group members — which could include immediate family, sole proprietorships, partnership firms, partners and even partners’ immediate family.
The entire group relationship value will be considered, rather than an individual’s while offering Privy League benefits.
Privy League will now shift from a financial advisory-focused service to a premium banking proposition covering households, businesses and non-residents under one umbrella.
“The affluent banking consumer pool in India is large and growing fast. The new Privy League is designed to help customers move up the value chain in banking,” said Rao.
The private sector lender has also launched a Privy League Signature Credit Card, with lifestyle benefits and choice of a reward points programme. And, an unsecured overdraft, ‘Smart OD’, of up to four times gross salary.
Privy League customers can avail services like priority processing, easy documentation, priority service and dedicated service relation staff, beside priority lending rates.
