Banking refers to the comprehensive financial activity through which the movement of money is managed. Given this, banking has a part to play in your personal and the country’s financial system at large. In India, the banking sector is extensive, including innumerable public, private, and cooperative banks, which the Reserve Bank of India regulates. This ensures a secure and seamless banking experience.
To engage in banking in India, you need a Bank Account. There are various types of Bank Accounts, each with its incredible benefits. A Savings Account, for instance, is a basic yet powerful account you can open. It allows you to securely deposit your money and conduct day-to-day banking. What’s more, it offers a competitive interest rate on your deposits, keeping your money growing.
You can open and access a Savings Account by visiting the nearest bank branch or via online banking platforms. In either case, you should make a conscious effort to secure your account. Here are ways to secure your Savings Account:
No random sharing
Your Bank Account details, Debit Card details, and online banking platform credentials are immensely important. Do not share them with anyone, as it would put your hard-earned money at risk. Generally, you may note down these details on a digital or physical notepad to remember them. Refrain from doing so. If anyone obtains access to this notepad pad, it will jeopardise your account.
You may receive SMS, emails, and calls from individuals impersonating to be bank employees. They may request that you share such information to fulfil some bank formalities, but do not entertain them. They are fraudsters preying on your money.
Keep your information updated
When you open an account with a bank, you are asked to fill out a form mentioning your contact details. The bank requests your contact details for recordkeeping and communication purposes. Hence, make sure you provide the correct contact details. The bank sends SMS and email alerts, keeping you updated on every account activity. You can be alerted if an unauthorised deposit, withdrawal, or transaction is made from your account, which secures your money.
Furthermore, International financial transaction frauds have become increasingly common. Every time an international transaction is initiated from your account, the bank’s customer representative calls you to confirm if it is by you. The bank will immediately stop the transaction if you indicate it is unauthorised.
Regularly change passwords
As mentioned, you can access your Savings Account through online banking platforms. This means you can bank from anywhere and at any time. While online banking platforms have made banking easier, they have also opened a wide scope of financial fraud. Hence, it is important that you take the necessary steps to secure your account.
Change your online banking platform passwords regularly to secure your banking activities. In fact, several banks send out a compulsory password change notification every six months to ensure secure banking. Make sure you do so without fail.
