A bank statement summarises all bank transaction details over a given period for every bank account held by an individual or a business. It also provides a salary statement from the bank and acts as a proof of income. An online bank statement is a form of PDF containing:
Now that you have an answer to the question, ‘what is a bank statement?’, here are some additional pointers about the bank statement that you must know.
Once you download the bank statement, you can easily check the bank account balance on it. You can also find a few more bank details mentioned in the bank statement PDF. It is crucial to understand these details, as they directly concern your finances.
So, what shows up on your bank statement?
Below is a snapshot of how a typical bank statement looks like to make you more familiar with the document:
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:
A bank statement also serves as financial documentation for certain services. Now that you know that a bank statement is necessary when applying for any finance, here is how to show salary in a bank statement to apply for a loan.
As mentioned above, proof of income is necessary to avail of a credit facility. You may be wondering, “How to get a salary credit bank statement to apply for a loan.” You can request a bank statement online and download a bank statement PDF if you use internet banking.
However, there are other ways to download a bank statement, too. You can get a bank statement online through an official bank application. All you need to do is register on your bank’s net banking portal. After that, you can follow the simple steps given below to download a bank statement.
In the below image, you can see the net banking portal of a bank’s website, where you have to specify a period to download a bank statement PDF.
(source: bankingidea.org)
You can also receive a bank statement online on your registered email ID. This may occur periodically; you usually get them in a password-protected PDF format. You don’t need to sign up separately for the service by default. Here’s how to download the bank statement PDF from your email:
To download the bank statement in PDF, follow the rules for the password, as stated in the body of the mail.
If you cannot avail of net banking services, you can still get a physical copy of your bank statement from an ATM by following these steps:
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.
Bank Statement Vs. Transaction History
| Bank Statement | Transaction History |
|---|---|
| Contains more information than just the listing of all transactions for a given time. | This is a record of all transactions within a period. |
| It has the bank logo, your full name, address, account number, opening balance, closing balance and transactions made during the statement. | A transaction history only has the bank logo, the account number, a list of all transactions made in the given period and a running balance. |
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Bank account statements are private documents, so you are the only person who can get your bank statement by any legal means.
Credits are the funds your bank account receives, while debits are funds deducted from your bank account.
Yes, according to the UIDAI (Unique Identification Authority of India), your latest bank statement is among the documents accepted as valid proof of address.
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.
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.
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.
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.
