Banking Security Basics

Banks are widely considered among the safest places to store your money, and offer peace of mind to their depositors that their money is in safe hands, and is secure from robbers and thieves. However, there are more and more cases being reported of people being defrauded, having their accounts drained, and unknowingly having various things purchased in their name and charged to them. In light of this, the Mumbai Police have issued certain guidelines and advice for the public.


The following are a few points to remember in the case of Banking Security:

  • Never introduce an unknown person for the purpose of opening an account in your Bank.
  • Never encash cheques/drafts of an unknown person through your account.
  • Do not keep your account in-operative for a long time.
  • To avoid theft in postal transit or courier services and subsequent cheating, keep a track on the cheques/drafts/pay orders sent through post and courier services.
  • As far as possible, bank transactions should be handled personally.
  • Take care of your cheque books. Do not keep signed cheques in the drawer or any place where outsiders have easy access.
  • All bank transactions should be counter checked to ensure that deposited cheques have been realized.
  • Monthly statements of your bank account should be invariably checked.
  • At the time of withdrawal of cash, the account holder must physically check the cash. Never hand over the cash to a third person for counting.


The following are points to be remembered to avoid bouncing of Cheques:

  • Insist for D.D. or Pay Orders if you are dealing with an unknown party.
  • Post-dated cheques should be avoided.
  • If a cheque bounces, you should give a notice to the person within 15 days of such intimation. If you do not receive a reply, file a complaint in the court under section 138 of the Negotiable Instruments Act, 1981, where effective remedies are available to the public. All cases of bounced cheques may not be offences of cheating under the Indian Penal Code.


Stay informed and be safe in order to protect your family and their future.


Source: This information has been obtained from the website of the Mumbai Police