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Know all about bank statement

What is a Bank Statement: Definition, Benefits, and Requirements

Know all about bank statement

What is a Bank Statement?

A bank statement is a document containing all details related to the account holder and their transactions. It has details like the account holder’s name, contact number, and address. It also has account-related details like type, balance, and name of the nominee.

What is the need for a Bank Statement?

The bank releases the bank statement for the account holder to know the details of their withdrawals and deposits in the account. The account holder can see every single transaction detail along with a specified date and time in the account statement.

The statement can be updated manually in offline mode and can be sent over to the account holder’s registered email address. The online statements are usually generated on a monthly or quarterly basis by the bank.

What is the format of a Bank Statement?

A bank statement has three parts with thorough details:

  • Details of the account holder
  • Account details
  • Transaction history

    The first thing visible in the statement is the account holder's details as they are mentioned at the top of the statement. It has everything including the account holder’s name, registered contact number, and residential address.Following this, the user can see the account summary which includes the account number, house address, type of account, and other details of the account holder.

    The transaction details showcase all the transactions in correspondence to their date, amount, and details of the payee or payer. The user can apply filters for a particular transaction date and check the statement.

Types of Bank Statements

Bank statements are of two types - online and offline.

Online Bank Statements
Electronic bank statements or online statements are made accessible by banks to their customers via mobile banking or net banking. These statements are also mailed to the user on their registered email address.

They can be further downloaded in PDF format.
Banks send these e-statements every month to their customers. These statements are strictly password-protected and can be accessed after filling in the right details.

How to access online bank statements?

  • Login to the bank account‚Äôs official website or mobile app where the account is active
  • Use net banking on the website and mobile banking on the app
    Search for ‚Äúbank statement‚ÄĚ or ‚Äúe-statement‚ÄĚ on the interface
    Choose the statement period
  • The bank statement for the stipulated period will be visible on the screen
  • Download it in PDF format or mail it to the registered email address

Offline Bank Statements

The conventional form of bank statement ever since the offline bank statement can be accessed by visiting the designated bank branch.

How to get a bank statement offline?

The user can specify the statement period for which they want to know the transaction details and can get the same updated in the bank statement via the machine available.

Automated Teller Machines or ATMs also provide the option to print a summary of the bank statement.

Benefits of a Bank Statement

Stay updated with account balance: The account holder can stay updated on the expenses made with the help of a bank statement. It is easy for the customer to track the transactions with an updated bank statement in front of them. This initiates better financial decisions.

Interest tracking: A user can track the interest rate being received on their savings every month with the help of a bank statement. This can further help in making investment decisions.

Vigilance: Staying up-to-date with bank statement transactions helps identify frauds at the right time. The account holder can immediately take action if they find anything suspicious related to their bank account and save their money.

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 10 transaction data.
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 finance management. Reviewing bank statements frequently can help you know the charges levied, the interest received, duplication of transactions, and keep an eye on the fraud.

FAQs

How to read a bank statement?
A bank statement is a crucial document containing information related to one’s bank account and financial transactions. It also has bank information, personal information, fees for banking services, starting and ending balances, interest earned, withdrawals, and deposits.

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.

How to check bank statements on the mobile app?
- Download the designated bank’s mobile app from the Play Store
- Login with the registered credentials
- Go to My Account and download the Account Statement

What is a Bank Statement: Definition, Benefits, and Requirements

Know all about bank statement

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