In condition based maintenance, different signal processing techniques are used to sense the faults through the vibration and acoustic emission signals, received from the machinery. These signal processing approaches mostly utilise time, frequency, and time-frequency domain analysis. The features obtained are later integrated with the different machine learning techniques to classify the faults into different categories. In this work, different statistical features of vibration signals in time and frequency domains are studied for the detection and localisation of faults in the roller bearings. These are later classified into healthy, outer race fault, inner race fault, and ball fault classes. The statistical features including skewness, kurtosis, average and root mean square values of time domain vibration signals are considered. These features are extracted from the second derivative of the time domain vibration signals and power spectral density of vibration signals. The vibration signal is also converted to the frequency domain and the same features are extracted. All three feature sets are concatenated, creating the time, frequency and spectral power domain feature vectors. These feature vectors are finally fed into the K- nearest neighbour, support vector machine and kernel linear discriminant analysis for the detection and classification of bearing faults. With the proposed method, the reduction percentage of more than 95% percent is achieved, which not only reduces the computational burden but also the classification time. Simulation results show that the signals are classified to achieve an average accuracy of 99.13% using KLDA and 96.64% using KNN classifiers. The results are also compared with the empirical mode decomposition (EMD) features and Fourier transform features without extracting any statistical information, which are two of the most widely used approaches in the literature. To gain a certain level of confidence in the classification results, a detailed statistical analysis is also provided.