Future planning is an essential aspect of wealth growth. Accumulating funds with this approach help achieve financial goals and enjoy a stress-free retirement. Now, there are several investments to assist with this. The market is populated with lucrative avenues. Choosing them carefully after considering your requirement, risk appetite, and investment horizon is essential.
For this, you need sufficient knowledge. If you lack the understanding, there are several mediums available for assistance. A Wealth Account is one of them. It comes with a range of bespoke solutions to meet your financial goals. This assistance lets you make sound investment decisions. Hence, if you want to grow your finances, you should consider this account for Wealth Management. Let us understand it in detail.
Eligibility
You should maintain a high balance with the bank to show your Total Relationship Value. This typically amounts to Rs. 5 lakh. Additionally, you can build this TRV to Rs. 30 lakh over six months after opening the account. This makes you eligible to enjoy its benefits and access Premium Banking products. The TRV gets calculated by aggregating your savings and end-of-period Insurance, Term Deposits, Investments, etc.
Beneficial aspects
You can select from various products that focus on wealth growth. They include Mutual Funds, Remittances, Fixed Deposits, Insurance, Structured Products, etc. Other sophisticated avenues comprise Private Equity, Real Estate Funds, long and short-term funds, etc. Also, consider these wealth solutions to use the Wealth Account optimally.
Fees
Like any other Bank Account, banks levy varied charges for account maintenance. As you get 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. Contrarily, you also get free services like account statements, demand draft, standard instructions creation, banking enquiries, etc.
Convenient solutions
The icebreaker for many in today’s information age is convenience. Sparing time to visit banks physically is no longer considered feasible. Hence, banks bring the services to your fingertips. This way, you get real-time access to your investments from anywhere. As a result, quick login, Remittances, and payments are possible. You can securely access these services through Banking apps or their websites.
Regulated investments
A crucial aspect of financial planning is taking calculated decisions. You want to stay well-informed of your investments and regulate them until maturity. You need specific solutions for it. Hence, you are assigned a dedicated relationship manager upon opening a Wealth Account. The expert opinion you get makes it easier to meet your investment needs.
If you have surplus funds and wish to grow them through lucrative investments, you may opt for this account. The mentioned aspects are standard and subject to variation based on the bank.
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