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Introduction to Banking

Selecting A Suitable Savings Bank Account

In India, Banking has gone through enormous changes, especially in the last decade. Today, the number of banks, as well as the products they offer, is vast. There are so many choices that the job of choosing any one bank and the type of savings account is extremely difficult for an individual. 

 

Below are a few things to consider while choosing the right savings account:

 

Average balance requirement:

As mentioned earlier, an average balance has to be maintained in savings bank accounts. The stipulated amount, however, varies from one bank to another. While choosing a savings account, customers need to check this stipulated amount and consider the one which they are comfortable to maintain in the long run. 

 

Interest rates:

Different banks offer different interest rates on savings accounts. The rate may vary as per the savings account type as well as the amount of money kept. Hence, this should be an important consideration.

 

Online and mobile banking:

Online and mobile banking have become a necessity in today's world. The stronger the online platforms, the less cumbersome it will be to operate an account. Customers must have a look at the online platform of different banks and choose a robust one. Moreover, the kind of transaction that can be done online may vary depending on the type of savings account. Having more options online is always better for ease of operation. 

 

Services and fees:

The services and fees of different banks are different. In fact, the services and fees of different kinds of savings accounts of the same bank may be different. It is an important factor to look into. 

 

Branch and ATM network:

For deciding the right bank to open a savings account, it is essential to look into the branch and ATM network. While it is right that customers can withdraw money from an ATM, however, using other bank ATMs might attract some charges.  

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