Everyone wants money. The more you get the more you want. It has become a necessity. However, lotteries and treasures are either in books or in dreams. In reality each one of us has to work hard to make money. And we naturally want to save it for our future. Banks are the only option. However, how to choose a right bank? Here are some tips.
Confusing Use:
You must know how your bank is using your money. We have had multiple cases where bank invests in shady businesses and loses all the customers money. You don’t want to be one of them.
Customer Service
A bank is a serving institution and you have every right to deserve a good customer service and treatment. If the simplest processes in your bank is taking a lot of time, you should see it as a red signal. If they can’t care about their customers what are they for?
Good Schemes
A good bank will offer you good schemes for all sort of activities. You will get offers for Student Loans, Banking Points etc. with a good bank. These schemes make your financial planning easier.
Good Returns.
Whatever the kind of savings you are doing, FD, RD or PF; the bank is going to utilize your money invest it and earn from the investment. So a part of the profit belongs to you. That’s why the bank pays you interest. Always go for a bank with big returns and minimal risks.
Transparency:
You don’t need to pay any sort of additional charges to the bank apart from its nominal admin charges. These monthly admin charges are genuine as they are mostly used to send you SMS, OTPs and some other fees including Check Book cost. If your bank is not telling you the reason for any extra charges or demanding unreasonable money then you should walk out right away.
Accessibility:
This is no brainer. You should choose a bank that is easily accessible to you. Most of the banks have their mobile apps which has made provision for easy banking and everything is pretty much one click away.
Lifestyle:
Nowadays banks are being more dynamic and helping customers to live a better life. There are special funds like Travel Funds, Social Funds, Gift Funds etc. that will help you have some leisure without costing any extra.
Read the Terms and Conditions
Read! I repeat Read the Terms and Conditions again before signing for anything. Do not blindly trust the receptionist or staff. Do your homework in advance.
What’s your need?
Different bank are suited for different things. It is a very common practice to have accounts in multiple banks. You can select specific bank for its specific features. For example, some banks offer better interest on savings account while others have lower interest rates for home loan.
So these are some tips on how to choose a right bank.