Author Name: MP Rana

If you have recently joined a new organization and looking for opening a bank account that can provide maximum benefits to you in terms of basic and hi-tech banking services, then here is some information and factors that you should take into account while opting for a bank account that best match your needs. A bank is a financial entity that basically offers money borrowing and lending services to its customers. Banks provide its customers with various types of bank accounts to specifically suit their different needs. Some of these bank accounts include-

Savings Bank Account- A saving bank account is one in which a customer can keep his savings and earn some interest rate on the same. You have the right to access your money anytime and anywhere with the help of ATM or Debit Card. Current Account- A current account on the other hand is something different from a Saving Bank Account. Current Account usually pays less interest or no interest on the deposits. The money that can be withdrawn by a customer in one go is more common in case of current account. The bank charges on the overdraft facility are also high in case of current account. Recurring Deposit Account- In this account a customer has to recurrently submit a fixed sum of money into his account after a fixed time interval. These accounts generally have high interest rates as compared to saving bank account. Fixed Deposit Account- In a fixed deposit account a certain sum of money is deposited for a fixed time period. These types of accounts earn a high rate of interest as compared to other type of accounts. You can also borrow money from banks in the form of loans. Depending upon different needs of different people one can opt for vehicle loan, house loan, education loan, personal loan etc from banks. These basic services are offered by each and every banking organization. But apart from these, there are various additional services that facilitates in having a great customer experience. These include- ATM or Debit Card- The advanced of technology in the banking sector and computerization of banking operations has made the life of the people easy. With ATM service you need not to go to your bank branch for drawing or depositing money. You can perform any of these and other operations from the ATM outlets situated all over the place and more importantly 24X7. Bill Payment Services- These services offered by various banks across the country help the customers to pay their utility bills like electricity, gas, water, telephone bills, insurance premium, etc. Customers with the help of Internet Banking or Mobile Banking service pay their bills with ease. Customers can also manage their accounts on the Internet and check out their bank balance and bank statements. Electronic Fund Transfer- This concept has gain a lot of attention in past few years. It allows the customers to transfer a huge some of money to another bank account of the same or another bank electronically. The term is called Real Time Gross Settlement (RTGS). Earlier the same transaction used to take a longer processing time. Credit Card Services- Some of the banks also offer credit card facilities to their customers that help them to make purchases on credit. Customers with the help of internet banking can pay their credit card bills and can also get loan on their credit card. They can also request for an increase in the credit limit online. Citibank has also launched “Transit Credit Card”, which can also be used in Delhi Metro for traveling purposes apart from its normal credit card facilities. Internet Banking for Investment Purposes- Investment has been made easy by internet banking facility. You can easily open an FD account through transferring the funds electronically on the internet. The customers who have linked their Demat accounts with their bank accounts can also trade in the stock market. Recharging the Prepaid Mobile Phones- With this service you are no longer required to rush to the mobile shop for recharging your prepaid mobile phone. Just log into your bank account on the internet and get your talk time up with ease.

While considering these factors one should also pay attention to different types of penalties and fees charged by banks for different transactions and processes. Customers always complain about heavy bank charges put by bank in the form of penalties on their valuable money. So it would be better if you grab a good understanding of all the aspects of banks and its services before choosing the optimum bank account.