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How Similar is Banking and Keeping Yourself Safe from Coronavirus

The entire world is fighting against coronavirus. Everyone including the government, doctors, medical workers are doing their best to treat the diseased and contain the spread of this pandemic.

As infected cases and people dying due to the disease are increasing day by day, the national lockdown has been further extended till 3rd May.

In this scenario, it has become extremely important to do our best to reduce the spread of this disease. Staying indoors, maintaining social distance and keeping a few hygiene factors in mind can help to slow down the spread of coronavirus. These steps and habits will keep you to be safe as well.

Staying safe from coronavirus is not much different from banking. Here’s how one can relate to the different precautionary measures with banking and savings account.   

1. Stay Indoors = Do Mobile Banking/Internet Banking

Staying at home is the best way to protect yourself from the pandemic. It also helps to contain the risk of spreading coronavirus. Just like staying at home is the best form of defence, mobile banking and internet banking are the easiest ways to carry out banking transactions.

 You can open an online saving account like Kotak 811, transfer funds, open fixed deposits, pay bills etc. from the comfort of your home. 

2.Maintain Social distance = Distance yourself from biases

While you stay at home, you may have to go out to buy essential items such as food and medicines. In this scenario, maintaining social distance is important. Maintaining the distance is required as it will help to prevent the spread of the coronavirus, especially if someone sneezes or coughs.

In the case of banking, e.g. while opening a new savings account; biases can have a negative impact. Most of us are not aware of these biases and how it affects our decision-making capacity. Being aware and removing biases such as familiarity bias, herd mentality and confirmation bias can help you to avoid wrong decisions.    

Read: Opening a Savings Account? Steer clear of these 3 biases

3. Maintain Hygiene = Practice safe banking habits

Covering your face while sneezing and coughing is basic etiquette. In the current scenario, making sure that you have a hanky with you to cover your nose and mouth while sneezing or coughing is extremely important. It is required so that infection does not spread to others.

As the number of infected cases is going up day by day, wearing a mask has become essential. As coronavirus attacks the respiratory system, putting on a mask when you go outside to get essential items can protect you from a possible virus attack.

Washing hands regularly with soap, hand wash or alcohol-based hand sanitiser will also help to protect yourself and your family members from this pandemic. 

Similarly, it is critical to protect your bank accounts from fraudsters. Here are some of the healthy banking practices:

  • Not sharing sensitive details over the phone
  • Using your hand or hanky to cover while keying in your ATM PIN
  • Using secured wifi and mobile data connections while carrying out online banking transactions
  • Not opening emails from unauthentic sources
  • Update your internet banking password and PIN regularly
  • Don’t share sensitive data such as your birthday, Aadhaar number etc. on social media
  • Check your account statements to check for any malicious activity

Conclusion:

Staying indoors, maintaining social distance and keeping the basic hygiene factors in mind can help to minimise the spread of coronavirus. Here we have tried to draw an analogy between these measures and safe banking habits. These pointers can help you to make the right decisions while opening a new savings account and keeping your savings account safe from malicious activity.

Stay at Home and carry out transactions through your mobile banking app and internet banking.


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