6. Private banking and service offered by best banks

Private Banking Definition:

Private banking is the bank that provides customised financial solutions to high net worth individuals or those who belong to higher income class. Private Banks aims to provide best investment and wealth management products for those high net worth individuals who can invest large amount of money. Services provided by private banks includes protecting assets, investing into assets, retirement planning, customised financial solutions, safeguarding wealth for next generation, etc.

Private Banks provide specialized and dedicated relationship manager for an individual who are willing to invest amount between Rs.32,50,000/- (around $50,000) to Rs.3,25,00,000 (around $5,00,000) whereas some of the largest private bank only provides dedicate financial services for an individual who’s investment size is more than Rs.3,25,00,000 (around $5,00,000). Private Banks plays an important role in wealth management for affluent class of individuals.

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