Mint Explainer: What the ultra-rich can expect from a personal debit card

Who is eligible?

The customer needs to have a high value relationship with the bank. The customer is offered a special savings account by the bank and as part of that, these cards can be availed.

Take the case of Axis Bank Burgundy Savings Account. To be eligible for such an account, the customer needs to maintain an average quarterly balance of Rs. 10 lakh in savings and current accounts.

Alternatively, the customer should maintain a minimum Total Relationship Value (TRV) 30 lakhs or 1 crore (including demat holdings).

someone is getting monthly salary 3 lakh in Axis Bank salary account will also be eligible for these accounts.

To be eligible for Yes Bank’s Personal Program, the customer must have a minimum average monthly balance of Rs. 3 Crore in Current and Savings Account (CASA) plus Fixed Deposits, or the total relationship value 5 cr at the household level, or minimum net salary credit 1 crore every year in the salary account of Yes Bank.

what are the benefits?

Most private banking programs offer high daily cash withdrawal limits to customers. With the IDFC First Private Debit Card, the customer can set a limit 10 lakhs for daily withdrawals. As an Axis Bank Burgundy customer, the daily withdrawal limit is 3 lakhs.

Insurance coverage also comes with these cards. Accidental insurance cover with IDFC First Private Debit Card 1.5 crores.

Yes Provides personal debit card accident insurance cover 20 lakh to the cardholder. In case of Axis Burgundy, the amount of accident cover is 1.5 million.

“The other benefits that come with personal banking services are investment-related services, advice on high-ticket investment products like PMS (portfolio management services) and alternative investment products,” explains Raj Khosla, Founder and Managing Director, MyMoneyMantra.com.

Khosla says, “Accident insurance cover, as well as lost card liability cover are important features that come with these cards.”

The Yes Bank Personal Debit Card also offers benefits on international cruise lines like Avalon and Oceania.

Other lifestyle benefits that come with these cards include free access to golf games, lounge visits at international and domestic airports and discounts on movie tickets.

Who should go for these cards?

Not all HNIs and UHNIs are comfortable using credit cards for their spending. Many prefer debit cards. Hence, these debit cards can be a good option for customers who want a great suite of exclusive benefits, but without the hassle of credit cards.