With each banking transaction, we come across things like SMS notice, a One Time Password (OTP) or verification code on our mobile.
It thus becomes imperative to register your mobile number with all of your bank accounts so that your financial transaction are done smoothly.
Here are 7 reasons to register your mobile number
1) Track all transactions
Individuals can track all their transaction such as transaction done at a merchant outlet, shopping sites and cash withdrawal at ATM.
One gets instant messages on registered mobile for all transactions done.
2) Transacting online
Most of the authorized sites like Income Tax or Aadhaar UDAI, make any changes and notify the same on your registered mobile number.
Some transactions send One-time Password (OTP) on your mobile to help complete your transaction.
3) Loss of Debit card!
In case if you have misplaced your debit card or your net banking password is leaked, a mobile number comes in handy.
If the culprit tries to make any changes or withdraw any amount, you will be instantly notified through the SMS alerts on your registered mobile number.
In such cases, you should contact your bank and block your card immediately.
4) SMS alerts
Banks keep you updated on your current balance by sending SMS alerts so that you will be aware of your balance and can organise your payments accordingly.
5) Loan payment reminder
A reminder on loan payments is also sent through an SMS so that you maintain sufficent balance and payment happen on time. Banks will also notify if the balance in the account drops below the stipulated amount.
6) Other Financial transactions
Some banks like HDFC provide option of knowing account balance, mini statement by just calling toll free numbers or by sending SMS which helps you track your account balance without using internet banking or ATMs.
7) Change in Mobile Number
In case of any change in your mobile number, update it with your bank. If not, all the financial details will be sent to old number and you may miss out any important communications from bank.