Bank Statement – What It Is & Features?
An account statement or bank statement refers to the document issued by a financial institution that lists down the activities in your current or savings account during a period. You as an account holder can keep thorough track of your transactions and accounts via bank statements.
What’s included in a bank account statement?
Bank statements generally endow a complete overview of the bank account for a selected tenure. The bank statement summarizes the listed –
∙ Starting and ending balances of a bank account.
∙ Deposits in form of cash deposits, income, etc.
∙ Interest constituent earned on the account.
∙ Service charges and penalties levied against the bank account.
∙ Funds are drawn from a bank account in form of cheques, cash, etc.
A bank account statement usually consists of 3 parts –
∙ Account holder’s details
∙ Transaction history
∙ Account details
Details of the account holder are stated at the top of the bank account statement. Details of the account holder include name, registered phone number and residential address. Post mentioning the account holder’s information, the account summary contains your account number, account description, home address and other depositor’s details.
The transaction detail portion shows all transactions recorded with amount, date and payer or payee description. You as a customer are given the option to select the bank statement period. For example – You as a customer can simply subscribe to get an account statement for the entire financial year or select to get an account statement for a period of the past 3 months or a particular range of days.
Distinct banks provide distinct statement periods and hence you as a customer can select the statement period as per your need.
How can you fetch a bank statement?
There are 2 ways through which you can avail a bank statement –
∙ Offline mode
∙ Online mode
How can you get a bank statement online?
Online mode is the electronic version or the paperless mode where you as an account holder can get access to statements known as e-statements online through net banking, and mobile banking apps and download them as PDFs. Through netbanking or mobile banking, you can also avail mini statements too. Mini statements are basically the record of your transactions. So, you can fetch the Indian bank mini statement number, PNB mini statement number or mini statement of any other bank through their respective net banking or mobile banking apps. A few banks do not give the choice to print or download the bank statements while availing them through net banking or mobile banking apps. In such a scenario, banks send bank statements through email to you that can easily be downloaded as well as printed.
A few banks automatically send monthly statements through the mail. Such mailed statements are identical to what you fetch through the online medium. For security measures, such emails are basically passcode protected and can just be accessed by filling out the correct credentials. Here are some of the important measures to access the online bank statement –
Step no. 1 – Login to the bank account via the bank’s net banking account or through the mobile banking app.
Step no. 2 – Look for headings like “e-statements” or “bank statement”.
Step no. 3 – Choose the statement period
Step no. 4 – The financial institution will send the account statement for a chosen period to the account holder’s registered email ID. Alternatively, a few banks even provide the choice to download the account statement as PDF via the net banking portal or mobile banking application.
How can you get a bank statement through the offline route?
Under the offline route, bank statements are basically sent through the post by a few banks. For most financial institutions, customers must approach the bank branch and fill out the statement request letter to avail the bank statement. Distinct banks provide distinct statement periods and hence you as a customer can select the statement period as per your need and collect the same from a bank branch. ATMs even endow the choice to print out a summarized version of a bank statement known as transaction history. Thus, you can avail the ATM option also.
What must you prefer?
Most financial institutions today provide bank statements through online mode, which makes it simpler for you as a customer to review your transaction history as well as keep a good record of your expenditures. Undoubtedly, accessing the bank statement through online mode is a convenient process, simply accessible and totally free of cost. However, it is not acceptable in specific cases.
In scenarios like filling out a tax return, you as a customer will require getting a certified bank statement, which would be looked upon as proof of financial standing. Only banks provide certified account statements through offline mode. Thus, you as an account holder must approach your nearby branch to get the certified account statements. Fees of such stamped statements differ from one financial institution to another, and banks lower the same from current or savings bank accounts. Hence, in such cases, it becomes crucial for you as an account holder to approach a bank branch and get an account statement through offline mode.
What’s the distinction between a mini statement and a bank statement?
|Mini statement||Bank statement|
|The PNB mini statement refers to a list of current 3-5 transactions conducted by you as a customer.||A bank statement refers to a list of bank transactions over a set period generally monthly or yearly.|
|Shows your past 3 – 5 transaction details based on the bank.||Shows transaction information for the statement period requested by you as a customer.|
|Accessing a mini statement is totally free of cost.||Accessing a bank account statement through the online mode is totally free of cost. However, accessing the certified bank statement by approaching the financial institution is chargeable.|
What are the crucial features of a bank statement?
Monitor account balance –
An account statement assists you as a customer to keep a thorough track of your transactions and expenses. With this, you as a customer can become aware, which allows you to manage your finances accordingly.
Tracking of fees and interest constituent –
If a financial institution gives interest or charges fees, you can easily check the same by fetching a bank statement.
Identity fraud –
A bank statement permits you to review a statement regularly to spot any fraudulent activity.