Introduction to Banking
Module Units
- 1. Banking
- 2. Deposit Accounts
- 3. Loan Accounts
- 4. Mistakes To Avoid While Opening A Bank Account
- 5. Selecting A Suitable Savings Bank Account
- 6. Fund-based And Non-Fund based Financial Services Offered By Banks
- 7. Fixed Deposits
- 8. Recurring Deposit
- 9. Different Types Of Fixed Deposits In India
- 10. Deposit Insurance System
- 11. Circumstances Leading To Closure of Bank Accounts
- 12. Banking Transaction
- 13. Branch Banking And Online Banking
- 14. Transactions Available Through Online Banking
- 15. How To Start Online Banking
- 16. ATM Transactions
- 17. Different Types of Money Remittance Services Offered By Banks
- 18. Cheque Truncation System (CTS)
- 19. Keeping A Bank Account Secure
- 20. Safety Rules And Guidelines
- 21. Fictitious Emails, SMS And Phone Calls
- 22. Forged Notes
- 23. Ponzi Schemes
- 24. Borrowing Money
- 25. Types of Bank Loans
- 26. Credit Cards
- 27. How to use a credit card?
- 28. Importance Of Maintaining A Good CIBIL Score
- 29. Problem Of Excess Debt
- 30. Strategies To Avoid Excess Debt
- 31. Managing Money
- 32. Nomination Facility In Bank Accounts
- 33. Procedure For Making A Claim
- 34. Digital Money
- 35. Forms Of Digital Money
- 36. Debit Cards
- 37. Digital Payments
- 38. E-Wallets
- 39. Types of e-wallets
- 40. Unified Payments Interface
- 41. Benefits Of UPI System
- 42. Conclusion
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.
About the Author
Copy the URL
Leaderboard
# | Name | Score |
---|