IOB Bank Statement – Step-by-Step Guide to Download Your Account Statement

Suppose you have ₹1,00,000 in IOB savings. 

• You earn an interest of 2.75% per annum, so if you earn ₹2,750 as interest by the end of the year. Not bad, huh? 
• Now, suppose you have invested that same ₹1,00,000 in a Fixed Deposit (FD) earning you an interest rate of 7.10%.
• Now we're talking of ₹7,100 as interest in just one year! Isn't it fascinating the way various account types yield varying returns? 

Your IOB bank statement makes it easy for you to monitor such earnings and your financial transactions, from withdrawals to deposits. With net banking, mobile apps, or SMS for obtaining your statement, it's easy to make sense of the details, such as interest accrued or charges made. 

What is an IOB Bank Statement?

An IOB bank statement is a paper that shows all your transactions in your bank account over some time. It includes information such as the date, amount, description, and ending balance of each transaction. It assists you in staying current on your expenditures, looking for mistakes or deceitful transactions, and more efficiently utilising your money. It is a great resource for getting to know your financial transactions.

How to get an IOB Bank Statement?

1. Here’s the step-by-step process on how to download the IOB Bank Statement via Net Banking:

1. Visit the official website of IOB. 
2. Click on ‘Login’ in the top right corner of the page.
3. Select ‘Internet Banking Personal Login’ from the drop-down menu.
4. On the next page, enter your login ID, password, and captcha and click the ‘Login’ option.
5. Once you are successfully logged in, you will be redirected to the homepage.
6. After logging in, click on the ‘Account Statement’ option.
7. Select the type of statement you require (e.g., mini statement, full statement).
8. Choose the desired date range for the statement you wish to download.
9. Click on the ‘Download’ option.

2. Here’s the step-by-step process on how to download the IOB Bank Statement via the IOB Mobile App:

1. Download the ‘IOB Mobile’ app from the Google Play Store or the Apple App Store.
2. Install the application on your device.
3. Open the app and enter your User ID and MPIN to log in.
4. Once logged in, you’ll be redirected to the homepage.
5. Click on the ‘Accounts’ option.
6. Select the specific account for which you want to download the statement.
7. Click on the ‘View Statement’ option.
8. Select the start and end dates for the statement.
9. After selecting the dates, click on the ‘Download’ option to get the statement as a PDF.
10. If you choose ‘Email Statement, ’ the statement will be sent to your email.

3. Here’s the step-by-step process on how to download the IOB Bank Statement via SMS:

Launch your messaging program: Open the messaging software on your mobile phone, where you typically send SMS messages.

 Write a new message: Write a new SMS by tapping the option to write a new message.

 Enter the recipient number: In the recipient field, type 8424022122, the number you employ when sending SMS requests for bank services.

 Prepare the SMS: In the message body field, type MINI, space, and the last four digits of your IOB account number. For example, if your account number is such that the last four digits are 1234, you would type: MINI 1234.

 Send the SMS: Once you’ve entered the correct information, send the message from your registered mobile number (the number linked to your IOB account).

6. Receive the mini-statement: You’ll receive an SMS shortly with your mini-statement details, including recent transactions and your balance.

4. Here’s the step-by-step process on how to download the IOB Bank Statement via missed call:

Register your mobile number: Ensure that the mobile number you're using is registered with your IOB account.

 Call the IOB mini statement number: Call 8424022122 using your registered mobile number.

Let the call disconnect: The call will disconnect automatically after a couple of rings.

 Get the SMS: Once the call is dropped, you'll soon receive an SMS containing your IOB mini statement information.

5. Here’s the step-by-step process on how to download the IOB Bank Statement via a branch visit:

Go to your local IOB branch: Locate the nearest Indian Overseas Bank (IOB) branch that is accessible to you.

2.Speak to a bank representative: At the branch, speak with a bank representative or teller and ask for a bank statement.

Give your account information: Give your account number and other information needed to confirm your identity.

4.  Request the statement: Inform the bank official of the duration for which you require the bank statement.

5.Receive the statement: The bank official will prepare your request and provide a printed copy of your statement.

 Verify the statement: Double-check the statement to make sure that all the information is accurate before you leave the branch.

Understanding the IOB Bank Statement:

IOB (Indian Overseas Bank) bank statement is a document which represents activity in your account for a given time with all transactions such as deposits, withdrawals, debits, etc., as well as beginning and ending balances.

