Many banks provide the account holders the option to track their transactions online in an effort to maintain transparency. This helps in properly managing the available funds and spot any unnecessary transactions or fraudulent transactions. In this guide we have cover on how you can check bank statement online and common queries regarding your bank statement.
What is an Online Bank Statement?
An online bank statement is an electronic version of your bank statement that displays information like deposits, withdrawals, transfers, etc., within a specific time frame.
While traditional bank statements are printed on paper, an online bank statement is easily accessible at any time of the day, especially when it comes to tracking expenses related to your savings account.
How to Check Bank Statement Online
The steps to check the bank statement may vary slightly for different banks, but the process as a whole is quite similar.
1. Login to Your Bank’s Website/App
First, you need to visit the official website of the bank you are associated with or open the mobile app of the bank.
2. Go to the Accounts Section
Once you are successfully logged in to the bank’s website, you need to go to the section where you can view your accounts. This section will probably be labelled as “Accounts” or “My Accounts.”
3. Select Your Account
Once you are in the accounts section, you need to select the relevant savings account/current account.
4. Click on ‘View Statement’ or ‘Account Statement’
Once you select the relevant account, you will see the option to view the statement of the bank.
5. Download Statement
In case you are curious to know how to download bank statement online, you need to see the download option on the page. The statement will probably be in the form of a PDF file.
Other Alternative Methods to Access Your Statements
Apart from internet banking, there are a few more alternative ways to access your bank statement:
- Mobile Banking Apps: Many users prefer using mobile banking apps to access their bank statements.
- Email Statements (E-Statement): Many banks provide this facility to their users. Banks send monthly statements to your email account.
- SMS/Mini Statements: These are available if you want a quick look at your recent transactions.
Benefits of Checking Bank Statements Online
There are several benefits to accessing your bank statement online:
- Saving Time: There is no need to spend time traveling to your bank to access your bank statement. You can access your bank statement anytime, anywhere.
- Better Tracking: Regularly keeping track of your bank statement will enable better management of your expenses.
- Secure Record: Your bank statement is stored securely, and whenever required, it is easily available.
It is always better to remain aware of changes in savings account interest rates, as this affects your savings.
Safety Tips While Accessing Bank Statements
Although it is safe to use internet banking, some basic steps should be followed:
- Only use official websites.
- Avoid using internet banking on shared computers.
- Do not share your login ID or OTP with anyone.
- Log out after using internet banking.
These steps will ensure your safety while using internet banking services.
What If You Don’t Have Online Banking?
If you haven’t started using internet banking, then there is no need to worry because this service is easily available with online account opening services. Once your account is opened, you can start using internet banking services and access your online bank statement immediately.
Conclusion
Today, checking your bank statement online is not a difficult task at all. With just a few steps, you can easily view, download, and manage your financial information right from the comfort of your home.
Whether it is checking your expenses, confirming transactions, or just keeping an eye on your savings account, the entire process is quite smooth with online bank statements.
Frequently Asked Questions
Q1) When are the monthly e-statements available for download?
By the 5th of each month, account holders can receive the monthly e-statements. These statements are available for download for access up to 7 years of history via app or net banking.
Q2) What is the cost of requesting online bank statements?
For digital statements, banks provide bank statements for free, in the case of physical statements charges may incur.
Q3 What if I see some errors in my statement?
You can raise disputes via app or email of the bank’s customer support. Banks are mandated to resolve disputes within 30 days of the complaint as per RBI guidelines.
