What is a Bank Statement?
A bank statement is an official document that records all financial activity in a bank account for a specific period. It includes the account holder’s personal details such as name, contact number, and address. It also contains account information like the account type, current balance, and sometimes additional details such as branch information or nominee information, depending on the bank. Every deposit, withdrawal, transfer, or charge made from the account is listed clearly with the date, amount, and description (and sometimes the time) so you can track your money with accuracy.
Benefits of a Bank Statement
Bank statements help account holders understand their financial activity in a clear and organised way. They show every deposit, withdrawal, and transfer for a selected period, making it easier to track money accurately. Regular access to statements also helps users stay aware of their account balance, monitor interest earned, and review any charges applied by the bank.
Checking bank statements frequently allows users to spot errors, identify suspicious transactions, and take timely action if anything looks incorrect. Statements sent monthly or quarterly through email or available through online banking help customers maintain better financial control, plan expenses, and make informed decisions.
Types of Bank Statements
Bank statements are available in two main formats:
Paper Bank Statements
Paper bank statements are printed statements provided by the bank. They can be collected from the bank branch or requested by the account holder. These statements show all transactions for the selected period and are useful for people who prefer physical records or need printed documents for verification, audits, or official submissions.
Electronic Bank Statements
Electronic bank statements are digital versions available through net banking or mobile banking apps. Banks also send these e-statements to the customer’s registered email address. They can be downloaded in PDF format and are easy to store, access, and share when required. E-statements are password-protected and usually generated monthly or quarterly.
How to Check Bank Statements?
Bank statements can be checked through online banking, mobile apps, UPI apps, or by visiting the bank branch. Most banks allow users to view, download, or email their statements based on the period they select. This helps the account holder stay updated with all transactions and track their finances easily.
How to Check Bank Statements Through UPI Apps
Many UPI apps now allow users to view basic account details and check transaction history linked to their bank account. While they do not provide a full detailed statement like net banking, they show all UPI transactions and recent activity.
Below is how you can check it on popular UPI apps.
Google Pay
- Open the Google Pay app and log in with your registered mobile number.
- On the home screen, scroll down to the section titled “Manage your money”.
- Tap “See transaction history”.
- Your UPI transactions made via Google Pay will be listed.
- Tap a transaction to see details, including the UPI transaction ID.
To download a statement (PDF) or export transactions for a selected period, tap the More menu (top-right) and choose the relevant download or export option (wording may vary by app version).
PhonePe
- Open the PhonePe app and sign in.
- Navigate to the bottom of the screen and tap the “History” tab.
- You will see all recent UPI transactions (sent, received) listed. Use filters if available to narrow by date or amount.
Note: The app shows UPI transactions made via PhonePe; it may not show all bank-account transactions of your linked bank outside PhonePe.
Paytm
- Open the Paytm app with your credentials.
- On the home screen, tap “Balance & History”.
- On the Payment History page, you can filter by date (for example last 3 months).
- Tap any transaction to view full details: UPI reference ID, date/time, payment method, status.
- To download a UPI statement or export history: in Balance & History, click the three-dot menu and choose Download UPI statement, then select the date range.
Read More: What is UTR?
What is the format of a Bank Statement?
A bank statement has three parts with thorough details:
- Details of the account holder: name, address, and contact details.
- Account details: account number, account type, branch, IFSC, statement period, opening and closing balances.
- Transaction details: a list of every debit, credit, charge, and transfer with the date, amount, and description. Many banks also show a running balance.
The transaction details section lists every debit, credit, charge, and transfer with the date, time, amount, and description. The user can also filter transactions for a specific date range if needed.
Difference Between a Bank Statement & Mini Statement
Bank Detailed Statement |
Mini Statement |
A detailed bank statement is a list of all transactions done in a bank account over a period of time. |
A mini statement only reflects the last few transactions (for example, the last 5–10 entries). |
It showcases details of the transactions as required by the customer. |
It showcases only limited transactions as decided by the bank. |
Filters for a particular date, month, and year can be applied in a detailed bank statement. |
It only shows recent transactions with no option to apply a filter. |
Conclusion
Bank statements are a handy tool for efficient record-keeping of your transactions done on a day-to-day basis. It allows you to keep a check on your deposits and withdrawals for better financial management. Reviewing bank statements frequently can help you know the charges levied, the interest received, identify duplication of transactions, and keep an eye on potential fraud or unauthorised activity.
FAQs
1. How to read a bank statement?
To read a bank statement, first check the account holder details and statement period, then review the opening balance, each transaction (debits and credits), and the closing balance. It also has bank information, personal information, fees for banking services, starting and ending balances, interest earned, withdrawals, and deposits.
2. How to find and correct mistakes on your bank statement?
Since it’s an important document, having an error in the information given in the bank statement can create problems in the future. It is important to check all the details given in the bank statement and reach out to the bank for rectification. This verification or change in information must be backed by proof.
3. What information does a bank statement show?
A bank statement shows the account holder’s details, account number, statement period, opening and closing balances, and all transactions made during that period.
4. How often does the bank send statements?
Banks usually send statements every month or every quarter. Customers can also download statements anytime through net banking or mobile banking.
5. Can I get older bank statements?
Yes. Most banks allow users to request older statements through the branch, net banking, or mobile banking. Some banks may charge a fee for very old records.
6. Is an e-statement the same as a paper statement?
Yes. Both formats contain the same information. The only difference is how they are accessed and stored.
7. Why is it important to review bank statements regularly?
Regular checks help detect errors, track spending, spot fraudulent activity, and ensure that all charges are accurate.
