How to Find the Right Bank for your Business role

Banks do play an integral role in shaping up your business and taking it forward in the right way. Picking up the right bank isn’t always an easy affair and there are many instances of people choosing the wrong bank and regretting it for all the wrong reasons. The right bank is one which can satisfy your needs and put a smile of relief on your face.

A good bank is a one which doesn’t trouble you and knows your needs. One which doesn’t put on too much of a financial strain on you or doesn’t charge you exorbitantly for all small reasons. So, here’s a small checklist which would definitely help you, before starting an account in a new bank.

  1. Ease of Access

This is really quiet an important point, because you wouldn’t find it highly pleasing to land in an area where you can’t withdraw any money. Make sure that your bank has its presence in major cities if you travel on a regular basis. A bank with a nationalised presence would be of great help if you plan to expand your business to other cities and states.

If your business is localised only to one particular place, then a local area bank of your choice wouldn’t be of much harm. Even if your bank doesn’t have much of a presence in other cities, make sure that your bank has enough number of ATM’s spread throughout or allows you to use ATM’s of other banks with ease. A bank with a large number of ATM’s at its helm would definitely be an attractive criterion, because it would mean that withdrawing money just got a lot easier.

  1. No Exorbitant Charges

A bank which charges you for all sorts of transactions or its actions would definitely be something highly undesirable. Believe me, but getting up morning to these messages notifying you that some amount was deducted because you checked in your bank balance using some ATM, is highly annoying and nothing else could dampen your spirits.

A good bank should be able to give you some peace of mind and not charging for every single tiny action of the bank would be a big step in the right direction. The right bank doesn’t charge you for every transaction you make, or doesn’t charge a monthly fee for your cards and your account maintenance in an exorbitant way.

Also, you don’t want a bank which puts in a restriction on the number of cash withdrawals or transactions you make. A good bank realises that it’s your hard-earned money which you’re withdrawing and should provide a hassle-free method to carry out your transactions. Make sure that your bank does not have any sort of hidden charges and is quite transparent in its processes.

  1. Interest rates

Do go through the interest rates of your bank because this is such a decisive factor when selecting a bank. If you plan to deposit some money for a long-term basis, then you might need a bank which offers you a high or good interest.

At the same time, if you’re taking a loan make sure to select a bank that offers really low interests. Just going through the bank policies can give you a basic idea of the loan structure. Contacting some known previous clients of the bank can greatly help you. They can rightly guide you with their past experiences with the bank, because in the end, you don’t need a bank which begins to bully you.

  1. Customer Friendly

The right bank is also a good friend. You don’t want to be in a hostile environment when you enter into a bank. The right banking attitude can create a lot of difference and would be a motivation for you to trust them easily. Contact some previous or present clients of the bank and try to know their experiences with the bank.

What you need is a bank which patiently listens to your needs and explains everything even the basic details of banking without getting irritated. The right bank can help you in your business in the right way, by providing suggestions for improvement or else helping you find the right banking policy for your business etc.

  1. Minimum Balance

Make sure that you understand how much minimum balance your bank requires you to have in your account. Banks which do not demand any sort of minimum balance would be ideal, but such banks are quite few nowadays.

If you’re business is still in its budding stage, you might want a bank which does not demand much of a minimum balance. Also, make sure that your bank does not have a history of changing its policies in a drastic manner. You don’t want yourselves to be caught up in a situation where you bank suddenly asks you to raise your account balance by Rs.3000 or more.

  1. Quitting Policies

You might not think of quitting your bank as soon as joining one, but believe me this is really an important point. There might one day arise a situation where you might not find no more need of your account and would require closure of the account. At that time, you don’t want your bank making unnecessary demands or charges.

What you need is a bank which graciously accepts your account closure proposal and acts in a suitable way. There are banks which even gives parting gifts in the form of some freebies or anything else. When there are banks like these, why go to banks which can put you into harrowing conditions. Contacting previous known clients of the bank can help you more in this section.

You can ‘Bank’ on them

What good this article would be, without suggesting some good banks for you. Here’s a list of popular banks in India which could definitely be a game changer for your business.

  1. HDFC bank

HDFC offers a lot of schemes and services such as loans, insurances, net-banking and a lot more. One advantage of the bank is that it’s presence isn’t localised to a mere few cities, instead has a presence at the national level.

  1. AXIS Bank

Axis Bank is another bank which has its presence in the national. It is India’s third largest private sector bank. The bank offers attractive schemes and incentives for NRI’s too, along with the special privileges that the loyal customers gets, in terms of Axis Bank offers with deals and discount vouchers ranging from shopping to lifestyle to all the different sections available.

  1. Kotak Mahindra Bank

Kotak Mahindra is a fast-growing bank which is emerging out to be one of the key players in the banking sector. Relatively a bit new, it has still managed to remain in the competition with excellent results.

  1. YES Bank

YES bank is another new contender in the banking sector and still has managed to keep up a nationalised presence. It bank has attractive schemes and loans both for NRI’s and people settled here.

The list of Banks is not a small one, but a huge one ranging from old big banks to the relatively new ones near you. Selecting the right one can help your business grow in the right direction. So, what are you looking for, Happy Banking!!

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