All you need to know about bank statement

Bank account holders can get an in-depth view of their account using bank statements

Digital banking has replaced traditional banking processes. You can send and receive money, apply for loans, and invest in fixed deposits (FDs) without visiting the bank. You can also get a microscopic view of the transactions in your account through bank statements. Bank statements can be downloaded on your phone or laptop by visiting your bank's mobile application or web portal. But before we learn how to download it, let us understand what a bank statement is.

What is a bank statement?

A bank statement shows the history of transactions in your account. You can view the funds debited or credited in your account by analysing your bank statement. It displays every little detail, including the date and timing of the transactions.

You can also view details of the person you transacted with within your bank statement. Their bank account and branch details are mentioned in the bank statements, making it easy for you to track your payments and receivables.

How to get a bank statement?

There are two ways to get your bank statement: online and offline. The former is the more convenient method as you do not have to visit the bank. Here is how you can download or view your bank statement online:

• Log into your online banking portal.
• You should find a section called "Statements."
• Choose your statement period.
• A PDF file will be displayed. You can either view it on the online portal or download it.

Banks also allow you to choose between paper and online statements in your account preferences. You can even customise your notification settings to receive an alert when a new statement becomes available.

Why is a bank statement important?

Every customer has a separate account in the bank's books. Deposits are recorded on the credit side of the customer's account, while withdrawals are placed on the debit side. The bank sends customers an account statement regularly. It gives customers a clear picture of where their money is going. If a customer notices something wrong in either the debit or credit side of their account, they can look at their bank statement and track their transactions.

IDFC FIRST Bank allows you to view and download your bank statement online. You can log into your IDFC FIRST Bank net or mobile banking portal and download your bank statement.

How does a bank statement work?

A bank statement tells you precisely what happens within your account during a specific period, including the amount credited and debited. Most bank statements list your transactions one by one, beginning with the most recent transactions. Each transaction is placed under one of two columns: debit or credit.

Transactions categorized under ‘Debit’ signify the money leaving your account whereas ‘Credit’ shows money deposited into your account. Every transaction in a bank statement falls under either of these two categories. Each transaction also gives you information about the transaction date, amount, and recipient.

Depending on the number of transactions in an account, the bank statement can vary in length. The bank statement of a current account is usually longer than that of a savings account as businesses engage in trading.

A bank statement gives you a detailed view of your account. You can better plan your finances by analysing your bank statement and learning what you spend on the most.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.