In today’s world, everyone does maintain an account in the bank. It may be a normal savings account or a business current account.
There are varieties of accounts you can have but do you maintain them properly?
When you see your statement of account, you must have stumbled upon some charges which are even sometimes confusing and not easy to understand, right?
In fact, common people have no time to go through their transactions meticulously, as they are already consumed with their hectic work.
But it is worthwhile going through once a month. After all, it’s your hard-earned money.
Whatever you do ultimately you do it for money, otherwise, how would you run a family?
So, we are going to break it down for you about the charges and fees banks normally levy and other simple things you need to be aware of.
You can even avoid some of them.
Top 10 tips for maintaining your account.
- Avoid getting your account dormant or inoperative status. Account become inoperative if you do not induce any transaction within 2 years.
- At least a few transactions within 6 months period is recommended.
- If you do a single transaction within the prescribed period, it counts.
- Make sure your KYC is updated and the mobile number you have provided is captured in your account.
- Whatever happens to your account you get a notification on your phone, so it’s crucial that your number is captured correctly.
- If you use internet banking, change your login password at regular intervals of time.
- Get to know about bank charges for their services. Some of the common charges which bank levy to their customers are as follows
- Minimum balance maintenance charge (mainly in Current Account)
- AMC for ATM card (Both savings & Current Account)
- SMS alert charge (Both Savings & Current Account)
- Cheque issue charge (Both Savings & Current Account)
- Other charges of transactions such as cash deposit, NEFT/RTGS, fund transfer etc.
- Cash Handling charge (mainly in Current Account)
- Some banks may even levy service charges to their customer.
- Duplicate passbook issue charge, duplicate statement issue charge etc.
The point is, there is certain kind of charges which comes as a penalty.
Those can be avoided and save a few bucks. For example, you can avoid charges for not maintaining minimum balance in your account.
NEFT/RTGS commission can be avoided if you do it through internet banking and it’s 24/7 available on online platforms.
Right! you can avoid those duplicate passbook and statement charges too.
- Always remember your password and never scribble on a piece of paper.
- Keep a lesser amount in your savings/current account. Invest a maximum portion of your fund where you feel comfortable.
- Keep track of your account, after all, it’s your hard-earned money. So spending time tracking your account is not a waste of time.
- Learn how to make a formal complaint.
- Make sure you opt for the nomination facility. Always appoint a nominee, it helps a lot when it comes to funding settlements.
- And be aware of fraudsters. Keep your bank account details safe and protected no matter what.
These simple things are easy to follow and one day you might end up saving a few bucks too.