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8 Smart Banking Tips To Follow
Young individuals are not much aware of banking and the procedure it involves. Now, doing bank transactions is easy and can be done at your finger tips. But this does not mean that you should not know about some basic things and guidelines.
The difficulty arises when you will come across some fees and charges which you had no idea about and which could have been avoided.
Here are some smart things to know when doing any bank transactions.
ATM Transactions
The number of free transactions permitted per month at ATMs other than those of the ATM Card-issuing banks is currently 3. Beyond this there is a charge that is applicable.
Savings Account
A savings or current account will be treated as inoperative or dormant if there are no transactions in the account for a period of two years. If you have multiple accounts, make sure that you do few manual transaction in a year.
Cheque Validity
The validity period of cheques, drafts, banker's cheques has been reduced from six months to three months from the date of the instrument. If once the cheques is issued it should be presented within 3 months or else it is called stale cheque and cannot be presented.
ATM-Debit card
ATM transactions, by the ATM Card-issuing banks, is 7 working days from the date of receipt of a customer complaint. A customer is entitled to receive Rs 100 for each day as compensation for delay only if a claim is lodged with the issuing branch.
Online Alerts
Banks are mandated to send online alerts to the card-holders for all card related transactions, irrespective of the amount.
Make sure you receive updates through SMS and mail on any transaction you do, irrespective of the online or offline transaction.
Aadhaar linking
Aadhaar is gaining popularity as most of the banks, financial institutions reduce the KYC process if an individual is having an Aadhaar number. With banks opting for e-KYC where aadhaar will be a mandatory document.
Passbook
Banks are required to invariably offer pass book facility to all its savings bank account holders. One can register a complaint, if the bank is not offering the same.
Foreclosure fees
As per rules, banks are not permitted to levy foreclosure charges or pre-payment penalties on floating rate home loans. However, they can on fixed rate home loans. Please check with your bank before applying for home loan.
