4. How Much Does It Charge?

Your bank can charge you an annual fee for using a debit card but some other may offer this facility for free. PSU banks will charge you a nominal amount of 50-100 in case your cheque is bounced due to insufficient fund in your account but a private bank can charge a heavier fine of 400-500 for the same reason. It’s better to stay away from a bank that demands high fees for their services and a bigger amount in the name of penalties.

you can compare the charges of various other bank services, such as issuing a bank draft, stopping the payment of a cheque, issuing a duplicate statement or passbook or certifying your signature for a third party. Some banks charge for issuing more than four cheque books in a year. Always remember the higher charges levied by the private banks is the cost which you pay for their prompt services while the PSU charges a cheap sum of money for their slow and lengthy services.

Enquire about the other banks services too. For example, can you buy gold and mutual funds through your bank account? Will the bank provide an insurance adviser to guide you if you want to buy an insurance coverage plan for yourself? Will the bank offer you a free credit card as well as a card protection plan?