A bank statement is a record of all of the transfers made by your account. It shows all of the credit and debit amounts for your account. The records are generally for one month. The service is available for both current and savings accounts. Most CAs urge you to generate account statements. They use it to plan the best way for you to pay taxes.
Earlier, these were only provided at the bank using a passbook. Now you can generate it easily on your mobile phone. Even now, you can visit the bank physically and get the statement. The bank will then provide you with a printed record. But the best way is to get one online. You don’t need to stand in line outside the bank. You can get it with a few touches on your mobile device.
What information is included
A bank statement will consist of the following details, but won’t be limited to:
- Your detailsThe statement has details about the account holder. It includes your name, address, mobile number, and PAN number.
- Your bank and account detailsIt will provide the bank name and IFSC number. It will further mention your account number and the type of account.
- Transfer historyIt includes a record of all credits and debits. These entries have specific dates and timestamps. The transferred amounts are recorded. The details about who paid and who received them are also mentioned. You can also find out the initial and final balance for that month.
Why should we get a bank statement?
It serves many purposes. Here are a few examples:
- It helps to make a monthly budget and keep track of your expenses.
- Regularly reviewing it also helps you spot fraud.
- It can also help you notice missing funds or financial errors.
- These are also filed with loan applications or income tax returns. They are also used to calculate your credit score.
- You can also identify the bank charges and the interest earned.
Hence, you must keep monthly statements for up to a year. However, do not forget to destroy them after use. Otherwise, someone else can find out your account information and misuse it.
What do you need to get a bank statement?
- You need a laptop, computer, or smartphone with an internet facility.
- You have an active net banking facility with valid login details.
- You must install the mobile banking app on your phone.
- The bank must have your KYC details. Your mobile number and email address must be linked to your bank account.
How can you get an account statement for your bank account?
As pointed out earlier, the easiest way is to generate it online. This bank statement is called an “e-statement.” You can go to the bank if you don’t have an internet facility. You will have to stand in a queue and submit a paper form. Then the bank will give you the printed statement. You can also call them to subscribe for a printed copy. They provide this service every month for a small fee.
However, you can get it in real time using your mobile phone.
Here are the ways to get an account statement online on your smartphone:
- Via Net Banking: Most banks ask if you want net banking when you open an account. You can also activate it after opening your account.
Follow these steps to get your bank statement using net banking:
- Select the option of retail banking on the bank’s website. They provide separate facilities for individuals and businesses.
- Log in to your retail banking account using your login details. Make sure your password is valid. You need to generate a new one if it expires. You need to click on “forgot password” and proceed as per instructions if you don’t remember the password.
- Now look for the account you want to manage.
- After selecting the account, go to the “Transactions” or “Account” menu.
- Select the option to obtain the account statement.
- You will now see a list of your transactions on the screen. You can set the dates for which you want the statement.
- After selecting the duration, click on “Search” or “Submit.”
- You will now see a list of all the transfers for your selected period.
- Choose the format and click on “download” to get your statement.
- Via mobile banking
The same process can be done using the bank’s mobile app. Follow these steps to download the account statement:
- Log in to the app with your net banking credentials. You can also set up an mPIN to log into the app.
- On the screen, select the option that says “Account/Passbook/Transactions.”
- Choose the account type and select the account you want to manage.
- Now tap on the account statement option.
- A list of all transfers will appear on the screen.
- Choose the format, and then click on “download.”
- The file is now present on your phone.
- Monthly subscription: Most banks send the account statement to your email address every month. Every e-statement is a secure file with a password. Different banks have different policies for passwords.
Getting a mini statement
A mini statement is a record of your last five transactions. You can get one using the same steps as above. You can also get it without the internet. Just send a text or a missed call to the helpline number from your mobile number. You will get the mini-statement in a text message. It will only show the last five transactions. However, other important details are not included.
Most banks now provide the option of getting e-statements. Every month, you will receive these via email. The file is password protected, so no one else can misuse it. Remember to update your mobile number and email address with the bank. This is crucial, so use the best banking facilities. However, make sure you destroy printed statements after use. E-statements must also be deleted after use. You need to do this to keep your bank account safe.
To get more information on financial products and services, such as bank statements, financial calculators, and personal loans, visit Piramal Finance.
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