Things to be aware of before opening an online Savings Account

 Many start their banking journey with a Bank Account. Here, you can stash the cash and manage your funds effectively. However, this aspect does not get much attention as much as other investment decisions. Although such accounts are meant to store money and earn liquidity, it affects your finances. Hence, ensure to compare options before opting for one.

This allows you to customise the services of your Savings Account. Most banks have specific categories for specific needs. For instance, women, kids, senior citizens, and earning individuals have accounts for themselves. Also, different banks provide varied services and interest rates. When you research them, you can handle the finances better. But you need to consider some aspects before opening the account:

Minimum balance

This is the initial deposit you make to open Bank Account. While most banks do not insist on balance maintenance, some ask you to maintain a specific limit. This generally ranges between Rs. 500 to Rs. 1,000. However, some private players require a higher balance of Rs. 10,000. So, check your banking needs and spending patterns before deciding the same. This is because overdrawing below the said limit results in a penalty.  

Charges

Banks provide a host of facilities to manage your funds and provide access to them. They charge a maintenance fee for this purpose. The physical branches may charge higher than the online banks owing to overhead costs. These costs include SMS alerts, chequebook, deposit costs, Debit Card withdrawal charges, etc. The treatment of such expenses varies. Hence, check them before you open the account.  

Facilities

Almost all Bank Accounts function similarly, but they are not created equally. They have different user facilities based on their policies and customer satisfaction efforts. Some banks let you deposit cheques by clicking photos, while others need physical deposits. The better the facilities, the higher the minimum deposit requirement. Hence, analyse such facilities depending on your needs to make an informed decision.

Customer services

When you opt for an online Saving Account opening, you build a long-term relationship with the bank. You move the fund management responsibility to the bank. Hence, make sure you get the best assistance when you need it. Customer services are crucial during emergencies. So, checking the grievance and complaint support is an excellent idea before choosing a bank.

ATM availability

While doing Online Banking is one way to handle the account, some things require a solid physical presence. This involves ATMs. If you like to store cash, you should be able to withdraw whenever needed. So, check their network. Thanks to mediums like a Banking app, you can check the nearby bank branches or ATMs. This helps during emergencies.