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  • Category: Miscellaneous

    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?
  • #629724
    For opening a bank account in a bank the first and the foremost criteria will be the credibility of the bank. We should select a good bank which is having a long-standing and having a good track record. It should be a nationalised bank or a private bank with a good record. The branch where we want to open an account should be very nearer to our house and it is better to have a joint account with the spouse. Even though we have the facility of online banking once in a while we may have to visit the bank and for that reason, we should have a nearby branch. If any known person is there in any bank nearby your house opting for that bank will be better, he will help you in any case of problem or transactions. It is better not to have too many accounts in various banks as unnecessarily some of our money will get held up in these accounts as a minimum balance.
    always confident

  • #629730
    In the earlier days when 'introduction' was a must for opening a bank account, normally we selected a bank in which a person we know well has his account for some period of time. He thus could introduce us to the bank and the bank would accept an introduction from an established customer then.

    Now introduction is not that important, but other identifying documents are. Hence we have the choice to select a bank. Normally we select a bank which is near to our office or residence. Otherwise we may open an account with the bank where our employer credits his salary. Even then for convenience, we will be opening an account near to our residence.

    When there are more banks which are almost equal in access and proximity we would choose a bank where we will get our things done soon. So naturally we will choose a bank which is popular and established , but with a lesser crowd generally. Our next parameter will be affordable or reasonable and justifiable rates and charges.

    Even though nowadays we can do most transactions online in case of any issues cropping up or for certain transactions needing personal visits the proximity will help us.

  • #629830
    Nowadays in the regime of reducing interest rates on deposits etc. , people often get tempted by marginally higher rates of interest offered by other banks. Is it advisable to switch the bank in such cases?
    Let us encourage each other in sharing knowledge.

  • #629838
    In my opinion, most of the people prefer to nationalize bank to open an account for the security purposes. In our area only state bank of India is available, so we do not have any option other than this bank. Though some co-operative banks are also available I found that most of the businessmen prefer SBI for opening the account. All my family members also have accounts in state bank of India.
    Honesty is the best policy.

  • #629868
    In this cut throat competition, we have the best of banks available along with the good customer support team. If we speak of the criteria on which the bank should be opted from then the simple basis is the financial aspect. If a bank provides a security to our hard earned salary along with a good return in the form of "Interest" should be OK.

    Adding, we should refrain ourselves from opting to institutions or banks offering huge returns as these are dubious entities.

  • #629914
    Opening a bank account is not very difficult these days, we get many calls for an hassale free new account if we avail debit and or credit cards. Things sound desperate in the banking system and new clients are most welcome.
    It would be the safety systems in place that can assure us that our money is safe. Next would be easy of transaction and access. Staff behavior and service satisfaction are not high on the cards because most are done online except for the odd visit to the branch.

    What is more important is to have 3-4 accounts in different banks, one for the salaried account, one bank for savings, one bank for the credit and debit cards. Here the chance of a loss or a let down by relying on only one bank is lessened.

  • #629928
    What I feel that instead of opening a account in so called big banks like SBI, Bank of India, Syndicate Bank and Canara Bank, one can open the account in small banks which are having good service, same interest rates and yet they are punctual in opening and closing times. I have seen that SBI staff in the recent past after having taken over the associate banks, have become rude and for every service they are charging the existing customers. We never sought their SMS messaging now and then and for that rupees 147 per three months is being cut as service charges. And at the counters there are new system like token system. Once cannot talk to the employees for clarification and the account holders are treated as untouchables in SBI. I am fed up with the SBI services. Better to open a account in scheduled bank or cooperative banks, which are friendly and reliable.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

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