The key benefits of Family Banking include the following:
Pricing benefit: The minimum MAB required to be maintained at the Family ID level is much lower than the MAB required to be maintained at the individual Customer ID level to avail of the same product benefits. Illustration: The minimum required MAB for a Gold Privilege Account is Rs. 50,000 and the minimum required FMAB for a Gold Privilege Family is Rs. 1,00,000. If 4 members of a family group together to form a Gold Privilege Family, then the minimum balance required to be maintained per person is Rs. 25,000. This is much lower than the MAB of Rs. 50,000 required to be maintained at the individual level.
Flexibility to maintain balances across accounts: Family Banking provides the flexibility to maintain the required minimum balance in any one or more of the accounts which are linked under the same Family ID.
Privilege benefits to all members: Family Banking makes the superior product benefits of an upgraded status available to all members of the family linked under the Family ID while the required minimum balance can be maintained in any one of the accounts.
All banking needs are catered to by a single 'Family' Bank.