Just as individuals are choosy in selecting their personal effects, in the same way, we should pay close attention while opening our bank account! Yes! Opening a Bank account is like choosing your financial identity and it is imperative that we know the merits of choosing the right bank. One should bear in mind the following when opening a bank account: Intent and purpose

1. The Importance of Choosing The Right Bank

2. A bank account can be
maintained for multiple reasons
including personal banking,
business banking, investment
banking and a few others.

3. Choose which account type
suit you the most as per your need

4. The purpose should be clearly thought out and
delineated.
Also, one should determine what kind of account is
suitable to your needs; whether it is a Saving account or
Current account etc.
Also think on the aspects like – Do you intend to save
money or just keep it safe until it accumulates into a
sizeable amount until you actually spend it?

5. Attention! Opening Bank Account

6. Proper Research will Save you from unnecessary
banking problems

7. Do a good diligence of Banks in your area that
suit your needs
• Understanding the pattern of your saving and
spending habits
• Does the bank offer you services which will encourage
you to increase on your savings?
• Also have an understanding of what are the different
types of bank fees applicable for your account.
• Check the possibility of combining accounts – for eg:
Current and Savings combination that gives you the
flexibility in spending as well as aggrandizing your
interest income.

8. Making A Comeback
• Minimum Balance Fees
• Teller Fees
• Telephone Banking Fees
• Fees On Seniors & Children
• Canceling an Account Fee
• Mailing your Bill Fee
• And many more…

9. Make comparisons
Once you are done with your reviews of a few ideal
banks, it is very important that you compare one
bank’s offerings with the other, to decide on which
bank provides you with the best services that you may
need.

10. Compare Selected Banks Diligently

11. Think about location and other services offered
• While you are comparing the offerings of more than
one bank do take bank location into consideration. It is
advised that the bank should be closely located to your
residence so that you can go and avail of certain
personal banking services with your customer service
representative.
• Also check for the service offerings like: 24 hrs ATM
facility, net banking, online transaction reports of
other account holders etc.

12. Have a check done about the
customer service quotient of the bank
• Last but not the least – do check the customer
service that is provided by the service provider as
with banks you need excellent customer service
attitude. A bank’s efficiency in restoring a
customer’s lost passwords or handling any other
emergency needs determines their success rate.

14. If one pays heed to the above
mentioned few but critical points
in selecting an ideal bank, then it
will go a long way in determining
his efficiency in organizing his
financial closet.