Convenience is the Key

The outline of the bank you would be transferring to will also matter. For instance, the bank may be a supporter of a virtual rather than physical presence. Thus, it may brag of a range of technologically-advanced services and channels, but less branches, and may not have one in the neighborhood of your residence.

Mathpal adds, "Senior citizens may not be tech-savvy or comfortable with advanced banking systems like internet banking or even ATM transactions. They must keep this in mind before switching to new-generation banks as they focus more on hi-tech services compared to branch-level service."

This would be relevant to all those who have a preference of face-to-face dealings with bank officials; more so if they are availing of locker services. Even if a bank does not have a branch, makes sure that it has an ATM close to your place. Alternatively, for the younger generation and others who are tech-savvy, immediacy to the branch need not figure on their priority list.

They would need to guarantee themselves that the new bank offers all the services on internet, phone and mobile platforms. If you are a net-savvy individual but the bank is deficient in strong internet banking services, it could cause a lot of problems. Similarly, if you are a everyday traveler, find out whether the bank's mobile banking services are up to the mark.