Holding a Bank Account is a necessity to manage your daily expenses. Moreover, accessing banking services is easier for all. Banks have streamlined the process and made it convenient. Savings Accounts are primary banking products for managing your hard-earned money, making payments, and regulating expenses. Considering it is a standard offering, little thought goes into the opening process. The services and interest rates may seem the same across banks.
But picking the right bank is essential for a smooth banking experience. Hence, you need to pay attention to several aspects to make an informed decision. You can do this efficiently when you open Savings Account online. Every detail, right from the services, charges, and conditions is listed on the bank website. This offers adequate control to research and compare. Use this to your benefit and consider the other following aspects:
Minimum balance needed
Banks need you to deposit a specific amount to activate your Bank Account. You should maintain the said amount under the prescribed limit swiftly operating the account. This is called the minimum balance criteria, and it differs based on the bank. Commercialised banks have a balance requirement of anywhere between Rs. 10.000 to Rs. 20,000. Small-scale and regional banks, meanwhile, start with as low as Rs. 2,000.
Withdrawal limit
Thanks to automated teller machines, withdrawing money from your online Bank Account is easy. They are spread across the country in prime locations for easy accessibility. You only need to own a Debit Card to withdraw funds as and when required. However, some banks have limitations on the maximum number of ATM transactions you can do. It is best to check the withdrawal plans accordingly.
Fees and associated costs
Savings Accounts are a service-focused financial product. It is meant to facilitate regular banking activities like transfers, withdrawals, bill payments, etc. Banks offer convenient mediums for this purpose. They charge specific fees in return. These include account maintenance fees, PIN regeneration fees, cross-currency markup, penalties, etc.
Security measures
Carrying cash physically exposes you to numerous theft and losses. Such issues get eliminated when you do an online Saving Account opening. Banks take advanced measures to ensure your security. They have a protected site that uses encryption and two-factor authentication to prevent data breaches. Besides, the Deposit Insurance and Credit Guarantee Corporation insures up to Rs. 5 lakh of bank deposits.
Value-added services
Although, banking services overlap across institutions. Banks hold specific value-added services to differentiate them from competitors. Considering these factors is also an excellent way to select the right bank for your needs.
Make sure to check these and other factors before you open a Savings Account offline or through the Banking app.
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