What is Bank Statement ?
In Pakistan, banks are categorized into two main types: scheduled banks and non-scheduled banks. Scheduled banks are those financial institutions that are listed in the Second Schedule of the State Bank of Pakistan Act, 1956. These banks are subject to the regulations and guidelines set forth by the central bank. They play a crucial role in the country's economy by facilitating various financial services, including deposits, loans, and investments. Examples of scheduled banks in Pakistan include HBL, MCB, and UBL.
On the other hand, non-scheduled banks are financial institutions that are not listed in the Second Schedule of the State Bank of Pakistan Act, 1956. They operate at a smaller scale and may have limitations on the range of services they can offer. Non-scheduled banks are not subject to the same regulatory framework as scheduled banks, and they often cater to specific niche markets.
Types of Bank Statements Issued by Banks in Pakistan:
Banks in Pakistan issue various types of bank statements to their customers, providing a comprehensive record of their financial transactions. The common types of bank statements include:
Account Statements: These provide an overview of all transactions within a specified period, including deposits, withdrawals, and any charges or interest applied.
Credit Card Statements: For customers with credit cards, these statements detail the transactions made using the card, outstanding balances, and payment due dates.
Loan Statements: Customers with loans receive statements outlining the loan balance, installment details, and any interest accrued.
These statements serve as essential tools for account management, budgeting, and ensuring financial transparency. Customers can access these statements through physical copies or electronic formats via online banking platforms
Why embassy need Bank Statement ?
Embassies often require applicants to submit bank statements as part of the visa application process for several reasons:
Financial Capability: Embassy officials use bank statements to assess the financial capability of visa applicants. They want to ensure that the individuals applying for a visa have sufficient funds to cover their travel expenses, including accommodation, transportation, and daily living costs. This helps prevent situations where visitors may face financial difficulties while in the host country.
Proof of Income: Bank statements serve as proof of the applicant's income and financial stability. By reviewing the regularity of deposits, officials can gauge the applicant's ability to support themselves during the intended stay.
Ties to Home Country: Submitting bank statements can also demonstrate an individual's ties to their home country. If an applicant has a stable financial history and significant ties to their home country, it may reduce the perceived risk of the individual overstaying their visa or seeking unauthorized employment in the host country.
Verification of Information: Embassy officials use bank statements to cross-verify the information provided by applicants in their visa applications. This helps ensure the accuracy of the information and prevents fraudulent applications.
Assessment of Visa Duration: Depending on the intended duration of stay and the purpose of the visit, the embassy may use bank statements to evaluate whether the applicant has the financial means to sustain themselves for the entire duration of the visit.
It's important to note that specific requirements may vary between countries and visa types. Applicants should carefully review the embassy's guidelines and provide accurate and complete financial documentation to support their visa applications
How to get MoFA attestation of Bank Statement ?
MoFA not attest such documents.