Tips For Finding The Appropriate Bank For You

by Arjit Chalmela Finance Student

We all strive to have a steady income. It is the only way to survive the ever-demanding economy. But your earnings are only helpful when they get managed well. For this, you must have a systematic approach. Stashing away your funds in the locker does not cut it. You need something accessible yet secure.

This is where a bank enters the picture. It is a financial institution that has established its mark for handling funds. Chances are you already have an account with one. If not, it is high time you did to enjoy the banking benefits. Whether it is your first time opening the account or considering switching, finding the right institution is essential. Here are some tips to help:

Assess account types

If you want to get a specialised account specific to your needs, most institutions offer customised accounts. It is best to check this on their websites to decide. Contrarily, if you want to open a Regular Savings or Checking Account, consider the process of opening the same for comparison. Also, check for national, commercial, and regional banking institutions to select the best type fitting your needs.

Understand services

You get a plethora of facilities from every financial institution. These Personal Banking solutions are essential for the smooth functioning of your account. However, not all of them are equally useful for everyone. It is best to evaluate these facilities based on your unique requirements. Look beyond what is being marketed and what you truly need. This should help you make a thoughtful selection. Also, check for extra services that add value.

Compare interest rates

Although you get a nominal interest on Savings Account, it still leads to earnings on your funds. Hence, consider this as a parameter to select the right institution for banking. If you get a reasonable interest with other benefits, it is worth considering. Also, consider the minimum balance requirement for the same. It usually ranges between Rs. 2,000 to Rs. 10,000. Some banks also offer Zero Balance Account.

Look for low charges

There are various overhead costs involved in operating an account that gets transferred to you by the bank. Standard charges include excess transaction fees, annual maintenance, low balance penalty, foreign remittance charges, etc. You also get charged for using the Automated Teller Machines. Some financial institutions waive off such costs depending on their operation. Make sure to check the same for effective selection.

Check accessibility

Your banking journey is smooth only when you get to manage it conveniently. For this, you should get to access your bank's branch and ATMs with ease. Hence, check the location and network of the banks across your city. If you travel frequently, you might want to think about its wide presence. But if you are comfortable with Internet Banking, then use that as the main factor for comparison.