5 Factors to Keep in Mind Before You Open Bank Account Online

5 Factors to Keep in Mind Before You Open Bank Account Online
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Savings accounts are offered by public sector banks, private sector banks, multination sector banks, etc. Many of these banks offer various saving account so that they can meet the needs of all their customers. Opening a savings account with your preferred bank has been made easy as you can open an account online from the comfort of your home. All you have to do is search the term open bank account online and you will be led to various bank websites. Here are 5 factors you should keep in mind when opening a bank account online.

1. Check the interest rates:

First thing that comes to mind before while choosing a savings account is the interest rate. Banks can set the interest rates upon their discretion according to the Reserve Bank of India (RBI). Make sure you opt to open an account with a bank that offers an interest rate that is preferred by. Before you open bank account online you can conduct an online comparison of different interest rates offered by the banks and opt for the one which is best suited your needs.

2. Check the minimum balance:

Before you open bank account online make sure that you check the minimum balance criteria set by the banks. While having a savings account, you should maintain a minimum monthly balance that is mentioned by the bank. Failing to maintain the minimum balance will lead to a deduction of a specific amount from your bank account.

3. Check the minimum opening amount:

You will be asked to deposit a minimum amount in order to open a savings account with most banks. The banks take such steps to maintain certain regulatory financial ratio requirements. Most banks will ask you deposit the minimum amount before opening the account. Some banks offer no minimum amount and you can open an account with them without having to deposit the minimum amount. When you open bank account online you can check the criteria of the bank you have selected and make the decision of opening an account with that bank accordingly.

4. Check the services offered with the account:

When you open bank account online, make sure you check the list of services being offered to you by the bank. Various banks include services such as cheque books, debit cards, credit cards, etc. under their services. Using these beneficially services will provide you with agood banking experience and it makes it easier to carry out transactions due to these services. You can also make use of the phone banking app where you can make a free mobile banking account to that will help you keep track of all your transactions. You can use this app to make bank transfers as well as payments for your purchases.

5. Check the frequency of withdrawals: 

Most banks have a set limit on the amount that you can withdraw in a day. When you open bank account online, always check to see the amount that you are allowed to withdraw in a day. If by chance you cross the limit of the withdrawal, some banks may charge you a certain amount for every withdrawal. You can check the frequency of the withdrawals and select the bank which fits into your needs.

It is important to conduct a thorough research and see what kind of offers and services different banks are offering you. Doing this will help you make an informed decision about opening an account with the bank of your choice.

We hope this article has been informative about the factors to keep in mind when opening a bank account online.

Thank you.

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