Opening a bank account is extremely easy today since popular banks like IDFC FIRST Bank now facilitate instant online account openings through the online portal and mobile app. An online application saves you time and effort with quick KYC and processing. However, to choose the best bank for personal banking, you should follow an efficient five-step procedure as mentioned in the article below.
1. Choose a bank that helps you save more over time
IDFC FIRST Bank’s Zero Fee banking feature is popular among customers since it helps them save significantly. Thanks to this feature, customers need not bear the charges for 28 commonly used savings account service like ATM withdrawal charges, NEFT (National Electronic Funds Transfer) charges, and IMPS charges. Read more about Zero Fee Banking .
Besides this feature, IDFC FIRST Bank offers a competitive interest rate of up to 7% per annum and a monthly interest credit option to enhance your savings.
2. Prioritise a safe online banking app
The RBI (Reserve Bank of India) recently notified banks about prioritising the safety of online transfers. Banks have complied and introduced several security measures on mobile apps to help customers bank safely. If you are an IDFC FIRST Bank customer, you can also opt for a biometric login to ensure the safety of your transactions.
3. You should be able to transfer money quickly and safely
The IDFC FIRST Bank mobile app offers Auto Pay and One-Swipe Pay – two other popular features that ensure seamless online fund transfer. Auto Pay helps customers automate recurring online payments like utility bills, credit card bills and payments towards rent. One-Swipe Pay is an alternative to other payment modes that helps customers make payments simply by swiping on their screens.
4. Opt for a bank with a high-interest rate
Net banking features aside, the primary priority of a customer while selecting a bank must be the interest rate. IDFC FIRST Bank offers a high-interest-rate savings account to help customers increase their savings. Remember, however, that a high-interest rate should not be your sole priority while opening a bank account. You must also consider features like an efficient mobile banking app and easy access to banking services.
5. The bank must render all services accessible
A distinguishing feature of new-age mobile banking apps is their focus on accessibility. Financial services are more accessible with an easy-to-use mobile application. IDFC FIRST Bank’s app helps customers access their bank statements online and check their account balance within seconds. Such a razor-sharp focus on accessibility makes any bank a contender for the best bank for personal banking.
Most customers with savings accounts plan budgets online today. Using apps which offer features like the Track Your Expense feature can best complement their lifestyle. Track Your Expense helps you save more by categorising your expenses into various types. Efficient online budgeting via expense tracking feature can help customers significantly increase their savings. Choosing a suitable bank for your savings account is crucial for a seamless banking experience.