What is the maximum time that I need to retain my bank statements and records?

How Long To Keep Bank Records? I thought it prudent to maintain a one-year bank record in order to do routine account maintenance. Nevertheless, tax and business cost documents, and other significant buying should last between three-seven years, which coincides with IRS audit periods. Income or deductible expenses are verifiable through bank statements that are required during the filing of a tax, and therefore keep them until you file your tax and the time limit has elapsed. In the case of mortgage, investment or loans, store them until the account is closed and any other issues are sorted.