What is a balance certificate? Charges and how to apply

Do you need to have a balance certificate and are still wondering how to get it?

It is simple; all you need to do is apply online or offline. We will discuss how to apply and get it done in no time. But before that, let us see what a balance certificate really means.

What is a bank balance certificate?

A bank balance certificate is a certified copy of your bank account balance on a particular date. It could be your savings bank account or your current account.

The terms balance certificate and bank certificate sometimes get confused.

A bank balance certificate is particularly meant for the account balance. The need for this certificate arises when a regulatory body or an institute wants to have a confirmation of your account having that much balance.

Whereas a bank certificate covers other aspects of the account,. It may be for the customer’s address, solvency, debts, account balance, etc.

So, we can say that a balance certificate is a bank certificate, but a bank certificate cannot be just a balance certificate. The reverse is not true.

A few examples of bank certificates can be found as follows:

These certificates would certify not only the balance in your account but also your name, address, and account number, along with the present balance.

Usually, the officer in charge or branch manager of the bank issues the certificate.

Why is a Balance Certificate required?

It depends, you know! While applying for a VISA for studies abroad, it is normally asked to produce a bank certificate along with a statement of account.

The balance certificate confirms the possession of funds required for the expenses abroad. That is why people sometimes refer to it as a balance confirmation certificate too.

If you are getting an education loan, you may have to apply for a visa when you get the sanction letter.

Other than studies abroad, the closing balance certificate or balance certificate may be required by contractors. Sometimes, to get the project started, many government organizationsasks for a bank certificate along with a bank guarantee or some other type of security deposit.

The point is, that whenever you need to prove your account balance, you may need a balance certificate or bank certificate.

How to get a balance certificate online?

Nowadays, it is simple to get a balance certificate for your account. Most of the banks provide the facility online.

Internet banking users have the accessibility of downloading it directly from the bank’s official website.

If you are an internet banking user, you may find the option under the service request menu. For SBI internet banking users, the following steps may be helpful:

Balance Certificate of SBI account holder

The balance certificate available online does not need endorsement by the bank official. You may directly submit the certificate to the concerned authority.

How to get a balance certificate offline?

To get a balance certificate offline, you will have to write an application. A simple application is better.

While writing the letter, make sure you have provided your correct personal details. Even when you have the certificate checked, all the details printed are precise and okay.

The reason is that certificate details should be matched with other documents you have submitted; otherwise, your VISA application might be rejected.

The difference between a balance certificate and an account statement?

A balance certificate is a certified copy of an account balance on a particular day. It is certified by the bank official. 

Whereas a statement of account is the detail of an account transaction. It may be obtained for a certain period of time. Within that period, whatever transactions were induced will be reflected.

Things to watch out for while applying for a balance certificate…

Applying for and getting a balance certificate is easy, but for a specific purpose, like studying abroad, certain things need to be addressed properly.

Balance Certificate issue charges

Getting a bank balance certificate would cost you a few bucks. It varies from bank to bank but it will be in the range of ₹ 100 to ₹ 200.

We are able to collect a few data on popular banks, which are mentioned in the below chart.

Conclusion

Getting a balance certificate is pretty easy. Writing an application to the bank would do the task. Moreover, an online facility is also there. 

You only need to verify whether all the details mentioned in the certificate of balance match the account or not.

Needless to say, for proper verification of your name, address, and account number too. 

A balance certificate for VISA needs to be addressed a bit delicately. Foreign universities might want to see precise details of what you have.

Do take care of your personal details as well as request that your bank include the currency conversion value of that particular country.