Do you need to have a balance certificate and still wondering how to get it?
It is simple, all you need is to 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 savings bank account balance on a particular date. It may include a current account too.
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 vice-versa is not true.
A few examples of bank certificates can be as follows…
- No objection certificate.
- No due certificate.
- Duplicate TDS certificate.
- Interest certificate.
- Balance certificate.
- Cheque honoured certificate.
- Account maintenance certificate.
- Solvency certificate.
These certificates would certify not only the balance in your account but it will include 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 balance certificate from the bank is required?
It depends you know! It is seen while applying 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 use to refer it as a balance confirmation certificate too.
If you are getting an education loan, you may have to apply for 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 many government organization asks 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 process to get a balance certificate on SBI internet banking|
|Go to the SBI internet banking website and log in.|
|Find e-Services under the menu bar.|
|Select the My certificate menu.|
|You will find the balance certificate down below. Click on that now your balance certificate will be displayed. The certificate will be inclusive of all the accounts you have.|
|You will get the option to download in PDF or XML files.|
The balance certificate available online need not endorse 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 got the certificate check all the details printed are precise and okay.
The reason is that certificate details should be matched with other documents you have submitted else 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. Within that period whatever transactions were induced will be reflected.
Things to watch out for while applying balance certificate…
Applying and getting a balance certificate is easy but for a specific purpose like studying abroad, certain things need to be addressed properly.
- Provide your account details with an accurate name. It means your title, first name, middle name, and last name.
- Make sure all the details are reflected precisely as per the documents.
- Rupee conversion to foreign currency value to be added. Your bank would normally insert it in the certificate. If not, ask the dealing officer to include currency conversion value.
- For other purposes, the balance certificate available online is enough to fulfil your requirement.
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.
|Popular Banks||Balance certificate issue charge|
|State Bank of India||₹ 150 plus GST.|
|Bank of India||₹ 150 per occasion|
|HDFC bank||₹ 100 per occasion ₹ 90 for senior citizens.|
|ICICI bank||₹ 50 to ₹ 100 per certificate depending on the type of account.|
|Punjab National Bank||2 certificates are free per year, the additional certificates would be charged at ₹ 100 for a personal account and ₹ 150 for a non-personal account.|
|Others||Most of the banks charge in the range of ₹ 100 to ₹ 200. It would not go beyond that, maybe with the addition of GST, it might go a bit higher.|
Getting a balance certificate is pretty easy. Just a mare 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 is actually matching with 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 address a bit delicately. As foreign universities might want to see precise details of what you have.
Do take care of your personal details as well as request your bank to include the currency conversion value of that particular country.
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