Everything you need to know about bank statements

A statement of account or bank statement is an important document issued by the bank describing your activities on your savings bank account or current bank account. As an account holder, you can follow your transactions and accounts in detail via bank statements as well as mini-statements. Mini-statements are those statements that you can retrieve from any ATM. For example, if you want to recover your GNP mini statementyou can then go to any ATM closest to your residence to collect the statement.

What is included in your account statement?

A bank statement usually gives you a complete overview of your account for the chosen period. The account statement summarizes the –

  • Beginning and ending balances.
  • Deposit in the form of cash deposits, income, etc.
  • Constituent of interest earned on your account.
  • Penalties and service charges incurred on your account.
  • Withdrawal of funds from accounts in the form of checks, cash, etc.

An account statement usually consists of these 3 parts –

  • Transaction history
  • Account details
  • Account holder details

If you are the account holder, you will see your details listed at the top of the bank statement. Your contact details listed on the statement include your name, residential address and registered mobile phone number. After your contact details, the statement contains your account summary which contains your account number, account description, home address and other crucial details related to the depositor.

The transaction details part reveals all transactions recorded with the amount, date and description of the payer or payee. You have the option to select the statement period for which you want the statement. For example, you can subscribe to get an account statement for the full year or choose to get the account statement for the last 3 months statement period or a specific range of days. Separate banks provide separate statement periods and therefore as a customer you can select the statement period as per your requirement.

How can you get the bank statement?

There are mainly 2 ways to get the bank statement. They are –

How to get the bank statement online?

  • Online mode is the electronic version or paperless version where you as an account holder can access your statement known as eStatement on online mode through an online banking portal or banking application mobile in PDF format. Thus, this means that to retrieve your bank statement, you do not need to physically go to the bank. You can get the statement online. In simpler terms, if you have an account with IOB, you do not need to visit IOB during Indian Banks Overseas Hours, to avail the bank statements of the bank representative. Instead, you can retrieve it anytime, anywhere, just by logging into your online banking portal or mobile banking without having to visit the bank during Indian banking hours. ‘foreign.
  • Few banks do not offer you the choice of printing or downloading your account statements by accessing them via the net banking or mobile banking application. Here in this scenario, you need to submit a request to the bank to email the statements to you, which you can easily download and print.
  • Some banks automatically send the monthly statement to your home address. These statements you receive by mail may be identical to those you view online. For security measures, note that the online statements you receive by email are password protected and can be accessed simply by filling in the correct credentials in the online mode.

Here are some steps using which you can access your bank statement through the online platform –

Step 1 – Connect to your account via the bank’s internet banking portal or the mobile banking application.

Step #2 – Look for the option “electronic statements” or “bank statements”.

Step #3 – Choose the statement period.

Step #4 – The bank will send you the bank statement for the period you selected on your registered mail ID. Alternatively, few banks may even give you the choice of downloading your password-protected PDF bank statements through your mobile banking app or online banking portal.

How can you get the account statement via the offline route?

In the offline route, account statements are usually mailed by a few banks. Most of you, as a customer, tend to go to the branch to complete the account statement request letter. Once you submit the completed letter, your bank reconciliation statement is provided to you. Separate banks provide separate statement periods and therefore you as a customer can select the statement period as per your requirement and retrieve your required statement from the branch. Note that ATMs also give you this option to print your summary statement called mini statement or transaction history. So, in an emergency, when the bank is closed and net banking or mobile banking is not working, you can consider going to the nearest ATM to print your mini statement.

What should you prefer?

  • Many banks today provide online bank statements. This makes it easier for you as a customer to check your transaction history and keep a complete record of your spending. Undoubtedly, accessing online statements is very convenient, simply accessible and totally free. However, this is unacceptable in some cases.
  • In scenarios such as filing a tax return, you as a customer must obtain certified bank statements, which are considered substantial proof of your financial status. Banks simply offer certified account statements through the offline mode. So, as an account holder, you need to go to the nearest bank branch and pick up a certified account statement. Note that charges for this type of stamped statement may vary from bank to bank and may be automatically deducted from your account.
  • So, in such cases, it becomes very important for you as an account holder to physically approach your bank branch to get your offline account statement.