UAE is a land of opportunities and money. Time is of essence here and staying abreast with local and global changes is important for the health of your investments. While normal banking provides you with avenues to manage your regular banking needs, Priority or Premier banking gives you priority over regular customers and provides exclusive perks.
Traditionally, banking was divided in regular and private sections. Apart from regular banking, private banking, which is still available, was focused on providing highly personalized service to affluent customers. People who maintained healthy accounts with banks for a number of years, but didn’t have the money to qualify for private banking, gave rise to the need of Priority banking. It was a stepping stone towards having financial products tailor-made to suit your needs. Nowadays, customers who maintain a healthy bank balance are offered specialised services through Premier/Priority accounts.
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Let’s look at some benefits that you may experience as a Premier account holder:
These benefits can vary depending on the bank you choose. Having said that, it is important to note that as a Premier banking customer, you are bound to have some additional benefits over regular account holders.
As Priority/Premier banking is an additional set of special rates/services offered, these accounts are available as variants of savings, current and deposit accounts. These services are usually provided on the basis of the strength of the average balance maintained with the bank. Usually, the average balance required to be maintained is much higher that a normal account.
Each type of account and bank will have its own eligibility criteria which needs to be checked individually. Some common eligibility criteria are:
Age : Usually, any financial transaction requires the applicant to be at least 18 years of age.
Nationality : Most of the accounts offered by banks are available for UAE residents and non UAE residents alike.
Type of entity : Depending on the type of account and bank you apply to, certain entities are permitted to open accounts in UAE. Some commonly accepted entities are:
As is the case with eligibility, every bank may have its own requirement of documents to process your account application. Apart from the application form, some basic documents needed are:
It is important to note that with mobile-banking, SMS-banking and internet-banking, convenience should no longer be the reason for opening a Premier account. Research well and try to find a premier banking solution that best suits your needs.