What are the "opening balance" and "closing balance" on the bank statement?

What are the "Opening Balance" and "Closing Balance" on a bank statement?

Opening Balance:

This is the amount of money in your account at the start of the statement period. It shows how much you had before any transactions (deposits, withdrawals, payments, etc.) were made during that time.

Closing Balance:

This is the amount of money in your account at the end of the statement period. It reflects your final balance after all transactions for that period have been processed.

Example:

If your statement period is from April 1st to April 30th:

• Your opening balance is how much was in your account on April 1st.
• Your closing balance is how much was in your account by April 30th, after all activity.

Why is this important?

It helps you understand how your money moved over the month and whether your balance went up or down.

Tip: If the closing balance doesn't seem right, check the list of transactions in the statement— there might be something you missed!