How to choose a bank for a savings account?

Amidst all the chaos surrounding Yes Bank. The “aam aadmi” is now concerned about their deposits. Turns out that the highest interest rate, low monthly minimum balance, mobile banking, etc. aren’t the only things to consider while opening an account.

Following are the potential signs of red flags that should also be considered:

  1. Declining stock price: Investors generally sense fishy affairs early. The stock price is considered to be a good proxy for a company’s performance. Check for the stock price in the last 1 year, if it is in a downward trend, its a potential red flag.

These are some basic checks that can be applied before opening any sort of retail deposit account.

PS: Yes bank, failed in all these aspects.

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In the making of an MBA, with a tilt towards writing. I like to observe things and people around me and try to write something meaningful out of that.

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Aayush Saraogi

In the making of an MBA, with a tilt towards writing. I like to observe things and people around me and try to write something meaningful out of that.