Safe Banking Tips

Money is the most important thing apart from the things like love, respect and other proverbial things. More the importance more the risk associated with, to avoid risks people keep their income in the banks. Well but while banking few things needs to be kept in mind for safe and hassle free banking.

1. Avoid dealing private banks.
   
2. Make sure the bank is nationalized like State Bank Of Hyderabad .
   
3. Always complete the transactions in between 1st to 10th of every month, as banks in India calculate interest taking average monthly basis.
   
4. Never keep the entire amount with a single bank, spread across various banks.
   
5. Issue account payee cheques only to the maximum extent possible.
   
6. Make sure you strike the bearer letters written on the corner of the cheque.
   
7. When transferring amount from one account to the other, do it using the cheque rather than carrying cash physically.
   
8. Retain the receipt of the money deposited until it’s reflected in your account.
   
9. Make sure that you specify the nominee for your account.
   
10. Never disclose your bank details to the strangers.
    
11. Periodically check your account balance.
    
12. If you don’t need funds for a period more 60 days , it is always advisable to convert it into a fixed deposit.
    
13. If you are not sure of the period for fixed deposit then you can go for sweep in accounts.
    
14. Make sure you submit your PAN card number well in advance if your annual interest is more than 10,000 rupees.
    
15. If you are a senior citizen or if you already have paid tax and tax should not be levied then you can claim for reversal of TDS.
    
16. If you can go to home branch , avoid inter banking and inter branch transactions .
    
17. Never keep ATM pin number with your ATM card.
    
18. Make sure nobody is along with you when you enter ATM pin.
    
19. Most banks offer per day withdrawal limit , keep it minimum to avoid huge losses in case of theft.
    
20. Most basic point , never sign a blank cheque and never access your bank account online in non secure environments.
    

Most highlighted point is 3rd point , which explain the procedure followed by banks in calculating the annual interest.

Any queries or comments , feel free to post them.