3 Points To Remember For Managing Bank Accounts

Senior citizens can do most of their financial transactions while sitting at their homes, provided they have a bank account with an online banking facility or a debit or credit card

Amit Sethi
August 1, 2023
3 Points To Remember For Managing Bank Accounts

Having a bank account can solve many of your problems and save you time. For example, you can do online shopping, transfer payments to your child’s account, book travel tickets online and so on. However, you must take proper care of your bank account to avoid unnecessary charges, operational issues and for the safety of your money lying in your bank account. Here’re three important points you should remember while managing your bank account.


Keep Your Bank Details Safely

You must have heard about the warnings and caution messages often circulated by several banking agencies about the safety of your bank accounts. Senior citizens are often soft targets of cheaters and fraudsters because they often easily rely on the information provided to them. Remember, your bank account detail, such as the data given in your bank account, debit and credit card details, OTP related to your banking transactions and login id and password of your online banking, should not be shared with anyone. You must keep these details in your safe custody.

Check Your Account Statement Regularly

A Bank account statement is the best way to ascertain your spending habits and to know about the various charges levied by the bank. Checking your account statement regularly can help you stay updated about your account balance, and if any unscrupulous transaction happens, you can recognize it easily. Most banks nowadays provide daily balance updates through SMS and emails. Also, you can ensure the activation of transaction alerts in your bank account for an instant update about all debits and credits happening in your account.

Keep Nominee Details Updated In Your Bank Accounts

Though it’s not mandatory to have a nominee, you must mention the chosen nominee’s name in your bank account. You need a nominee because they are the one who receives fund in your bank account after your death and ensures that it reaches the hand of your legal heir. In the absence of a nominee, it becomes a tedious job for the legal heir to claim the fund lying in the deceased’s bank account. You can mention a different person as a nominee in your bank account and fixed or recurring deposit accounts. Also, you can change the nominee anytime in the future.

Applicable charges on your banking transactions, such as cash deposit charges, ATM transaction fees, money transfer charges, minimum balance required, etc., are some more aspects you must pay attention to while operating your bank account.


The author is an independent financial Journalist

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