Better convenience means payment of money
If you feel that the service of your bank is not according to the prescribed standards then you can choose the bank of your choice. But keep in mind that better customer service fees have to be paid. If you are willing to pay a higher price for better services, then consider changing the bank only. For example, on the one hand, while a minimum balance of Rs 2,000-3,000 is required in public sector banks, private banks have to maintain 4-5 times larger amount than this.
Many private banks charge higher fees in return for providing good services to customers. If you want to go to a private bank, first get the information about the fees charged for the services.
If the product portfolio of your bank does not match your needs, you can shift. Your bank can also offer services that you do not need or do not want. But, you are being charged for them. In such a situation, you can think about changing the bank.
Branch location and timing
For those who do not use net banking or mobile banking, it is important to open and close the bank branch. This can be the main measure for such people when deciding to change bank. The branch needs to be a place where there are available means of transport for the movement.
High interest rates
Most banks pay about 4 percent interest on savings accounts. Many banks lure customers by offering higher interest rates than these. Should you change your bank only for this reason.
Higher interest rate makes a difference only when there is a large amount in your account. If your average balance in the account during the year is Rs 40,000, then you will get about 50 rupees more every month if you shift to an account that offers 5.5 percent interest. As long as there is not a huge amount (Rs 1 lakh and above) in your account, it will not make much difference.
Shift your account to the same bank whose balance sheet is strong. The possibility of such banks to consolidate their business is less. Government banks are more secure than private banks. But big private banks are also not less in terms of strength.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.