Customers can open new bank accounts in a few minutes today. However, how to decide whether one has opted for an efficient bank account? This article contains seven points to help you choose an appropriate bank account in India. From savings and investments to access to personal loans – we have considered all banking services while creating this list!
- Choose a savings account that helps you save more
To gauge whether your bank prioritises customer savings, you must check whether it offers any of the following features. For instance, let us consider IDFC FIRST Bank’s savings accounts:
- A Zero Fee Banking-like feature that waives banking fees: IDFC FIRST Bank’s Zero Fee Banking is a popular feature that waives off the charges of 28 commonly used savings account services. These include NEFT (National Electronic Funds Transfer) charges, SMS alert fees, Demand-Draft-Pay-Order expenses, and Balance Certificate issuance charges. Since these charges add up in the long run, customers must often pay high amounts towards them. The Zero Fee Banking feature helps IDFC FIRST customers avoid these charges.
- Monthly interest credits: The bank also deposits monthly interest credits directly to the customers’ accounts.
- A high-interest rate: Finally, the bank offers a high-interest rate to customers through its savings accounts.
These three features help IDFC FIRST Bank customers significantly increase their savings in the long run.
- Opt for an online account opening
Secondly, you must open an online bank account to benefit from key features like IDFC FIRST’s Zero Fee Banking. Banks generally offer special features to customers who opt for an online account opening.
- Select the right mobile banking app
IDFC FIRST Bank’s mobile banking app is a technically resilient app that helps customers access a variety of banking services. You should choose an app that focuses on the security of online transactions.
- Assess the accessibility of the bank’s customer support team
Every banking query’s redressal requires the customer to contact customer service. You should read about your bank’s customer service online before signing up for its savings account.
- Analyse the bank’s personal loans
IDFC FIRST Bank offers customers access to instant personal loans worth ₹1 crore. Furthermore, customers can use the IDFC FIRST Bank personal loan EMI calculator to calculate the value of their future EMIs (Equated Monthly Instalments).
- Choose an app that helps you budget better for the future
The Track Your Expense feature on IDFC FIRST Bank’s mobile app helps customers categorise their previous expenses and budget more efficiently for the future. Features like these help customers significantly increase their savings.
- Your bank must prioritise secure access to banking services
Your bank should also offer secure access to all banking services. IDFC FIRST Bank offers the choice of a biometric login to customers who use its mobile banking app.
If your bank strives to offer at least five of the seven features mentioned in this article, you can be rest assured about having chosen the right bank acco