Banking is an important part of our lives. With time, banking has evolved and become more significant. Earlier, the primary purpose of banking was securing your money. Now, besides securing your money, you can transact funds, invest, and apply for Loans. You can also bank from your home, thanks to the internet. Banking has become simpler and more efficient than ever.
A Bank Account is at the core of all your banking activities. Hence, opening a Bank Account is a prerequisite. You can open different Bank Accounts, and Savings Account is the most important one. A Savings Account lets you park your money securely, earn a competitive interest rate, and meet daily banking requirements. You can open and operate your Savings Account offline or online.
Either way, you should activate SMS alerts to facilitate a secure and seamless banking experience. Following are the SMS alerts you should receive:
- Deposit and withdrawal alerts
You should be aware of deposit and withdrawal alerts on your Savings Account. Anytime you or anyone else deposits or withdraws from the account, you get notified via SMS alert. This helps you keep tabs on your account activity. It also prevents fraudulent activities. If you are notified of an unauthorised withdrawal, you are alerted immediately. You can contact the bank as soon as possible and find the culprit.
- Transactions alerts
Today, a significant percentage of your transactions are made online. Consider activating SMS alerts for account transactions. This way, you can track your spending. If you have linked your Savings Account to different payment wallets, activate transaction alerts for them too. As mentioned, if you receive an unauthorised transaction alert, you need to act promptly.
You receive a Savings Account statement periodically at your email address, or you can check it on the Banking App. The statement summarises all transactions for the specified period. You can refer to it to know your spending.
- Account balance alerts
You need to maintain a minimum Savings Account balance. You are liable to pay a penalty for non-maintenance of the same. Try keeping up with the minimum balance requirement. It is an excellent way to observe financial discipline and avoid paying high fines. Activating account balance alerts is helpful. This way, you are aware of the account balance you hold. If your account balance is low, raise it to the required minimum balance requirement.
Every bank's Savings Account minimum balance requirement and penalty charges differ. You should consider opting for an online Savings Account opening with a bank with a low minimum balance requirement and penalty charges.
You can activate the mentioned SMS alerts offline or through the bank's online banking portal.