Bank Statement: Meaning, Format, and How to Download It

A bank statement shows all the activity in your account over a set period. It includes deposits, withdrawals, charges and your fin[‘xal balance. It also acts as proof of income as it shows salary credits.

You’ll get it as a PDF with your name, account number and bank details. This helps you track your money clearly and stay updated. Now that you know the bank statement meaning, here are a few more things you must know.

Features of Bank Statements

Your bank statement does more than just list transactions. It helps you understand your money better. Listed below are some common features of bank statements: 

• Detailed transactions: Shows all deposits, withdrawals and payments made during the selected period.
• Current balance: Lets you check your account balance at the end of the statement cycle.
• Interest and charges: Lists any interest earned and fees charged by the bank.
• Auto-categorised entries: Helps sort your transactions into groups like shopping, bills or travel for easy tracking.
• Easy money tracking: Gives a clear view of how your money is used so you can manage it better.

What Are the Benefits of a Bank Statement?

The purpose of a bank statement is to summarise all bank account activities within a certain period.  A few benefits of a bank statement include:

• You can easily review all transactions in your bank account
• Lenders like Fibe need you to submit a bank statement PDF to apply for a personal loan or an instant cash loan
• Credit card firms and banks also need bank statements to validate your loan application
• If you apply for any mortgage, credit or financial help, you must submit your bank transaction details for income and employment verification

A bank statement is a key document for many financial services. It shows your income and spending clearly. If you’re applying for a loan, you can use it to show your salary credits. That’s why knowing what is bank statement and how to use it is important.

Importance of Bank Statement

A bank statement is more than just a record, it can be used as a financial tool. Here’s how it can help you:

• Track your money: Helps you see where your money comes from and where it goes
• Spot errors quickly: Makes it easy to catch mistakes or any unusual activity
• Support smart planning: Gives insights to help you save, invest or manage your debt better
• Build better habits: Regular checks help you stay in control of your spending and plan ahead

Simply put, your bank statement keeps you informed. This makes you well-equiped to make better financial choices.

How to Get Bank Statement Online and Offline

Getting your bank statement is easy, whether you prefer going online or visiting the branch. With net banking and mobile apps, you can log in anytime and download your statement in just a few clicks. If you prefer a printed copy, you can still visit the bank and request one.

Once you download the bank statement PDF, here’s what you’ll find on it:

• Statement cycle: Shows the date range the statement covers
• Account details: Includes your name, address and account number
• Bank info: Lists the bank name, logo, contact numbers and help desk details
• Transaction history: A full list of deposits, withdrawals and payments
• Account summary: Starting balance, total credits and debits, and closing balance
• Transaction dates: Dates when each transaction was processed
• Credits and debits: All amounts added to and deducted from your account

Understanding these details can help you keep track of your spending, plan better and spot any issues quickly.

How to keep your bank account statement safe?

If you receive your bank statements by mail, keeping them for about one year is safe. However, if you can access your bank statement digitally, you don’t need to save them. This is because, for most banks, you can download and print these statements even after 1-3 years. You can also contact the bank for physical copies if you need older bank statements.

If you wish to apply for a loan, you will need to submit a bank account statement as proof of income. Choose Fibe to avail of an Instant Personal Loan ranging between ₹5,000 to ₹5 lakhs in just a few minutes. Download the Fibe Personal Loan App or register on our website to apply for it.

FAQs on Bank Statements

1. Who can get my bank statement?

Bank account statements are private documents, so you are the only person who can get your bank statement by any legal means.

2. What do credit and debit on a bank account statement mean?

Credits are the funds your bank account receives, while debits are funds deducted from your bank account. 

3. Can a bank account statement be used as an address-proof document?

Yes, according to the UIDAI (Unique Identification Authority of India), your latest bank statement is among the documents accepted as valid proof of address.

4. Can a bank account statement be used as proof of income?

Lenders consider your bank account statement of not more than three months old as proof of income, given that the statement comes from the bank where your salary is deposited. Hence, you can use a salary statement from bank to apply for a loan.

5. Do bank account statements work when applying for a passport or visa?

Yes, you can submit your bank statements as proof of address when applying for a passport. For a visa, too, you have to submit a bank statement. 

6. Can I get a bank account statement without a balance?

Yes, even if you don’t have a balance in your bank account, you can still download a bank statement PDF through your bank’s digital banking services.

7. Can I get a bank account statement without transactions?

A bank account statement contains more than just the record of transactions you made within a specified period. So, you can still request a bank statement even if you have not made any transactions within that time.