Salary Transfer Statement Meaning & Definition | UBS
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Salary Transfer Statement

What is a Salary Transfer Statement?

Salary Transfer Statement also known as a Bank statement has information about the salary to be paid out to the employees from the company’s bank account.

 This statement contains details like: 

  • Employee’s Name
  • Employee’s Account Number
  • Unique ID
  • Employee’s Net Salary
  • The Mode Of Payment

A statement is generally a text file or an excel file and needs to be uploaded to the bank’s portal by the company. Most payroll software automatically generates and uploads bank statements after the payroll run.

Benefits Of A Salary Transfer Statement

  • A statement can provide you with an overview of salary disbursement.
  • This information could also be helpful when reconciling salary for preparing your taxes.
  • This can help you to show to future companies while verifying old salary.

Also, See: Basic Salary | Gross Salary  | Net Salary

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