These 3 big banks of the country offer the most facilities, do you also have an account?
If you want to keep your money safe, always choose a bank that has a strong balance sheet, low NPA and follows RBI rules. Before depositing large amounts in small cooperative banks, definitely check their financial condition.
Customer safety is very important in the banking sector. In recent years, cases like PMC Bank and Yes Bank have alerted people to check the financial condition of any bank before depositing money in it.
Recently, RBI has also imposed restrictions on New India Co-operative Bank, which again raises the question that how safe is a bank and how to identify it?
How to check the financial position of a bank?
The Reserve Bank of India (RBI) periodically checks the financial health of banks and whenever any irregularities are found, a warning is issued to the bank. Keep an eye on such warnings.
Must know the balance sheet of the bank
The financial stability of a bank can be assessed from its annual report, NPA (Non-Performing Assets) rate and capital adequacy ratio.
Deposit Insurance Cover
The government has secured deposits up to Rs 5 lakh under DICGC. Even if your bank closes down, your money up to this limit will be safe.
Too Big To Fail Bank
Some banks are so big and strong that the chances of them sinking are negligible. The Reserve Bank of India (RBI) has placed State Bank of India (SBI), HDFC Bank and ICICI Bank in the category of "Too Big To Fail", which means that depositing money in these banks is the safest option.
These facilities are available in these banks
Customers get fast service in State Bank of India, HDFC Bank and ICICI Bank, and these banks also provide many important facilities to the customers.
All these three banks provide locker facility for keeping gold and valuables. Also, these banks provide overdraft (30 days loan) facility based on your credit history.
Also, these banks provide quick loan facility for doing small and big business. At the same time, these banks also run government schemes like other banks.