If you want to change banks, don’t rush; Consider these 5 points before making a decision

New Delhi: If you are thinking of changing your bank, keep in mind that this is an important decision. For this, you should think about every way and only then think about changing the bank.

Good facility means payment of money

If you feel that the service of your bank is not up 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 want to pay a higher price for good services, then just change the bank. For example, while government banks require a minimum balance of Rs 2,000-3,000, private banks have to maintain a large balance of 4-5 per cent.

Many private banks charge higher fees for providing better services to customers. If you want to go to a private bank, first get information about the fees charged for the services.

Product portfolio

If your bank’s product portfolio doesn’t match your needs, you can shift. Your bank may also provide services that you may or may not need. But, there is a charge for you. In such a case, you may want to consider changing the bank.

Branch location and time

For those who do not use net banking or mobile banking, the time between opening and closing of a bank branch is important. This can be a major step for such people when deciding to change banks. The branch needs to have a location where transport equipment is available for movement.

High interest rates

Most banks pay about 4 percent interest on savings accounts. Many banks attract customers by offering higher interest rates. Should you just change your bank for this reason. High interest rates make a difference when you have a large amount in your account. If your average balance in the account during the year is Rs. 40,000, you will get about Rs. 50 more per month when you transfer to an account with 5.5% interest. It will not make much difference unless you have a large amount (Rs. 1 lakh and above) in your account.

The strength of the bank

Shift your account to the bank whose balance sheet is strong. Such banks are less likely to consolidate their business. Government banks are more secure than private banks. But even the big private banks are not inferior in terms of strength.

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