Bank statement application- Sample letter format

A bank statement is an important document required to get details of past transactions, get loans, track vendor payments, etc. A business can obtain a bank statement by writing a bank account statement application letter to its respective bank.

What is a bank statement?

A bank statement is a formal document containing details of all transactions in a particular time frame. It is sent by the bank to its account holder every month. A bank account statement typically summarises the below:

• All deposits, withdrawals and transfers
• Interest earned during the period
• Services charges or penalties charged 
• Opening and closing balances

It helps the account holders keep track of their expenses, income, bank charges, interest earned, suspicious transactions, etc.

Need of bank statement for business

A bank statement is helpful in a business in many ways. Some of them are explained below:

1. Bank reconciliation: A bank statement summarises all deposits, withdrawals and charges. A business can compare these transactions with its books of account to identify transactions not recorded in books or vice versa. It helps the business to manage their accounts easily and avoid errors. 
2. Budgeting and planning: Bank statements help businesses to categorise their spendings. This enables the business to track its expenses and plan for future expenditures. 
3. Tracking vendor payments: Bank statements serve as proof of payment made. It helps maintain vendor accounts by updating the payment made and calculating the closing account balance due. 
4. Identify bank charges and interest earned: A business can record the bank charges and interest earned during the period by studying the bank statement. It can also reach out to the bank in case of additional charges booked. 
5. Required for obtaining loans: Many financial institutions ask for bank statements of the last 2-5 years before granting loans. It helps to analyse the creditworthiness of a business.

Process to apply for bank statement

A bank statement can be obtained either by online mode or offline mode. For offline mode, one has to send a bank statement request letter asking for the account statement by specifying the time frame. The contents and a sample format of the bank statement request letter are explained in detail in the below topic.

For accessing the bank statements online, follow the below steps:

1. Login to your account via net banking or mobile banking application.
2. Click on the “Bank Statement” tab.
3. Select the account statement period and click ‘OK’.

The bank will send the account statement on the registered email ID for the selected period. Some banks also provide an option to download the bank statement as a PDF via its net banking or mobile banking application. 

Automated Teller Machine: ATMs also give an option to print the summarised account statement. One can use this option as well to get its transaction history.

Banks usually charge nominal fees for providing printed bank statements. However, e-statements are not charged. So, it is a better option to track your account via net banking. One can take a printout of the e-statement and get it attested by the bank.

Contents and format of bank statement application or bank statement request letter

Write the bank statement application letter/request letter in professional yet straightforward language. Below are some of the important things which should be mentioned in a bank statement request letter:

• Recipient bank name and address
• Subject line for requesting a bank statement
• The body should include bank account number, bank account details, the reason for requesting the statement, the period for which the statement is required, etc.
• A complimentary closure line
• Your signature 
• Your name and address
• Mobile number
• Enclosures, if any

Below is a sample format of a bank statement application letter: