April 26, 2023

What is Bank Statement - How to Get Bank Statement Online & Download

  • Would you like to know your account opening and closing balance amount, say at the end of every month?
  • Would you like to know the details of all your financial transactions such as deposits, withdrawals, transfers, service charges, etc?
  • Would you also like to know and keep a tab on any unauthorized transactions, besides keeping a closer watch on your expenses?
  • Would you also like to know if there have been any uncashed cheques or if you have made any payments twice to the same entity or whether there are discrepancies in your opening and closing balance?
Welcome to the concept of a Bank statement, issued by banks to all its account holders at periodic intervals across various channels such as mail, email, SMS etc.
It is a simple, yet profound way of recording every transaction not only helps you in managing your finances, it also lets you locate the red flags.
Akin to the traditional bahi khata, the book reflects your transaction details, both cash inflows, and cash outflows, over a period of time.
This kind of record keeping is super helpful as you know your book balance at the end of the day, you are aware of all transfers, and withdrawals and you also know the details of deposits and payments that have been made.
So basically, your book tells you from where your money has come and where the money has gone/ spent.
All financial entities typically maintain records of all their customers for at least a period of five years.

Benefits:

  • By reviewing your book details, at regular intervals, you are fully aware of incoming and outgoing cash as well as the headings under each transaction.
    • By monitoring this document regularly, you also become aware of any suspicious activity or mistakes with regards to the transaction amount.
    • It also serves as an important ' proof of income' when you apply for a loan etc.
    • It also depicts any service charge or a transaction fee or penalty charges that may have been levied.

Proforma of a typical book statement

It typically contains three parts**:**
  • Account holder details
  • Account details
  • Transaction history

At the topmost left corner of the statement, you would find the following details:

  • Account number
    • Name of the branch, IFSC code, MICR code.
    • The holder's full name and mailing address as per the KYC docs submitted to the bank.
    • The period for which the document has been generated, the start and end date.
    • In the body of this document, is the entire series of transactions that have been executed during that period.
    • The date on which each transaction was executed and some details of the payment (sender/receiver) would be depicted on the statement.
    • You have the option to select the timeframe for which you would want this document.

Such statements can be sourced via:

  • E-statements - which is sent on your registered email id and mobile number.
    • Physical copy which is sent to your postal address.

Your transaction details would reflect a combination of deposits, transfers,withdrawals and service charges such as:

  • Cheque deposits
    • Direct deposits
    • Electronic transfers
    • Cancelled cheque
    • Reimbursements
    • Credits
    • Debit card purchases and payments
    • ATM withdrawals
    • Bill payments
    • Service charges
    • Interest earned
    • Penalty charges

FAQs:

What is the difference between a mini and a bank statement?

In a mini-statement, you get access to view and print only your latest five or a maximum of ten transaction details. However, a bank statement displays your transaction details for a longer timeframe, a month, a year, or longer.

How do I download my book online?

It is a very simple process. All you need to do is simply log in to the official web portal of the bank in which you hold an account. Navigate through the homepage to locate the a-bank statement download option and press the tab.

Isthere an option to print my book?

Once you have generated your statement online, by navigating to the 'my account statement' page, clicking on the relevant account number, having selected the specific timeframe ( days, weeks, months, years), you have the option to either print your book or view it online or save as a pdf file or excel.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Upstox Margin Trading Facility
Apple Logo
Downloadlogo
iOS App
Google Play Logo
Downloadlogo
Android App

RELATED ARTICLES

Canara Bank Mobile Banking and How to Activate: Login, Registration, and Limit

Canara Bank is one of the largest public sector banks owned by the Ministry of Finance, Government of India. It offers various services to its customers across the country as well as has offices in New York, London and Dubai. To enhance the customer’s banking experience, they have introduced the Canara bank mobile banking application. It allows their account holders to access banking services such as online transactions, chequebook request application and so on, through online mode.

How to do login Karur Vysya Bank (KVB) Netbanking?

Karur Vysya Bank ( KVB) is one of the oldest private sector banks in India. Established in 1916 and headquartered in Karur, Tamil Nadu, KVB has strong footprints in southern India with a branch network of 781 and an ATM network of 2251 ( as on June, 2021). With a total asset base of ₹116098, the bank provides a comprehensive portfolio of services, both offline and online to both retail ( Resident Indians, NRIs Hindu Undivided Families (HUFs) and corporate customers including Partnership firms.

Citibank MMID

- Do you need to send money on an immediate basis, at an odd hour, and on a holiday? - Do you need to send funds quickly, safely, and securely and all you have is a smart device with an internet connection? - Do you need to send funds to a beneficiary whose account details are not known to you? What if all the above unmet needs can be simply addressed by registering your mobile number with your bank account coordinates? The IMPS ( Immediate Payment Services) a payment gateway allows you this service. Let us explore this concept in detail. Initiated by NPCI in 2010, the IMPS platform facilitates the electronic movement of funds from one bank to another within India. You can carry out your financial transactions in real-time, 247, safely, securely, and economically through this platform which can be accessed through Mobile, Internet, ATM, or SMS mode. To carry out a fund movement via IMPS gateway you either require: - MMID code and mobile number of the transacting parties or - Account details and beneficiary's IFSC code. Basically, Mobile Money Identifier is a unique random 7- digit code allotted by the banks to their account holders. This code along with your updated registered number is linked to your account number. Of this 7-digit code, the first four coordinates represent the identity of the bank which is facilitating the IMPS service. The person sending the money i.e. the remitter and the person receiving the money i.e. the beneficiary, both have to generate their unique code from their respective banks for the transaction to complete. Curious to know as to how one generates this code!

ICICI NEFT Form

The digital payment wave has swept the Indian banking ecosystem with the sheer rise in the volume of electronic payment transactions across channels such as mobile wallets, PoS terminals, UPI, IMPS!, NEFT, AEPS etc. Just to give you a perspective, the total yearly volume of digital payments across channels has increased from 14.59bn to 71.59bn in 2022, registering a staggering 4.9x rise in volume. Source:www.statista.com Clearly, the value proposition for digital banking customers is too good to ignore , given the speed, safety, seamlessness, of digital banking transaction Against this backdrop, the central regulatory authority, the RBI has outlined the next phase of growth 'Payment Vision 2025' based on the 4Es value proposition of digital banking- E-Payments for Everyone, Everywhere, Everytime. One such digital banking transaction/payment channel is the NEFT, National Electronic Funds Transfer. Introduced in November 2005 by the RBI, NEFT allows retail customers across India to transfer funds electronically from one NEFT bank branch enabled account to either the same or any other bank within India. The NEFT service is available 24x7 ( with effect from Dec 16, 2019 as per RBI guidelines). There is no need to visit the bank branch as NEFT transfers are made through digital channels (net banking and mobile banking) everytime, everywhere, everyone. Besides, the NEFT facility can also be availed for making credit card payments and for payment of loan EMI. For example, let us say you have an active account with ICICI Bank. You can make NEFT payment through the following channels. - Visit ICICI bank branch - Netbanking - iMobile Pay - m.icicibank.com - Pockets app - ICICI bankpay Founded in 1994, the Vadodara headquarters ICICI bank, is one of India's leading private sector player with a strong domestic and international presence through its network of 5,275 branches and 15,589 ATMs across India and footprints across 17 countries worldwide. The bank had consolidated asset base of ₹16.8 lakh crore (as on December 31, 2021). Let us take a deeper look at the nuances of NEFT transaction steps via digital payment channels such as netbanking and mobile banking. For starters, you need to add a beneficiary account details and always ensure that accounts of payee and beneficiary are in active state.