The full form of SOA in banking is Statement of Account. An SOA is a document provided by banks to account holders that summarizes all transactions over a specific period. It includes details of deposits, withdrawals, interest earned, charges levied, and the closing balance, helping customers track their financial activities and maintain records.
Importance of SOA in Banking
- Financial Tracking: SOA allows individuals and businesses to monitor income, expenses, and account balances.
- Proof of Transactions: It serves as official documentation of banking transactions for legal and financial purposes.
- Loan and Credit Assessment: Banks review SOAs while processing loans or credit applications to assess financial health.
- Dispute Resolution: Helps in verifying unauthorized transactions and raising disputes with the bank.
How to Obtain an SOA
Banks offer SOAs in both physical and digital formats. Customers can:
- Visit a bank branch and request a printed copy.
- Download it via online banking or mobile banking apps.
- Receive periodic statements via email, depending on the bank’s policy.
Differences Between SOA and Bank Passbook
| Feature | Statement of Account (SOA) | Bank Passbook |
| Format | Digital or printed | Physical booklet |
| Update Frequency | Periodic (monthly, quarterly) | Real-time when updated at a branch |
| Availability | Online & offline | Offline only |