News

​What Are the Important Things You Must Know About Bank Statements & Mini Statements?

A mini statement is nothing but a brief version of a bank statement. It is totally free of cost and may be acquired in distinct ways. 

It is difficult to note down and record each banking detail or transaction. However, it is essential to know where you spent your money. Fortunately, you can easily get the record by fetching your mini statement. A mini statement keeps track of your account’s recent transactions and even informs you regarding your recent bank balance. For instance, suppose you have an account with the Bank of Baroda, now to fetch the Bank of Baroda mini statement, you do not require visiting the bank. You can simply visit any ATM, input your bank details, and print the Bank of Baroda mini statement with ease. 

Here in this article are details about mini statements, how it works, what they mean, how you can avail them and what’s the difference between them and bank statements. Read on to know. 

What purpose does a mini statement meet?

Mini statements as mentioned above are brief versions of a bank statement. With a mini statement, you can easily review your past few bank transactions in your account. Mini statements are no different than bank statements, which even serve the same purpose of providing you with a list of transactions that you conducted in a year or month as per your preference. There are various ways to fetch your mini statements. For instance, you can fetch your mini statement through a mobile banking route, net banking platform or SMS. Let’s assess each of the modes to understand each of them better. 

Mini statement in bank ATM

To fetch your mini statement from ATM, you must follow the below steps – 

  • Insert your debit card into the bank ATM. 
  • Choose your preferred language.
  • Choose your four-digit ATM PIN.
  • Choose the option ‘mini statement’.

Mini statement through missed call

You can get your mini statement by giving a missed call on the number communicated by the bank to you. Here are the steps you must follow – 

  • Figure out the bank’s assigned number to get the mini statement. 
  • Give a missed call on the number from your registered phone number. 
  • Check your mobile for the SMS. This SMS may have your mini account statement attached. 

Mini statement through SMS

The next convenient method of getting your mini statement on your mobile is by sending the bank an SMS from your registered phone number. Follow the below-listed steps – 

  • Figure out the SMS number that you may get from the bank’s website.
  • Type out the SMS and then send the same to the assigned bank number. 
  • Check your mobile for the SMS containing your mini statement. 

Mini statement through net banking

You may also get your statement through net banking. For this, you must first log in to your net banking account through your login ID and passcode. Next, you must check for the account statement option. Once you get the option, select it, and download them in PDF format. 

Thus, with the above few routes discussed, it must be clear to you that you do not require visiting your bank for fetching your mini statement or account statement. For instance, suppose you have an account with SBI, then you do not require visiting SBI during the SBI bank timings for the mini statement or account statement. You can simply get the SBI mini statement or account statement through the net banking route or by giving a missed call or sending an SMS to the bank. 

Mini statement and bank statement – what’s the difference between both

​A mini statement is a kind of bank statement just in a brief version. However, a bank statement contains your details like your name, registered phone number, home address, account info like type, overall balance and transaction history spanning a year or month. To get the bank statement, you may require visiting the bank branch, if your net banking account does not allow you to download or print the same. Here is the difference between a bank statement and a mini statement – 

  • You as a customer can easily define the statement time period – This is the period for which you want to view the transactions that you made using your bank account. On the contrary, the statement period of the mini statements already is predetermined. 
  • Account statements collected by approaching your bank may be chargeable. However, those collected through net banking or mobile banking are completely free. On the other hand, availing a mini statement is totally free of cost, irrespectively of how you select to receive the same. 

What’s the difference between a bank statement & mini statement?

Mini statement Bank statement
A mini statement is a list of current 3 – 5 transactions conducted by you as a customer. An account or bank statement is the list of all the bank transactions that you conducted using your account over the set time-period, generally monthly or yearly. 
Shows past 3 to 5 transaction details based on your bank.  Shows the transaction details for the statement period for the requested period.
Accessing a mini statement is totally free of cost. Accessing a bank statement online is free, however, accessing a certified bank statement by approachable the bank physically may be chargeable. 

 

What are the important features of a bank statement?

Monitors account balance

Bank statements assist you to keep thorough track of your transactions and expenditures. Thus, you as a customer tend to become more aware of your finances if you fetch it regularly. 

Interest and fee tracking

If your bank provides you​​ ​an interest constituent​ on savings, you can view the same every month by fetching the account statement. Based on the interest constituent you earn; you might put a few amounts in the investment account or the money market platform to earn more returns. You may even check the charges you may be charged by the bank on using the account by fetching your account statement.

Related Articles

Leave a Reply

steroids for sale uk
Back to top button