Relationship with the Existing

Bank An additional vital factor, this will assist you measure whether moving your account from the existing bank to a new one would be sensible. Currently, your bank account could be connected to your online trading account and home loan; and you may have given an ECS authorization for mutual fund SIPs (systematic investment plans) or making utility bill payments. Changing over to a new bank would indicate setting up all these transactions all over again and thus a lot of paperwork.

Roongta said, "A differential of 200-300bps should be substantial in absolute terms to justify the switch. For instance, an average balance of 1 lakh for one year will yield an additional 2,000 per annum and hence insignificant in this context." Likewise, if you have been depending on your existing bank for investment counsel, an alteration in advisor due to migration to another bank could change your investment plans. So, you require pleasing yourself about the worth of advisory services, as well.