If the journal is indexed in  with ISI, Scopus, ERA..this is more important on the level of the journal and its reputation.

Open access, if it is within the above sources, the only issue is that you need to pay money. This will give more feasibility for your paper.

On the other hand, the journals which are only classified as Open Access, without being affiliated with well known databases vendors, I can say that it is a waste of effort to publish with them

If the journal is indexed in  with ISI, Scopus, ERA..this is more important on the level of the journal and its reputation.

Open access, if it is within the above sources, the only issue is that you need to pay money. This will give more feasibility for your paper.

On the other hand, the journals which are only classified as Open Access, without being affiliated with well known databases vendors, I can say that it is a waste of effort to publish with them

It is better to publish in established and standard journals. Many open access journals are in transition mode to become predatory journals. It is better to avoid them. However, there are some open access journals published by leading publishers. The access fee is paid by the respective universities or research institutions which sponsor the journal. Please read the following related questions in Researggate.

https://www.researchgate.net/post/Why_are_some_academics_publishing_their_works_in_flaky_and_predatory_journals_churning_out_quantity_rather_quality/1

https://www.researchgate.net/post/What_is_the_real_meaning_of_a_predatory_journals_is_there_any_need_to_handle_them

I agree with Prof Dr. Muayyad Ahmad and Dr. I. Dinaharan

Also, open-access gives more potential for citation of your work

Thanks all for the rich information.

Well, it depends on the solidness of your paper.  If the findings are solid and genuine you might have loyalty fees on Subscription-based access journals but with a disadvantage of less potential citations. Otherwise, you might go to open-access journals. 

Thanks Dr.  Khalid for the clarification.

The journal wants me to pay a fee for open access publication. If I do not choose to pay, my paper can be published with the standard subscription-based access free of cost. Apart from the charge difference, what are the other differences between open access and standard subscription-based access?

Most journals give the author the option of publishing their paper open access (for which authors need to pay a fee) or with the standard subscription model which is free of charge for the author.

Subscription-based access requires readers to pay for the content that they read. This has been the model followed traditionally in the academic publishing industry. Since individuals or institutions have to pay subscription charges, only scholars and academics who are subscribed to the journal will read your paper. 

In the open access model, readers are not charged: they have free online access to the content. By allowing free access to the scientific community and to the public, the open access model definitely ensures a wider readership.

Another difference is that for subscription based publications, you have to transfer copyright of your paper to the journal. This means that anybody who wishes to use any part of your paper will have to seek permission from the journal. On the other hand, open access journals use CC licenses, which give users the right to share, use, and build upon your work. 

Also, open access articles get published relatively quickly, while subscription-based articles are mostly published in print form and therefore take longer.

You might also be interested in knowing about some other publication options offered by a journal.

https://www.editage.com/insights/what-are-the-differences-between-open-access-and-standard-subscription-based-publication

For readers open access journal is better, while for authors subscription based journals

I think, open access journals are beneficial for both authors and readers. For authors, it allows the ideas suggested by authors to reach as much as possible of readers which is good to have a good feedback and give the article more chance to be cited by other researcher not to mention the benefit of the open access journals in transfer and spread knowledge on a large scale.

It is not the question whether it is open access journal or subscription based journal. Please check the Impact factor and availability in open access. Prefer high impact journals with open access. Best of Luck.

Thanks all, I do appreciate your informative comments.

Note that many journals (including many of those published by Elsevier and Springer ) can make your article open access for a fee even if these journals are not fully open access. You should, however, check this for any particular journal separately.

Also, many Springer journals let you share your article via ReadCube so that it can be read by anyone (but cannot be downloaded if one has no valid subscription) who has a sufficiently modern browser to handle enhanced PDF; for example the published version of my recent article Integrable (3+1)-dimensional systems with rational Lax pairs can be read in this way here: http://rdcu.be/Dkwh .

This can be a reasonable substitute for open access (unless you are officially required to publish open access by, say, your university or your grant agency), but again you should check this for each journal separately whether this feature is available for it; see also https://www.springernature.com/gp/researchers/sharedit for details.

Many journals also allow the authors to post a preprint version of their article on their personal web site or at a repository like arXiv.org but again you should check each journal specifically for that (and for the exact definition of what does this particular journal mean by a preprint). This is commonly known as self-archiving or green open access. Of course, this probably would NOT suffice if you are officially required to publish open access by, say, your university or your grant agency .

open-access gives more potential for citation of your work

Open access journals especially for young researchers.

When you published in Open access journals, You'll get a more citation.

Good question

I agree with Dr. Muayyed Ahmed opinion

Regards