A bank statement is a snapshot of all your financial activities. You can receive it through your email or by visiting your net banking account. In case you hold a current or savings bank account, you are most likely to get a monthly bank statement. If you want a mini statement, you can visit your nearest ATM or go online to fetch it. For instance, suppose you have a Yes bank account, so to get a Yes bank mini statement, you can log in to your Yes bank net banking account or visit Yes bank ATM for the same. This mini statement is a mini version of a bank statement, meaning it has precise details about your banking transactions, your Yes bank mini statement number and important dates.
Take a closer look at what a bank statement is, and how to read the same.
What’s a bank statement?
An account statement or bank statement is the document provided by the banks to you every month. This summarizes the account transactions for the statement period like transfers, deposits, and withdrawals. Bank statements involve pertinent account info like beginning and ending balances and bank account info. Banks state records to reconcile bank accounts. However, they are a prudent instrument to track all your expenses and spending. Checking out your monthly statements can assist you to figure out your spending regions, resulting in knowing where you stand, which further makes it simple for you to understand how you should prepare your savings and budget.
What’s the purpose of having a bank statement?
Banks make use of statements to record your transaction every month. Such statements mean every transaction i.e., withdrawals, deposits, and other fees made in a month are recorded. For an individual, a statement serves different uses. This can offer insight into your spending habits and assist you in efficiently discovering any unauthorized transaction in your name. Figuring out an unauthorized transaction on time allows you to take an action instantly.
What does a bank statement look like?
Bank statements contain your wealth info. What is shown on a bank statement differs from bank to bank and typically you will view the following –
∙ Bank info
∙ Your details
∙ Statement period dates
∙ Transaction details
∙ Balance details
∙ Interest earned
∙ Fees incurred
Here are few of the important personal info you can find out on your account statement –
∙ Bank account number
∙ Home address
∙ Beginning and ending balance
∙ Statement period
Bank statements involve info about distinct kinds of transactions like:
∙ Direct deposits
∙ Electronic transfers
∙ Direct deposits
∙ Canceled cheques
∙ ATM withdrawals
∙ Debit card payments and purchases
∙ Bank fees
∙ Bill payments
∙ Interest earned
What’s the format of the bank statement?
Details like the beginning and closing of your account balances, interest earned, cash and income deposits, funds withdrawn, service charges and penalties charged on your account are mentioned in your bank statement. A balance statement can get split into 3 distinct sections and they include –
The topmost section in the account statement contains info regarding your banks. The following information is included –
∙ Bank name
∙ Contact details
If you hold a business account, your statement will consist of the following info –
∙ Business name
∙ Your name
∙ Contact details, etc.
The statement date informs you about your bank statement period.
This section consists of the following information –
∙ Account description or type
∙ Account number
∙ Account Summary
∙ Business or depositor-linked info, etc.
How can you read the bank statement?
Bank statements are not complex, but they consist of a lot of info that can be extremely confusing at times. Though few pieces of info might differ from one bank to another, maximum bank statements involve the listed info –
Bank info – Your bank’s contact info must be on your account statement, which includes your mail address and phone number.
Personal info – Your name as well as contact info are included in the account statement.
Statement period dates – Few banks use the first and last day of a month to design your statement.
Beginning and ending balances – Banks include balances so you can view where all your transactions are between the start and the end of the month.
Transactions – This may include withdrawals, deposits, direct deposits, ACH transfers, ATM withdrawals, and pending transactions.
Charges – If you were fined a charge for any specific banking service, you would see this in your account statement.
Interest earned – If you have an interest-bearing account, your bank statement may show any interest earned over a statement period.
How to get a bank statement?
Financial institutions issue account statements monthly. You can get a bank statement offline or online.
Getting the bank statements through the online mode
You can get a paperless account statement virtually through mobile apps or net banking platforms. While few banks permit you to download bank statements in PDF format through a net banking account, other financial institutions email statements to your mail account, which you must download.
Here’s a guide for you to get a bank statement online mode
∙ Visit your account either through your net banking platform or mobile banking app.
∙ Click on the ‘e-statement’ or ‘bank statement’ and input the statement period.
∙ You will either get the option of downloading your statement as a PDF or you may get a mail containing your bank statement at your email address.
Getting account statements through the offline route
You can receive your bank statement through post after approaching the bank branch as well as filling out the bank statement application letter.
Bank statement – the importance
Listed here are some of the major reasons why account statements are crucial for businesses –
Assists in spotting the fraudulent activities
Any type of fraudulent activities or errors may be detected by comparing the account statements with personal records.
Prevents accounting errors
Unlike manual financial entries, account statements are not susceptible to manual errors.
Shows thorough transaction history
Bank statements consist of a thorough list of penalties, account balances, settlements, and other transaction information.
Serves as tax return proof
A bank statement is an accurate document for filing employee or business tax returns. You may present account statements as proof in the case of any audit.
So, if you have an account with any bank account, say, Kotak bank then ensures to register for Kotak net banking. Doing so will save tremendous time that you would otherwise waste on visiting the bank during the Kotak bank timings. Hence, ensure to opt for the net banking facility to enjoy digital banking and its benefits.