All About Bank Statements

By Annapoorna


Updated on: Jun 16th, 2022


4 min read

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Banks and financial institutions issue a document (usually each month) known as the bank statement to provide the users/account holders with a record of their overall monetary transactions. To save yourself or your business from fraudulent activities and payment of excessive banking fees, it is advised to check these statements/documents regularly.

What is a Bank Statement?

A bank statement is an official document that includes a summary of all the monetary transactions processed through the bank account over a given period, usually a month. This statement, also known as the account statement, is issued by banks and financial institutions.

What is the Format of a Bank Statement?

Information like the starting and closing balances of the bank account, cash/income deposits, interest earned, service fees and penalties, and funds withdrawn from the account are included in a bank statement.

An account statement can be split into three different sections, and they are-

  • Bank Information 

This topmost section in an account statement contains information about your financial institution.

The following details are included in this section –

  • Bank Name
  • Address
  • Website
  • Contact Details, etc.
  • Business Information

If you have a business bank account, your bank statement will contain the information mentioned below-

  • Business Name
  • Your Name
  • Address
  • Contact Number, etc.
  • Statement Dates

The statement date informs the account holder about the bank statement’s period.

  • Account Details 

This section includes particulars like –

  • Account Number
  • Account Description/Type
  • Business/Depositor Related Information, etc.
  • Account Summary

The following details are included in this section – 

  • Beginning Balance
  • Total Deposits
  • Total Withdrawals
  • Ending Balance, etc.
  • Transaction history

This section of the bank statement usually contains all the transaction details along with the date, amount, description of the payer or the payee, and the balance

Bank Statement

bank statement

How to Avail a Bank Statement?

Banks issue account statements at different intervals. You can get your bank statement either online or offline.

Getting Bank Statements online

Individuals can get paperless account statements virtually via mobile banking apps or net banking portals. While some banks allow users to download bank statements as PDFs, other banks email account statements to the account holders for downloading.

Here’s a detailed guide for you to avail your bank statement online:

  • Log in to your account either using a mobile banking app or net banking portal.
  • Click on the option of “bank statements” or “e-statements” and enter the statement period.
  • You will either get an option of downloading your account statement as a PDF or you will get an email containing your account statement on your registered email address.

Getting Bank Statements Offline

Bank statements can be received via post after visiting the bank branch and filling out a bank statement request letter. 

Importance of Bank Statements

The following are some of the reasons why bank statements are essential for businesses-

  • Helps in spotting fraudulent activities 

Any kind of error or fraudulent activities can be detected by comparing the bank statement with personal records.

  • Prevents accounting errors

Unlike manual financial entries, bank statements are not prone to human errors.

  • Shows complete transaction history

Bank statements contain a complete list of account balances, penalties, settlements, and other transaction details.

  • Acts as proof of tax returns

Bank statements are an accurate supporting document for filing business/employee tax returns. You can present account statements as proof in case of an audit.

  • Keeps track of uncashed checks

A bank statement enables you to detect whether or not the recipient has cashed your check. Keeping track of uncashed checks helps you in evaluating your expenses.

  • Helps you with business budget
  • Bank statements help you assess and evaluate your spending habits. You can also plan your future investments based on the past transactions highlighted in your bank statement.
  • Investors often require bank statements, account statements, lenders,  creditors, managers, etc., to assess individuals’ or businesses’ creditworthiness.

Banks and several credit card companies often require bank statements to determine borrower applications.

About the Author

I preach the words, “Learning never exhausts the mind.” An aspiring CA and a passionate content writer having 4+ years of hands-on experience in deciphering jargon in Indian GST, Income Tax, off late also into the much larger Indian finance ecosystem, I love curating content in various forms to the interest of tax professionals, and enterprises, both big and small. While not writing, you can catch me singing Shāstriya Sangeetha and tuning my violin ;). Read more


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