Choose Bank Wisely to Avoid Maintenance Charges. Review on Tips on Choosing a Bank

If I am the one, going to open a bank account, I would be looking for a bank having the lowest or zero maintenance charges at first place.

I would to like share Tips as per my experience to choose a bank for any kind of account- Let it be saving the account, current account, loan account, NRI account etc.

I own 6 banks saving accounts in different banks with no maintenance charges with all kind of internet and mobile banking facility. I would refrain to name the bank at a time for security reason on this platform. But I would like to give the most important tips to choose the bank smartly.

There is a huge competition in between the banks to attract customer for opening an account in their bank and if the customer doesn't pay attention to the maintenance charges they have to pay any hidden charges applicable on their bank account by banks.

1) Choose the bank which offers minimum account balance to maintain in your saving account is zero for a lifetime.(I would personally advise for KOTAK 811 and AXIS). Other banks ask MAB Rs.5000 for suburban branch and Rs.10000 for city branch.  If you don't maintain this amount monthly they will deduct charges from your saving and you will lose your hard earned money.

2)The bank must have internet banking as well as a mobile banking facility most convenient. Choose the bank which branch is near to your permanent residence. every time you can not go far away. Because many times you need to go to the bank for some changes or to deposit or cash out more money, To exchange the currency for traveling etc. This all services will be free at your home branch so it's better to have the nearest brach with all facilities.

3) If you are a shopaholic, you must chose a bank, which should be giving debit cards, credits cards very conveniently with the lowest yearly maintenance charges. It must be eligible for cashback or reward points program for online and offline shopping. The benefit of this reward and cashback points you will realize at year end. You will have earned enough reward points and cashback which will fulfill your yearly maintenance charges for debit card and credit card and many discount offers.( I am earning Rs.4000 - 5000 of reward points yearly through my HDFC bank debit/credit card as well as ICICI debit card)

4) With reference to point 1, I described, If you just want to save money in your saving bank account then chose a bank which gives highest yearly interest on your flexible saving. In my list AXIS ASAP comes first as it gives 7.1% annual interest on your saving and Kotak 811 at a second place which gives 6.5% annual interest. Other banks just give 4% to 4.5% annual interest on your saving.

5) Now it comes to the loan, Let it be any kind of the loan - Go for lowest interest rates and 0% or lowest flexible and preclosure charge. There is competition between banks so finally you get benefitted from bank loans but you must ask them for the benefits over other banks and why you will choose that bank for a loan.

6)At last but not in the list bank must have good customer support facility both online as well as offline and they must rspond or ressolve any kind of issue at priority based while you are away from your home or country.

These are the first and most important tips you must consider to choose a bank as per your need. It highly depends on your need and what specifically you want. you can have more one bank account for different requirements but start stepwise as I mentioned and it will lower or neglect the maintenance cost at year end.