Savings Account is a basic account you can open with any leading bank. You can deposit your savings here and earn competitive interest returns. The account allows you to carry out everyday banking transactions with absolute ease. Bank statements are a detailed summary of your Savings Account transactions.
You receive these states every month. Reviewing your bank statements may seem tedious, but it is a must. Following are the reasons you should check them time-to-time:
Check balance
Go through your Savings Account bank statement to see the balance maintained. The bank statement has an account of every deposit and withdrawal you make. Compare the bank statements with your own records. Both account balances should tally. If the account balances do not tally, reach out to the bank, and express your concern.
Identify frauds
Financial frauds and scams are on the rise. Primarily online, innumerable fraud cases are recorded daily. Check your bank statements to spot these errors. For example, if your bank statements state that you made an online transaction of Rs. 10,000 on a specific date and noticed no records, it could be a fraud case. Approach your bank and get it sorted.
Track your spendings
If you do not track your monthly expenses, consider checking your bank statements. Reviewing your online Bank Account statements is a good way to grasp your spending. Your statements give you a clear idea of where and how much you spend. Once you understand your spending pattern, you can plan your finances better.
Documenting finances
This is essential as it lets you maintain personal records and make banking requests. When applying for a Loan, most lenders ask for the latest six-month bank statements. Your bank statements make the bank aware of your income and spending. You stand a chance to avail yourself of a good Loan deal in such cases. Your Saving Bank Account statement is also helpful when filling in Income Tax Returns.
Check interest gain
Savings Account is an interest-bearing deposit account. You earn a competitive interest rates on your savings. These vary for different banks and account balances. A higher account balance attracts a higher interest rate and vice-versa. Your bank statements give you a fair idea about your interest gains. This makes you mindful of your finances and maximises your returns.
You can easily access these bank statements online. Opt for online facilities, especially a Banking app. You also ask the bank to send you a hard copy of the bank statements. However, the digital copy of bank statements is better. You can easily access it anytime, anywhere.
Keywords – Savings Account, Saving Bank Account, Online Bank Account
