In today's digital age, the banking industry is changing for the better. Businesses now have the option to conduct their financial and banking activities online, from opening a Current Account to making online transactions and receiving digital notifications.
If you have a Current Account or want to open one, you can opt for e-statements. Switching to e-statements instead of physical ones can prove to be advantageous \as it can improve your business dealings and profitability.
Let's look at the benefits of choosing e-statements for your Current Account and how businesses can gain from this shift.
E-statements explained
E-statements or electronic bank statements capture the same information that is printed on bank passbooks. Your bank sends these statements to you by email. You can also download them using your internet banking account or your bank’s mobile app.
But are you among those who have not opted for online statements, either because you are not aware of this service or because you think that they are not as reliable as physical statements? Read on to know how making this shift can be advantageous for your business.
Elements included in the e-statements
Your bank e-statement will show the following information:
- Account details such as bank account number, customer ID and postal address.
- A list of all transactions executed during the specific time period, along with dates. Every transaction is accompanied by a brief descriptor, including payee names and account details.
- Opening and closing balances during that time period.
- Interest and fees charged by the bank along with details.
- Details of overdrafts taken on your account.
Benefits of e-statements
(1) Reduce carbon footprint
Today, a growing number of businesses are committed to reducing their carbon footprint. From finding new investors to meeting the standards set by regulatory bodies, going eco-friendly is the way forward. Businesses need to follow best practices across all areas to achieve their goals. Switching from paper to e-statements is a step in the right direction.
(2) Seamless management
Managing bank statements is always a logistical challenge. However, it gets easier with e-statements. Once you receive your online statement via email, you can immediately categorise them and segregate them into relevant folders for easy reference.
Also Read: Axis Bank Internet Banking Account
You can download them and save them on your computer or the cloud. You can also share them easily via email and other platforms with team members, lenders and other stakeholders of your business.
(3) Less physical clutter
Storage of paper statements can be a cumbersome process. It takes up a lot of physical space, not to mention, time. Besides this, they need to be filed and categorised for easy future reference, which requires a dedicated human resource. E-statements do not involve such efforts.
(4) Cannot lose it
Physical documents are prone to risks such as loss or theft — they can be misplaced or stolen. They attract insects, fires and other natural phenomena that can destroy the documents. This results in the loss of important documentation, which needs to be available for various purposes. For instance, bank documents need to be shared when applying for a loan or other products. Hence, e-statements are the best option for easy storage and speedy access.
(5) Save on fees
There is yet another financial benefit of relevance to businesses. Businesses are always looking to cut costs and optimise operations. Current Account holders need to pay annual/quarterly fees to continue receiving physical documents, just as they would for their debit cards. These expenses add up over time and amount to a significant value. The fees can be expected to increase in the future due to paper shortages and other factors as well.
Also Read: How to choose the best current account for your needs?
How to opt for e-statements for your Axis Bank Current Account
(1) You can opt for e-statement by via your Axis Bank Internet Banking Account. Once you log in, click on Account, then click on Services and click on Register for e-statement.
(2) Another option is to request for email statement via the Open app. Once you log into the app, click on Accounts and then click on email statement.
(3) The third option is to call the Axis Bank call-centre and request for e-statements for your account.
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
