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Bank Verification Letter Formats - Khatabook

How to write a Bank Verification Letter for Various Banks?

by Khatabook

Businesses have started providing an Automated Clearing House (ACH) payment. For this type of payment, a bank verification letter is required to ensure that all the transactions are happening with legitimate bank accounts. Further, this confirms that the business is holding a valid bank account. Buyer, business partner, loan provider, and other stakeholders can feel relieved about the organization’s trustworthiness upon verifying the bank confirmation letter

Therefore, it is a must to prepare a well-formatted bank verification letter based on the bank in which your business has an account. Also, it confirms the creditworthiness of the business to the customers. 

Steps Involved In Writing A Bank Verification Letter 

Different banks might have an individual format of banker’s verification letter. But the basic steps involved in writing the letter remain almost similar. If you can understand the components present in the letter, then it is always possible to tweak minor details concerning the banks you deal with. 

You can make a letter in a simple document. Preferably getting it signed from the bank authority on their letterhead. 

  1. Bank details: Mention the bank name, address, and date on the top left-hand side corner.
  2. To details: Customer details (who requires a letter to verify your business).
  3. To: Whomsoever it may concern.
  4. Subject: Mention the purpose for which the bank provides this letter to your customer (it can be an address validation letter, creditworthiness, and much more). 
  5. Description: In this section mention the details of your business
    Name, address, contact number, website address, email id, and registration number. Bank will authorize this and also add the following details.

    • Your bank details
    • Account number
    • Account type
    • Date of account opening
    • Finally, the bank will authorize your creditworthiness.
  6. Bank officer name and signature

Bank Confirmation Letter Format

In general, a confirmation letter is required for audit purposes. The various reasons one will seek for confirmation letter include:

  • Bank operation confirmation – Bank will confirm your operation.
  • Bank balance confirmation – Bank supports your balance and thus confirms customers about your healthy account balance. 
  • Address validation letter – This letter is issued to confirm the physical presence of your business. 

The format of such a letter will contain all the details as mentioned in the steps to be followed in writing a letter. Only the description section will change according to the purpose for which the letter is given.

Format of Banker’s Verification Letter:

The below-given format is another one in which the bank details come below the description. Check with the respective bank for a bank verification form and it may look unique. However, the basic details will not change. 

 

To whomsoever, it may concern

 

Sir,

  • This is to confirm that, Name of the business, Address is maintaining an account with us from (date of opening).
  • Their address, creditworthy and PAN details are verified and recorded with us
  • Bank Branch with IFSC number
  • Bank Name and address

 

                                                                              Signature of the banker with seal

Date                                                                                         Name

Place                                                                                        Designation

Bank Statement Letter Format

When there is a need for getting a statement from the bank about the transactions your business had, then you can request it from the bank. This letter will typically contain all details as per the bank verification format but additionally will include the credit and debit details to and from your account. This letter is generally issued directly from the bank to the business as it contains the detailed transaction. This is used for audit and tax verification purposes. 

PACL Bank Verification Letter

Based on the verdict from the Supreme Court, the Lodha committee has announced all the investors to claim the money they invested from Pearl Agrotech Corporation Limited (PACL). You can use the PACL bank verification letter pdf and follow the process given below to claim for a refund. 

  1. Download the PDF form and fill the details. 
  2. Collect all details given below in electronic format (Print and scan)
    • PACL certificate receipt 
    • PAN card 
    • Canceled cheque 
    • Bank verification letter 
    • Passport size photo
  3. Click on www.sebipaclrefund.co.in and mention the registration number as given in the PACL policy along with the mobile number you used at the time of registration. This will generate an OTP. 
  4. Create a password after receiving the OTP and confirm it.
  5. Now start with the claim process by providing your bank details, receipt details, PAN number, cheque number, etc. 
  6. Upload all the documents as mentioned in step 2.
  7. Tick agree and click submit.
  8. You will receive an SMS and from there you can track your claim status online. 

Key Takeaways:

  • Bank verification letters are available online in most of the bank websites. You can also prepare one following the steps explained above. By and large, they remain the same with minor changes based on the banks. 
  • It is used to validate the bank’s line of credit with your business.
  • Upon request, the bank will issue such a letter to individuals or businesses.
  • Make sure to obtain the signature of the banker to make it a valid certificate, in case you wish to submit it for tax purposes.
  • Remember that the verification letter holds good only for the purpose for which it is issued. It cannot be used randomly. The bank will mention for what reason such a letter is given to any third party. 
  • The letter can be used for verifying the business worth, entering into a JV project, etc.

However, this letter issued by the bank does not warranty any payment or fund provision. It is only an authorization from the bank about the existence and creditworthiness of its customer to any concerned party.

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