Saving With A Friendly Bank

The banking scenario has been witnessing a change in recent times. Today you can put your money in private banks, which offer professional, customer-friendly services with longer working hours, all at a price, of course.

The fixed deposit option too has been made more investor-friendly with the option of retrieval of portions of the capital available to those banking with private banks. Not that it is completely hassle free. There are still niggling details of paperwork to be accounted for while operating a fixed deposit account.

Even if you are the kind who would swear by the tried and tested savings bank account, it is time you looked at the options private banks have on offer. Just keep in mind the following parameters when you decide to tap these private banks:

 

Minimum balance: All you need is a paltry Rs 500 to open an account in a public bank with a cheque facility in place. But it is a different story when it comes to the private ones.

Global Trust Bank (GTB) perhaps asks for the lowest minimum deposit, which is still steep at Rs 2,500 compared to public banks. Citibank asks for a stunning Rs 3 lakh. ANZ Grindlays and Hong Kong Bank fall somewhere between these two stools, requiring an average balance of at least Rs 10,000 over a period of three months. BankAm offers a further choice. You could choose between two types of savings accounts a normal one and a value plus account. At a minimum balance of Rs 50,000 value plus customers can avail of exclusive counters, enhanced ATM withdrawal limits, and a whole lot of services on the house like free courier pick-up and free stop-payment. The normal savings account with the bank requires only the standard Rs 10,000 as the minimum balance.

Business hours: Citibank, TimesBank, HongKong Bank, ANZ Grindlays Bank follow the public bank week, remaining closed on Sundays and bank holidays. But while public sector banks have business hours from 9.30 am to 1.30 pm (and till noon on Saturdays), private banks offer a slight edge. They begin their services from 10 or 10.30 am and close transactions at 2.30 or 3.30 pm (on Saturdays they are open till 12.30 or 1 pm).

A few select private banks offer more relaxed timings. GTB, for instance, is open every day, except on public holidays. BankAm offers 365-day banking facilities (though they are closed to foreign exchange transactions on Sundays).

For the working person, GTB and BankAm offer convenient timings. GTB is open from 8 am to 6 pm on weekdays and 10 am to 2 pm on Sundays. And BankAm works from 10 am to 7 pm everyday.

Withdrawals: As a rule, public banks allow only four withdrawals a month. Private banks score again here, since they have no ceiling on number of withdrawals. The exceptions are Hong Kong Bank, which doesnt allow more than 25 withdrawals. And ANZ Grindlays will not let you draw more than Rs 3,000 a day. Most private banks also offer national access to accounts, so that an account in any one city entails your being able to operate it from any branch of the bank in the country.

Convenience banking: To facilitate opening an account, ANZ Grindlays and GTB send over representatives, who come equipped with a camera to take the new account holders photograph. GTB also offers three demand drafts free for account holders in a month. BankAm and CitiBank offer a further service, delivering cash to your doorstep. Citibank and BankAm have set a ceiling of Rs 10,000 for cash deliveries, although. BankAm agrees to pick up any amount of cash by courier.

ATMs: The Any Time Money (ATM) facility is now available with a few public banks, though most private banks offer this facility. The only exception (from amongst those considered here) is GTB, which should be ready with the facility in two months. You cannot draw any amount you fancy from an ATM. Each bank has set its own ceilings. BankAms normal savings account holders, for instance, cannot withdraw more than Rs 10,000 from an ATM.