A bank statement or account statement is a document issued by a bank describing the activities in a depositor’s savings account or current account during the period. Account holders can keep a track of their transactions and account through the bank statements.
A bank statement typically provides a full overview of the account for the selected tenure. Account statement summarizes the following:
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An account statement usually contains three parts:
Account holder details are mentioned at the top of the account statement. Account holder details include Name, registered mobile number and residential address.
After account holder details, account summary is presented that holds the account number, home address, account description (type of account) and other details of the depositor.
Transaction detail part shows all the transactions recorded with date, amount, and the description of the payee or payer.
A customer has the option to choose the statement period for which he/she wants the bank statement.
For eg: A customer can subscribe to get the account statement for the complete financial year or choose to get the account statement for the statement period of last three months or any specific range of days.
Different banks offer different statement periods hence a customer can choose the statement period according to his/her requirement.
There are two ways by which a bank statement can be availed:
Online mode refers to electronic version or paperless mode wherein the account holders can access their statements called the e-statements online via mobile banking app, netbanking portal and download it as a PDF.
Some banks don’t provide the option to download or print the bank statements while accessing them via mobile banking app, netbanking account. In such a case, banks send statements via email to the customers that can be downloaded or printed.
Some banks automatically send monthly statements by mail. These mailed statements will be identical to what one views online.For the security measure, these mails are password protected and can only be accessed by filling in the right credentials.
Here are some of the steps to access the bank statement online:
Step 1: Login to the account through the bank’s net banking portal or mobile banking app.
Step 2: Look for the heading “bank statement” or “e-statements”.
Step 3: Select the statement period.
Step 4: The bank will send the account statement for the selected period on the registered email ID of the account holder. Alternatively, some banks also provide the option of downloading the bank statement as a PDF through the netbanking portal or mobile banking app itself.
In offline mode, bank statements are typically sent out via post by some banks.For most banks customer needs to visit the bank branch and fill in the bank statement request letter to collect the bank reconciliation statement.
Different banks offer different statement periods hence a customer can choose the statement period according to his/her requirement and collect the same from the bank branch.
ATMs also offer the option to print a summarized version of a bank statement, called a transaction history. Hence, one can opt for the ATM option too.
Most banks today offer bank statements online which makes it easier for the customers to check their transaction history and keep a record of their expenses. Undoubtedly, accessing bank statement online is convenient, easily accessible and free of cost but it is not acceptable in few scenarios.
In cases like filing a tax return, customer needs to get the certified bank statement, which will be considered as a proof for financial standing. Banks only provide certified account statements via offline mode. Thus, account holders need to visit the nearby bank branch to avail certified account statements. Charges of such stamped statements varies from one bank to another and bank deduct the same from the savings / current account.
Hence, under such scenarios it becomes essential for the account holders to visit the bank branch and get account statement offline.
| Bank Statement | Mini Statement |
| A bank statement is a list of all transactions for a bank account over a set period, usually monthly / year. | A mini statement is a list of recent 3 or 5 transactions carried out by a customer. |
| Shows transaction details for the statement period requested by the customer | Displays last 3 or 5 transaction details, depending upon the bank. |
| Accessing an account statement online is free of cost but accessing certified account statement by visiting the bank is chargable. | Accessing a mini statement is free of cost. |
Monitor account balance
A bank statement helps a customer to keep a track on his/her expenses and transactions (debit and credit both). Hence, a customer becomes aware and manages his/her finance accordingly.
Fee and Interest Tracking
If a bank or credit union gives interest, one can see how much money is being made on their savings every month. Depending on the interest earned, one may put some of the money in an investment account or money market to earn more.
Identify fraud
A bank statement allows one to review his/her statements regularly to help spot fraudulent activity, like someone else using the debit card etc.
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Q. What is the significance of Electronic statements?
A. To reduce the cost of postage and the generation of paper account statements, some banks encourage their users to receive account statements electronically. Hence, e-statements are sent out via email and can be further viewed and downloaded by the customer. Availing the e-statement is much more convenient and is free of cost.
Q. How to request for bank statement offline?
A. Customer needs to visit the bank branch to avail bank statement offline. The customer might be required to fill in the bank statement application form to collect his / her statement.
Q. How to download bank statement online?
A. Most banks send a monthly account statement if the customer has registered their email address with them. All account statements sent through emails are password protected hence make sure to read the password instructions in the email to download bank statement PDF.
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