Everyone owns a Bank Account today. It is a place where you park your savings and withdraw them as and when needed. These accounts pave the path for using your savings such that it builds your corpus. Banks also provide several complimentary services with the account. Here are other significant aspects to check with your account:
Account opening process
Most people prefer the traditional mode of opening their accounts, i.e., visiting the nearest bank branch. You submit documents like your ID and address proofs. You may opt for the bank introduced to you by an individual who already has an account there. While most people prefer to open their accounts this way, many now offer online Bank Account. You can visit the bank’s online portal, fill out the account opening form, and submit document copies.
Different Bank Accounts
Customers who wish to open a Bank Account can choose from a range of accounts. While most people are aware of the Current and Savings Account, they can choose from numerous other accounts. For instance, under Savings Account, you can open Joint, Women, Senior Citizens, Minor, Zero-Balance, and other such accounts. Non-resident Indians can also open special accounts.
The facilities the banks provide depend upon the account type you open. Generally, all account holders are offered basic facilities, including ATM or Debit Cards and Online Banking. A few banks also offer Demat Accounts, thus enabling customers to invest and park their market instruments safely.
Furthermore, senior citizens and high-net-worth individuals with higher minimum balances typically receive doorstep facilities, where a bank representative offers cash and cheque collection and deposit services.
When you open a Bank Account, you are provided with a bank kit that includes your Net Banking and ATM or Debit Card. You can use them to withdraw cash from ATMs of your bank and other banks (up to a limit prescribed by your bank). If it is ATM or Debit Card, you can also use it to pay for online expenses and at retail stores. While the bank provides the card when you open your account, you need to apply for Credit Cards.
The bank evaluates your expenses and decides whether to allot a Credit Card. Banks also pre-approve you after you’ve held the account for a few months.
Other aspects to check
People visit the nearest bank branch when they need to open an account. But instead of selecting the first option available to you, it is essential to consider the bank’s financial health. Check its debts and liabilities. Also, consider the number of ATM machines, online services provided, and daily cash withdrawal limits.
Whether you open your account by visiting the bank or on the Banking app, exercise caution while selecting a bank. The facilities provided and the bank’s financial health should be a priority to ensure your savings are secure.