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Current Account
Details provided by your Current Account statement
When you have a business account with a bank, it’s important to understand all your financial transactions. This is where the Current Account statement comes in. It provides a comprehensive overview of your account's financial data and transaction history for a specific billing period.
What is a Current Account Statement?
Current Account statements summarise all transactions for a specific period (usually monthly, quarterly, yearly or even custom dates), detailing invoices, payments, outstanding balances, prepayments and associated fees. They are essential for tracking activities and maintaining records. This document is important for both banks and customers, ensuring transparency in financial transactions and a clear overview of your account.
The Current Account statement meaning can be broken down into several key components:
- Transaction details: Lists all deposits, withdrawals and transfers with dates, descriptions and amounts.
- Account balance: Shows opening balance, debits, credits and closing balance for the period.
- Fees and charges: Details of any bank fees or service charges.
- Interest earned: Shows any investment interest credits, if applicable.
Why is a Current Account statement important?
- Financial monitoring: Track spending and savings to adjust your financial behaviour.
- Record-keeping: Reconcile accounts, prepare statements and keep records.
- Dispute resolution: Resolve discrepancies or errors with the bank.
- Tax preparation: Document the amount earned and the expenses for tax returns.
How to access your Current Account statement?
You can request bank statements through physical mail, email or through your bank's portal. Several banks, like Axis Bank, offer free monthly or daily e-statements when you open a Current Account. Apart from that, you can access your statement through:
- Online banking: Login to your net banking account to view, download and manage your Current Account statement.
- Mobile banking: Download the mobile app to access your statement anytime, anywhere. The app provides a range of features, including transaction history, balance checks and account management.
With the advent of digital banking, you can even consider opening a Current Account online. This digital approach simplifies the process of opening a new account and gaining access to online banking tools.
How to open a digital Current Account online?
You can open a digital Current Account online with Axis Bank in easy steps through video KYC:
- Keep you PAN and Aadhaar cards ready for verification
- Fill in your personal details, such as full name, date of birth and address
- Submit to KYC verification via video call
- Transfer money into your new digital Current Account
Also Read: Features, benefits & meaning of a Current Account
Conclusion
Understanding what a Current Account statement is proves to be crucial for effective financial management. Regularly reviewing your statement helps you monitor transactions, manage your finances, resolve disputes and plan for future expenses. Embracing digital solutions like opening a Current Account online can streamline your banking experience and provide easy access to your account statement.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author 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. Please consult your financial advisor before making any financial decision
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