Asavings account helps you access various banking services that help with taking care of your daily expenses alongside creating a savings corpus. Now, opening an account also comes with the responsibility of managing and operating it smoothly. For efficient management, banks allow you to view and download your savings account statement, which helps you oversee your expenses and verify all the transactions via the account. So, it becomes crucial for you as an account holder to know how to access your bank account statement and how frequently you should go over these statements.
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Why is it important to read your savings account statement?
Conducting an account statement review regularly is important for the following reasons:
Monitoring transactions: Regularly reviewing your savings account statements allows you to keep a vigilant eye on your transactions. This is not just about ensuring that all your debits and credits are accurate, but it also helps you identify any unauthorised or suspicious activities promptly. With complete digital access, IDFC FIRST Bank allows you to download your account statements without any difficulty.
Budgeting and financial planning: Your bank statement is not just a list of transactions but a financial mirror reflecting your spending patterns. By reviewing your account statement, you gain insights into your expenditure habits. This empowers you to budget more effectively, save wisely, and plan for your financial goals. With an IDFC FIRST Bank savings account, you can analyse your expenses and plan your finances efficiently using the IDFC FIRST Bank mobile banking app to view and manage your upcoming payments effortlessly.
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Detecting errors: There might be certain errors with your financial transactions. This is why it is important to regularly check your account statements to spot errors such as double charges, incorrect amounts, or any other discrepancies. Swiftly report these discrepancies to your bank to get these errors rectified promptly.
Preventing fraud: In an age of digital transactions, the risk of fraud is ever-present. Monitoring your savings account statement periodically can help you identify any fraudulent activities including unauthorised withdrawals or transactions.
Checking interest and charges: Your bank statement provides a comprehensive overview of the interest earned on your savings and any charges applied. Understanding these details helps you maximise your returns by making informed decisions about your funds and avoiding unnecessary fees. If you are an IDFC FIRST Bank account holder, you get monthly interest credits, and the earnings get reflected in the monthly account statement which helps with reviewing your finances easily. Along with monthly interest payouts, you also enjoy over 28 common banking services completely free of any charges!
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How to download and read your bank statements?
Retrieving savings account statements is quite simple and with an IDFC FIRST Bank savings account, you get several options to access your statement which further eases the process:
Internet banking: Log in to your Internet banking account. Navigate to the ‘Accounts’ section and select ‘View Statements’. Choose the desired time period, and then you can either view or download the statement.
Mobile banking: If you prefer the convenience of your mobile device, the IDFC FIRST Bank mobile banking app is your go-to solution. Access your account, go to the ‘Statements’ section, and follow the prompts to view or download your statements.
ATM: For those who prefer traditional methods, you can also visit an IDFC FIRST Bank ATM, follow on-screen instructions and get a statement of your account.
How often should you read your savings account statement?
The frequency of reviewing your savings account statement is important for your savings goals. Aim for a monthly review at the very least. This can ensure that you stay on top of your financial health and promptly address any concerns. Additionally, it facilitates better financial planning and budgeting.
As an IDFC FIRST Bank account holder, you can access your bank account statement anytime. Being diligent about reviewing your savings account statement is more than just a good financial habit – it’s a proactive measure towards securing your financial well-being.
