Want to know how to get bank statement online? Well you have landed on the right article.
A bank statement documents the transactions in a savings or current account. It maintains a record of all credits and debits, enabling the account holder to track any deposits and withdrawals.
The statement indicates the beginning and ending balance of an account. It also shows the interest earned and penalties on the account.
In this article, we have included what is included in an account statement, How To Get Bank Statement Online other important aspects.
how to download bank statement pdf
What is included in an Account Statement?
- Account holder's details: The top of the bank detail covers all the information related to the account holder. This part covers the account holder's name, his contact number, and his address.
- Account details: This part covers all the information related to the bank and account, such as the type of account, account number, and other information.
- Transaction history: The statement also provides the transaction history. This part includes all the deposits and withdrawals in a certain period.
how to get bank statement online
Every account holder needs a bank statement. It helps an individual plan his expenses and future investments in a planned manner. One can get this offline by visiting the back on his own or opting for the more modern online method.
1. Online mode: The banking sector has now moved online. It is a much easier and convenient way to maintain track of one's transaction. Whereas most banks tend to give out the bank statement on their respective apps, some also send it to their customers monthly on their registered mail IDs.
To access one's record, a person needs to follow the following steps:
- Login to net banking or the official app of the bank.
Look for the option for a bank statement or an E-statement.
Select the period for which you need your bank statement.
The system downloads all the transactions in a PDF format. The person can later print it.
2. Offline mode: This provides a physical copy of the bank statement. Some banks give the option for receiving it by post. But in most cases, the individual has to visit the bank branch. Some ATMs also offer the feature of printing the transaction history for a holder. So one can opt for them too.
Though the online mode is convenient and easy, it has some limitations. In a few cases, the person has to visit the bank and get the signed statement. For example, while filing tax returns, the person must visit the branch and get a signed copy of his bank statement.
What is the difference between a Bank Statement and a Mini Statement?
These two terms may sound similar to some users, but they are different.
Bank Statement | Mini Statement |
In-depth detail of all transactions | Details of 3-5 transactions |
Covers transactions of a long period, a month, a few months or a year | Only details the last or most recent transactions |
Free access in the online mode. A small fee is needed to get the physical copy from the bank. | Free access in the online mode. No fee is needed to access the mini statement. |
What are the features of an Account Statement?
1. Track account balance: It is the main feature of an account statement. The account statement records all the credits and debits in an account. A person can manage his finances better by consulting and checking his account statement.
2. Fee and interest track: Every bank has an interest and fee policy. Interest on amounts stored in savings accounts differs from bank to bank. Also, every bank levies some fees on the customer.
It can be because of a low balance or for providing some service. The customer can learn about both of these by looking at his bank statement.
3. Check on fraud: Bank statements also help to identify fraud. The statement records every debit transaction. If a person sees any suspicious transaction, he can reach out to the bank. It helps to identify and reduce fraud.
How long do banks keep records of statements?
A person always wonders how long these banks maintain their records. Under the bank security act, every bank must keep a record of at least five years of bank statements.
That means every customer will have access to at least a five-year history of their transactions. The bank may maintain records of even more years, depending upon its policy. But why would one need records of the past?
There are situations in which a person has to submit his bank statement of past years. Some of them will include divorce, loan applications, and litigation. A person can also get his bank statement for free for the last couple of years. Banks may charge some charges to access even older records.
What can I do with a bank statement?
Though a bank statement is only a record of all the transactions you've made, it has various other uses too. Some of the things you can do with your bank statement are:
1. Watch your spending: Every individual keeps an upper cap for spending. But in most cases, people tend to surpass that limit and overspend. It is not so good for people and makes them regret it at the end of the month or year. The more you spend, the less you save.
2. File your tax return: A person must attach his bank statement while filing the returns. The person needs to visit the bank and get a signed copy, as online statements are not valid in this case.
3. Check banking errors: There can be some mistakes on the part of the bank too. They may charge extra fees for maintaining a low balance or bounced cheques.
Or they may omit the crediting of interest to your savings account. Keeping a record of your bank statement helps you catch these errors and be on the safer side.
4. Maintain your account balance: Every bank specifies the minimum account balance for every customer. If this account balance goes below the specified amount, then the bank may charge extra charges.
If a person keeps a record of his bank statement, then he can avoid these charges. He may reduce his spending and focus on maintaining the balance.
5. Apply for a loan: Every bank asks for a customer's bank statement for loan approval. The bank statement is one of the most important documents that one has to submit while applying for a loan. The statement helps the bank to check if the person is eligible for the loan or not.
6. Catch frauds: If a person keeps a record of his transactions, then he can catch frauds too. Seeing the bank statement helps an individual to see any suspicious transaction in his account. If a person finds anything like that, then he can reach out to the bank for the same.
7. Avoid overdrafts: Bank statements provide an accurate balance to a customer. Knowing the exact balance helps the customer to avoid any overdrafts.
Conclusion:
Bank statements play a major role in your life. It is a record of all your banking transactions in a specified period. Also, these help you to track your spending and saving and also save you from fraud.
Getting a copy of your bank statement is easy. You can get those offline as well as online. As discussed above, online and offline statements have their pros and cons. If you wish to receive your statement via post, then the bank will continue to send it till the time you want.
I hope you liked our article on how to get bank statement online, if you have any comments or suggestions do share them in the comments below.
