Money Security: when you are going to make a fresh deposit in any bank of INDIA, make sure money is safe. As per the RBI guidelines, all the money deposited in the commercial banks and cooperative banks is insured with the Deposit Insurance and Credit Guarantee Corporation (DICGC) except for the primary co-operative societies. In the budget of 2020, the insured amount is increased from 1 lakh to 5 lakhs per account. In case the bank goes bankrupt the insured amount will be given to the account holder irrespective of how much money is deposited in the account.
ATM Facility: Nowadays, everyone is in habit of using ATM for cash withdrawal and also for transfer. If you are using it more often, then you must look for that bank which is having a maximum number of ATMs and the ATM near to your home or office. Also, check for those places where you travel frequently. The information regarding the location of ATM is available on every bank website or App also. Also, check for the free unlimited number of transactions on ATM available with the account. This facility is varied with the type of account you want to open.
Interest Rates and minimum deposit: Compare the banks with their interest rates on the saving deposits as well as on Fixed deposits. All the banks are offering different interest rates to their customers. Also, banks have different minimum deposit amount. If you lack behind it then you have to pay the penalty. Some banks offer an account with zero minimum balance, you can go for it.
Mobile Banking, Internet Banking, Banking App, and WhatsApp Banking: These services are open to every person who opens the bank account with any bank. How much these facilities are important to you? If you are more often to these services than you must see the banking App rating in the google play store and other places on the web. You can refer to your friends about their usability and how they are well comfortable with their bank App.
Location: if you are living in a remote area then your choices are limited then choose the bank which is near to you. Also, if you are not very much comfortable with the online banking system then you have to choose the nearby bank for all types of transactions.
Banking officer: Although, some banks are offering home services to guide you about their offerings. so, if you want more information regarding any kind of services like deposits, Fixed deposits, Loans, etc. You can call the bank relationship officer for a discussion about any query related to the bank account. Also, you can make arrangements for the meeting at your own place as well.
Ask your friends and family members: Still, you are confused about opening a Bank account and don’t want to get into more research about the different points we discussed above. Then you can also take advice from your friends and form your family members and you can choose the bank they are having their account.
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