Last Updated:
Your bank statement reveals more than just transactions; it can help spot fraud and avoid excess charges
If you notice any overcharging in your bank statement, you can raise a complaint and seek redress. (News18)
Nowadays, the vast majority of people in India hold a bank account. Most banks now provide account holders with regular updates via email in the form of digital bank statements.
A bank statement is an official summary of all transactions made within a specific period, usually monthly, providing a clear record of your financial activity.
When Should You Review Your Bank Statement?
Surprisingly, many account holders are unsure about how often they should check their bank statements. Typically, statements are only reviewed when required for documentation or proof.
Even though many banks now send monthly summaries by email, these often go unnoticed.
Financial experts recommend that customers review their bank statements once a month. Doing so can help detect unauthorised or suspicious activity early and highlight any excessive charges applied by the bank.
Why It’s Important To Check Regularly
Bank fraud and unauthorised access have become increasingly common. Your bank statement serves as evidence of fraud and provides a detailed overview of where your money is coming from and where it is going.
It can also help identify unnecessary spending habits. For instance, frequent restaurant visits or impulsive online purchases will clearly appear, helping you make more conscious financial decisions.
Understanding Bank Charges
Banks often apply charges for various services such as physical statement requests, duplicate passbooks, or debit card fees. By checking your statement each month, you’ll be aware of these deductions.
If you notice any overcharging, you can raise a complaint and seek redress.
view comments
- First Published: