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Savings Account : Dos and Don’ts

The World Investor Week is currently underway. This global campaign aims to raise awareness about the importance of investor education and protection. During the week, October 1-7, 2019, financial organisations across the globe gear up to spread awareness among its customers and investors.

In this era of technology, it has become equally important to keep a tab on the different security measures. Investing a certain percentage of your income regularly is a healthy habit. It will help you to fulfil your financial goals. Savings Account is the main element of investing as it is impossible to invest without a savings account. For e.g., if you set up a systematic investment plan, the fund house will automatically debit the SIP amount every month from your savings account.

Hence, a safe and secure savings account is important to invest without any hassles. Over the years, the scope of banking security has increased. It is now important to check security measures while doing internet banking, withdrawing cash from ATM etc.

In this article, we will bring some of the dos and don’ts to keep your savings account safe.

Dos to keep your savings account safe

  • Always have a password for the mobile phone or computers from your access internet banking.
    Promptly inform your bank branch of any change in your name, address, mobile number and e-mail address.
  • Inform your bank if there any discrepancy in your account statement and passbook. Don’t forget to check your password and transactions done regularly.
  • Immediately block your bank account if you lose your ATM card.
  • Operate your account frequently so that it does not turn inactive or dormant. Inactive or dormant accounts have higher chances of misuse by hackers.
  • Change your log-in details, ATM pin and other security settings regularly.
  • Always open your bank’s secure Internet Banking site directly. Avoid going through any third-party site or links on emails. Always verify the website before you log in. The login page should have a padlock image and the URL should begin with ‘https://’.
  • Once you are done with internet banking, log out of your account.
    Install authentic antivirus software and update the antivirus regularly.
  • Update your mobile banking app as and when an upgrade is available. It is because it will come with better security features.
  • Opt for SMS alerts to keep track of all your banking transactions.
  • While using any bank ATM, look if any devices are attached to the ATMs. These may be used to pull your confidential data.

Don’ts to keep your savings account secure

  • Don’t use internet banking over unsecured Wi-Fi networks such as railway stations, airports and cybercafés.
  • Disable the ‘File and Printing Sharing’ command on your computer.
  • Never respond to spam emails and especially e-mails that ask for details of your bank account such as login details, PINs and passwords.
  • Never save your log-in id, passwords and ATM PIN on the phone. It is best to memorise these details.
  • Never lend your debit or credit card or share your PIN with anyone. This also includes family members.
  • Do not key in any information on a pop-up window no matter how official it may look.

These were some of the important dos and don’ts that will keep your savings bank account safe. This will help you to make a timely investment without any problem.

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