There are different Bank Account accessible today. It is a place where you park your savings and withdraw whenever needed. These accounts allow you to use your savings in a way that builds the corpus. Banks also offer many complimentary services under such accounts. Here are some aspects you should know before you open a Bank Account:
Account opening process
Most people prefer opening accounts the traditional way, i.e., visiting the nearest bank. You should submit documents like ID and address proofs. You also should know about the bank you approach thoroughly. While most people prefer opening accounts the conventional way, a few banks have offered online Bank Account facilities. You can visit the bank’s online portal, fill out the form, and submit soft copies.
Different account types
Customers who want to open a Savings Account, for instance, can choose from a range of accounts. While most people know about Savings and Current Accounts, it is essential to understand that they can choose from different account types. For instance, you can open Joint, Women’s, Senior Citizens, Minors, Zero-Balance, and other such accounts. Non-Resident Indians can also open special accounts.
Facilities offered
The facilities that the bank provides depend on the account you open. Generally, all account holders are equipped with primary facilities, including ATM or Debit Cards, Internet Banking, and Banking apps. A few banks also offer Demat Accounts to their customers, letting you invest and park your investments safely.
Furthermore, senior citizens and high-net-worth individuals with high minimum balance typically get door-step facilities, wherein bank representatives offer cash, cheque collection, and deposit services.
Debit and Credit Cards
When you open a Saving Bank Account, you receive a banking kit that features Online Banking details and ATM or Debit Card information. You can use this card to withdraw cash from your bank’s ATM and other banks (up to a limit prescribed by your bank). If it is an ATM Card, you can also use it to pay utility bills and online shopping. While the bank provides them when you open the account, apply for a Credit Card if need be.
The bank evaluates your expenses and then decides whether to allot Credit Cards. You may also become eligible for it after holding the Bank Account for a few months.
Things to check while choosing a Bank Account
Most of them visit their nearest bank branch when they want to open an account. But there are other aspects to consider than opting for the first option. With so many banks undergoing a crisis, it is essential to consider banks’ financial health. Check its debts and liabilities. Also, check the number of ATMs, online services provided, and daily cash withdrawal limits.
