How to Choose a Bank, which is Trustworthy?

Posted on Wednesday, June 26th, 2024 | By IndusInd Bank

Choosing the right bank for a savings account is crucial because it ensures the safety and security of your hard-earned money. The best bank for your savings account will protect and grow your funds while also providing dependable services and support in case of queries or grievances. With the right bank, you can also have a solid banking relationship built on trust and integrity.  

Hence, you must consider several factors to ensure you choose the one that aligns with your financial goals and needs. 

Factors to Look for When Choosing a Trustworthy Bank 

To know which bank is best for a savings account in India, make sure you consider these factors in the selection process: 

1. Reputation and Financial Stability

You can begin by researching the reputation and stability of the bank. Look for well-known banks with a strong track record when financial stability and market reputation are concerned. To learn about these, consider checking out news, online reviews, ratings, and general customer feedback. 

2. Financial Health

Along with long-term reputation and stability, you also need to assess the current financial health of the bank. You can do this by reviewing its financial statements, annual reports, and credit ratings, amongst other things. Evaluating financial health is crucial when choosing the best savings account bank. That is because a financially stable bank is less likely to encounter financial difficulties. Doing so can ensure the safety of your money in the long run.  

3. Legal Compliance and Customer Policies

The bank you choose for opening the best savings account must follows all guidelines established by the RBI and other relevant agencies for the services it provides.  

In case of non-compliance, any action undertaken by the regulatory body can affect the bank’s customers indirectly. Read up on the various policies of the bank regarding the customer, such as those regarding customer rights, unclaimed deposits, customer compensation, and so on. It will ensure you understand your rights and responsibilities as a customer and create a sense of trust with the bank.  

4. Range of Services

When researching which bank is best for opening an account, consider the range of services offered by the bank. While a savings account may be your priority, you must also look for other services that can enhance your overall banking experience. It includes credit card services, personal loans, term deposit services, digital banking features, etc. 

5. Fees, Charges, and Interest Rates

Fees and charges are important factors associated with the savings account. Consider other factors such as the monthly maintenance fee, minimum balance requirements, ATM fees, etc. These charges should be laid out in the terms and conditions. The charges should be reasonable so they won’t eat into your savings. 

You must also look for banks that offer competitive interest rates to help your savings grow over time. The higher the interest rates, the more your money is likely to grow.  

Also Read: Understanding Interest Rate on Savings Account: A Detailed Guide  

6. Customer Service

This one aspect can be a major distinguishing factor when comparing which bank is better for a savings account. Carefully evaluate the quality of customer service offered by the bank via phone, email, live chat, and in-person assistance. It can ensure a smooth and hassle-free banking experience in the long run.  

7. Security Measures

Before you open a bank account with any financial institution, ensure that it employs solid security measures to protect your personal and financial information. It is especially relevant for digital banking. The bank’s net banking and mobile banking should be secured with encryption, multi-factor authentication, and fraud monitoring systems. 

When you open a bank account online with IndusInd Bank, you not only experience an easy, paperless process but also open doors to a new banking experience. With a strong reputation, comprehensive services, competitive rates, and more, IndusInd Bank ensures your financial well-being and security at every step of the way. Start your journey today! 

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.