What should be the criteria for selection of a bank for opening an account?Nowadays, almost all of us have bank accounts. For opening a bank account, first of all, we have to select the bank. For the benefit of persons about to open a bank account first time, let us discuss as to what should be the criteria of selection of a bank for opening an account? There may be many factors like -
1. Proximity of the bank branch from the residence or office.
2. Type of bank e.g. PSU bank, private bank, cooperative bank, foreign bank, payment banks etc.
3. Rate of interest available
4. Quality of service and behaviour of staff
5. Constraints of having account in particular banks only e.g. pension is distributed by specified banks only.
Based on your own experiences, what should be the criteria for selection of a bank for opening an account?