Do’s and Dont’s of dealing with banking products

Do's and Dont's of dealing with banking products

Simple safeguards can help you to make the most of your investments, protect your accounts and save you from losing your hard earned money. A small list of safeguards is provided below:

Do’s :

1. Do financial planning as per your budget.
2. Buy what you need, not what your banker or financial consultant sells.
3. Listen to their advice and do your thorough research on internet or through friends or colleagues.
4. Read important terms and conditions of services or product before you sign the application form.
5. Make a nominee and share relevant docs with nominee and family.
6. Take an acknowledgement of application made and double check on progress through SMS or email originating from respective company.
7. Thoroughly understand the after sales service aspects of your product and save customer care number, email ID and physical branch address.
8. Regularly keep track of investments you have made, do not just receive your bank Statement and credit card statement, review it. It might help you save a few bucks and make scope for some investments for example a 1000 Rs SIP.
9. Pay Interest, Installments, Locker Rent and other dues on time.

Dont’s :

1. Do not share your password with any bank representative or even family members.
2. Do not keep your important documents like policy bonds, FD invoice, PPF passbook, cheque book etc in open and unorganized. It should be kept together in a folder and in knowledge of family.
3. Never respond to emails that request personal information. Kindly note that the Bank/RBI/Income Tax Department will never ask for details about your Account / PINs or Passwords.
4. Do not keep your ATM/Debit/Credit cards and their passwords together.
5. Do not record your specimen signature either on passbook or on cheque book.

 

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