Sita has an account with Bandhan Bank while her twin brother Pranit has an account with the State Bank of India (SBI). Both want to be better managers of their own finances and in one of their readings, they discovered the benefits of monitoring their banking activities frequently. They hence became more diligent in checking their Bandhan Bank Mini Statement and SBI Mini Statement. The reason for Sita and Pranit to monitor their bank balances are detailed below:
Reason 1 – Prevent fraudulent transactions.
The covid-19 pandemic had changed the way they interact with the world, it has also opened a lot of opportunities for personal data to be stolen. It has become essential for many people, including Sita and Pranit, to operate online using public internet and other wireless network technologies to read and send emails, chat online, use social media, check account balances, etc. But such activities could put sensitive information at risk of being stolen and misused. The ease and simplicity of connecting to public wireless networks is an opportune playfield for cybercriminals and hackers to lay a trap for an unsuspecting user.
Here is a summary of the frauds that took place in India recently.
|Year||Number of Frauds||Underlying Fraud Amount|
|FY 22||9,102||Rs 60,389 crore|
|FY 21||7,358||Rs 1.37 lakh crore|
|pre-pandemic FY20||8,702 frauds||Rs 1.85 lakh crore|
The modus operand for fraudsters has shifted to card or internet-based transactions in recent years. Checking bank balances frequently can help Sita and Pranit to keep track of their account transactions so that when suspicious or unauthorised transactions do occur, they can identify them immediately and report them.
For example, a fraudster may obtain Sita’s banking information and make a small test purchase hoping that she won’t notice. If the purchase is successful, the fraudster could then make larger purchases against her account.
Reason 2 – Tracking spending and verifying the recent transactions to avoid confusion in the future.
This leads us to the second reason for checking Bank Mini Statement frequently. Checking it frequently can help Sita and Pranit to track their spending. Despite them both having a good income, they were unable to save a lot. Checking their debit transactions can help them be conscious of unnecessary expenses such as restaurant bills and online shopping. This can help them take measures to reduce such expenses in the future.
Many transactions might have also taken place in a day, and they are often forgotten after a few days or weeks. It makes it difficult to find out where the money was spent.
Reason 3 – To track excessive or hidden charges levied by the banks.
Banks may levy charges that customers are unaware of. Such charges include charges for non-maintenance of minimum balance, issuing a duplicate passbook, getting a physical account statement, annual debit card fee, etc. Sita and Pranav won’t be able to trace such charges unless they monitor their balances.
Reason 4 – Better management of financial life and proactively investing idle funds.
By checking their bank balance frequently, they can better budget and make room for unexpected huge expenses for things like medical bills, etc. Sita and Pranit will also know the fund balance lying in their account. This fund can be used for investment in an appropriate investment instrument to earn a higher return compared to their savings account. In the long run, they can make a huge corpus that can further help them in bigger wealth creation.
How Often Should Sita and Pranit Monitor Their Bank Balance?
Not monitoring their checking account can be expensive in more ways than one. It’s safe to say that only checking their balance once a month won’t be enough if they want to minimize fraud and fees and stay on top of their finances. Doing it once or twice a week is a good start. From there they can proceed to thrice or four times a week until they develop a habit of checking them daily. They can also pencil in a date on their calendar to review their balance statement.
What should Sita and Pranit monitor for?
When reviewing their account activity, they need to check for the following:
- Any transactions they don’t recognize.
- Have any deposits or payments that they’ve scheduled been posted or not?
- Recent purchases.
- Which fees, if any, their bank has charged.
They need to check at least once a month to see that their personal information, including email and phone number, is up to date. They will need to change their mobile and online banking password every three to four months. The password needs to be strong and unique to prevent fraudsters from breaching their security.
Learning all these spurred Sita and Pranit to check their Bank Mini Statements frequently. They found several ways to get their Mini Statements.
Setting up banking alerts to notify them when a new credit or debit transaction happens, when a failed login attempt occurs, or when changes are made to their password or personal information is also very important.
Techniques to Obtain Bandhan Bank Mini Statement
Missed Call Banking
Sita can get her Bandhan Bank Mini Statement by giving a missed call to 922-3008-7777 from her registered mobile number.
Sita can download the “mBandhan” banking application which is available in Google Play Store or Apple App Store. From this app, she can check her Bandhan Bank Mini Statement as frequently as needed.
To avail of this service, Sita needs to activate SMS banking beforehand. Bandhan Bank Mini Statement can be obtained by sending an SMS in the following format: “MINI<account number>” to 9223011000.
Techniques to Obtain SBI Mini Statement
Missed Call Banking
Pranit can dial the SBI Mini Statement Number 09223866666 with his registered mobile number to get his SBI mini statement directly on his registered mobile number.
To avail of this service, Pranit needs to activate SMS banking beforehand. SBI Mini Statement can be obtained by sending an SMS ‘MSTMS‘ to 09223866666.
SBI Mini Statement by WhatsApp
Pranit can also get his SBI mini statement via WhatsApp. The SBI WhatsApp banking number is +91 9022690226. By sending Hi he will need to follow the instructions that come after that.
These tips and tools provided by the banks have enabled Sita and Pranit to be more aware and help them manage their financial lives better.