When it comes to financial documentation, two of the most commonly requested documents are the Bank Balance Certificate and the Bank Statement. Whether you’re applying for a visa, loan, or immigration process, these documents play a crucial role in verifying your financial standing. In this blog, let’s understand all the things you need to know about Bank Statement and Bank Certificate.
What is Bank Statement and Bank Balance Certificate?
Bank Balance certificate is a document issued by the bank stating the amount of money present at the account holder’s bank account. It is prepared to declare that the required fund is available in banks with its saving history. The bank balance certificate is authorized and verified by an authorized bank with the signature of authorized officers.
Bank Statement is a detailed record of all transactions in a bank account over a specific period of time. It is usually a comprehensive overview of the transaction history of your account. It includes the information of deposit, withdrawal, transfers, and the opening and closing balance.
Bank Statement is used to track the financial activities, verify the income source and provide the proof of financial stability. It is often required for loan application, tax filing, financial planning and audit.
Importance of Bank Balance Certificate and Bank Statement
In today’s financial world, bank balance certificates and bank statements are very important. Whether for visa application and immigration, loan approvals or business transactions, these documents serve as a proof of financial status.
Proof of Financial Stability
Both documents serve as evidence of your financial health. They are often required by embassies, immigration officers and financial institutions if you are applying with an education loan as proof of sufficient funds to meet your requirements.
Visas and Immigration Process
Many countries require a bank balance certificate or bank statement as a part of their visa application to ensure that you have sufficient funds to support your stay. Countries like the USA, Australia, Canada, UK, New Zealand and European countries need bank balance certificates and bank statements of 6 – 12 months for visa application.
Loan Application
When applying for a loan or rentals, lenders or any financial institutions use bank statements to verify your income for creditworthiness. A good and consistent transaction history can improve the chance of loan application.
Personal Financial Management
Bank statements help to track the transaction history which helps to manage expenses. Regularly reviewing your bank statement helps to track expenses, identify errors and plan your finances effectively.
Legal and Business Transaction
A Bank Balance Certificate and Bank Statement are vital documents in legal and business transactions, serving as evidence and proof of financial standing. They are essential for settlements, court cases, tender bids, and financial disclosures, ensuring transparency and credibility. These documents verify the availability of funds, reduce fraud risk, and provide stakeholders with the assurance needed to proceed with transactions confidently.
Key Difference between Bank Balance Certificate and Bank Statement:
| Features | Bank Balance Certificate | Bank Statement |
| Purpose | Proof of available balance | Transaction history |
| Content | Total balance on specific date | Records of deposits, withdrawals and transfer |
| Usages | Visas, tenders, legal purpose | Financial planning, tax filings, loan application |
| Validity | Generally short terms | Covers a defined period |
How to obtain a Bank Balance Certificate from Global IME Bank?
Steps to Obtain a Bank Balance Certificate from Global IME Bank
- Visit the nearest Global IME Bank branch.
- Fill out the request form with personal details and account information and submit necessary identification documents (passport, citizenship, etc.).
- Specify the currency in which you would like the certificate to be printed.
Note: the conversion rate will be the same as forex rate of the same date as per NRB - Receive the certificate instantly.
- You can verify the bank balance certificate online through the bank’s balance certificate verification page..
How to Obtain a Bank Statement from Global IME Bank?
You can obtain a Bank Statement from the Global Smart Plus mobile application (online) or you can visit the nearest branch (offline).
Online Method
- Log in to Global Smart Plus.
- Navigate to the account statement section.
- Select the desired time period.
- Download the statement in PDF format.
Offline Method
- Visit the nearest Global IME Bank branch.
- Fill out the request form with personal details and account information and specify the duration of which you would like to print the transaction history.
- Verify your identity with necessary documents.
- Collect the statement immediately or as per the bank’s policy.
Conclusion
Bank Balance Certificate and Bank Statement are crucial documents to provide financial stability and manage your finances effectively. Whether applying for visas, tender bids, loan applications, these documents play a vital role.
FAQs
What is the difference between a Bank Balance Certificate and a Bank Statement?
A Bank Statement gives a complete history of all the transactions for a period, whereas a Bank Balance Certificate reflects your account balance at a given point in time.
Is a Bank Balance Certificate required for visa applications?
Yes, a lot of countries require a Bank Balance Certificate as evidence of adequate funds to sustain your stay.
How long does it take to get a bank balance certificate from Global IME Bank?
It can take anywhere from a few hours to one working day, subject to the processing time of the bank.
How far back can I request a bank statement?
You can generally obtain statements up to 90 days from global smart plus (online) and while visiting the branch you can specify the duration you wanted to obtain.