1. What is it:

Official Document: A Bank statement is a documented record sent from the bank depicting the activity of your account.

History of Transactions: It displays all transactions that have occurred in your account over some time, typically a month.

2. Key Information:

• Date of Transactions: The date on which each transaction was carried out.
• Transaction Type: Whether it was a deposit, withdrawal, transfer, or some other activity.
• Amount: The amount of money exchanged in each transaction.
• Description: Brief description of the transaction, such as the payee's name or description of the fee.
• Beginning and Ending Balances: Your account balance at the start and end of the statement period.
• Interest Earned (if applicable): Any interest you've earned on your account during that period.
• Charges: Any charges or fees deducted from your account.

3. Purpose:

• Tracking Finances: It helps you keep track of your income, expenses, and overall financial situation.
• Reconciling Accounts: You can reconcile your records (e.g., a checkbook) with the bank statement to ensure accuracy.
• Error Detection: The statement helps detect any potential errors or unauthorised transactions.
• Financial Planning: It provides you with an insight into your spending patterns, allowing you to make rational financial decisions.

4. Interest Rates on IOB Bank Savings Accounts and other interest rates:

Let’s understand it with the help of an example:

Let Rahul deposit ₹1,00,000 into his IOB savings account. Let us observe how interested he is in him:

• Savings Account (balance of ₹1,00,000): Rahul has a balance less than ₹1 crore, and thus his interest rate is 2.75% per year.
  
  
• Interest Calculation: If he holds ₹1,00,000 for one year, he gets ₹2,750 as interest.
  
  

Now, if Rahul puts the same amount in a Fixed Deposit (FD) for 1 year (rate for the general public):

• Interest Rate: He will get 7.10% per year.
  
  
• Interest Earned: His total interest earned was ₹7,100 during the year.
  
  

Rahul now understands how various accounts provide varying returns based on interest rates!

What are the Charges on the IOB Bank Statement?

Here is the information about the charges related to Indian Overseas Bank (IOB) statements and other banking services in a table format:

IOB Bank Mini Statement vs Full Statement:

Here is the comparison of the IOB Mini Statement and Full Statement in a table format:

Common Issues and Troubleshooting Related to IOB Bank Statements:

Here is the breakdown of common issues with Indian Overseas Bank (IOB) statements and how to solve them in a table format:

Fact: Indian Overseas Bank has served a show cause notice to IL&FS Engineering Services regarding marking its loan account as fraudulent. The case pertains to irregularities of ₹123 crore, which were detected by a forensic audit conducted by Grant Thornton India. The case is under a broader resolution process overseen by a government-formulated board headed by Retired Justice D.K. Jain.

Conclusion:

Your IOB Bank Statement is an important management tool for your finances, allowing you to monitor transactions, identify mistakes, and comprehend your account activity. Regardless of whether you view it through Net Banking, the IOB Mobile App, SMS, or even a visit to a branch, obtaining your statement is easy and convenient. With different types of accounts, such as Savings Accounts, Fixed Deposits, and Recurring Deposits, offering various interest rates, you can maximize returns as per your requirement. 

Always keep yourself informed about service charges and opt for the appropriate statement type according to your needs. Lastly, if there is a problem such as wrong transactions or missing information, the customer support team of the bank is available to help. Get in charge of your money and make informed choices with IOB!

FAQs related to IOB Bank Statements:

: How can I open my IOB bank statement PDF?

To open your IOB bank statement PDF, the password is usually the first 4 digits of your customer ID followed by the last 4 digits of your registered mobile number.

Q2: What is a bank statement?

A bank statement is an official document that provides a summary of your account activity over a specific period, usually one month. It includes details of all transactions, both deposits and withdrawals, so you can track how your money has been used during that time.

Q3: Who sends the bank statement?

Your bank, the financial institution where your account is held, prepares and sends the bank statement, summarizing your account activity and balance for a specific period.

Q4: Can we share a bank statement with others?

Yes, it's safe to share a bank statement, but ensure you take precautions and only provide it to trusted individuals or institutions to avoid potential scams.

Q5: Who can verify bank statements?

Bank statements are typically verified by auditors, lenders, or fraud prevention teams to ensure the document accurately reflects the account's activities and transactions.

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