All you need to know about your bank statement and its key features
A bank statement is a detailed summary of the income and expenditure related to your Current or Saving Account and is prepared by your bank every month. A bank statement allows you to track your spending and monitor any suspicious activity in your account. It also helps you analyse your spending patterns so that you can make prudent financial choices. Typically, banks send monthly statements to account holders on a particular date. But you can also generate your statement online via net banking or collect a physical copy from the bank.
A bank statement usually contains the following details:
The statement includes the basic details of the individual or joint account holders – their names, residential address, registered mobile numbers and PAN Numbers.
It also includes specific details such as the bank name, customer number, account number and type of account.
The statement mainly comprises the transaction history – a record of all credits and debits with specific date and time stamps, amounts, payer, and payee descriptions, etc.
Apart from a bank statement generated for a particular period, banks offer a compressed version of your account. This is called a mini statement. The mini statement gives you the details of the last five to ten transactions and your account balance. While a bank statement is more comprehensive, a mini statement gives you the more recent transaction details. Also, you cannot use a mini statement as income proof. You can get your mini statement through various modes like Mobile Banking, SMS Services, Quick Missed Call Banking facilities and Net Banking.
Most banks now allow you to choose how you wish to receive your monthly bank statements. You can either opt for a paper statement or apply online for an electronic bank statement sent to your registered email address. Updating your mobile number and email address is crucial so that you do not miss out on important alerts from your bank.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.