Report Wire - What HNIs should know earlier than choosing a personal debit card

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What HNIs should know earlier than choosing a personal debit card

2 min read
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Ever heard of personal debit playing cards? Well, these are totally different from the common debit playing cards issued by banks to the extraordinary buyer. Banks classify clients into totally different classes based mostly on their revenue and belongings. High-net-worth people (HNIs) fall within the higher most class and so many lenders provide them an array of premium—customized and customised—banking companies, together with using non-public debit playing cards.

Banks difficulty such playing cards to wealthy and privileged patrons based mostly on their membership in unique banking programmes. For occasion, IDFC First Bank points the IDFC First Visa non-public debit card to members of its IDFC First Private Programme. So does Axis Bank: it points Axis Bank Burgundy Debit Card solely to Burgundy Private Members. Yes Bank has its personal Yes Private Debit Card. This is issued to extremely HNI members on Mastercard’s premium World Elite platform.

Sachin Vasudeva, director of, mentioned, “The distinction between an everyday debit card and a personal debit card is similar to how an entry-level bank card differs from a premium bank card. The latter can cost a excessive becoming a member of or annual charge however non-public debit playing cards are usually free for lifetime use.”

These cards are associated with exclusive privileges such as higher cash withdrawal limits, complimentary access to airport lounges, insurance benefits, golf access, zero-touch loan products, doorstep banking and 24*7 concierge services. Do note that these services depend on the lender that you are associated with.

Private debit cards have other advantages. For instance, they may charge a lower forex markup fee than regular cards .

Adhil Shetty, CEO of, said, “Some banks waive off the convenience and transaction charges for international transactions Debit cards associated with an HNI account may have daily withdrawal limits of ₹2 lakh and domestic shopping limit of ₹5 lakh or more. Some private debit cards may provide even higher withdrawal and shopping limits of ₹10-15 lakh. Often, banks do not impose andy annual charges on these cards. However, the lenders may have very high requirements from clients in terms of investments or holdings.”

Vasudeva mentioned, “HNIs can preserve each an everyday and a personal debit card. Most banks provide premium banking debit playing cards to these with a excessive stability of their financial savings account or based mostly on the Total Relationship Value (TRV) with the financial institution (together with legal responsibility & funding relationship). However, some banks might require you to open a premium financial savings account. For occasion, Axis Burgundy Private Debit Card is given to account holders who keep a minimal TRV of ₹5 crore by 12 months of account/relationship initiation. The Burgundy Private Savings Account is obligatory for induction into the Burgundy Private Banking Program.”

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