Bank Passbooks : 11 things you need to know
According to circular released by RBI on June 22, the transactions which banks should include in passbooks are as follows: Payment to third parties: i) Name of the payee (ii) Mode- Transfer, clearing, inter-branch, RTGS/ NEFT, cash, cheque (number) (iii) Name of the transferee bank, if the payment is made through clearing/ inter-branch transaction/ RTGS/ NEFT.
1. Under the new directive, Banks have to give information about ‘deposit insurance cover’ along with the limit of coverage up front in the passbooks.
2. As per details on RBI’s website, it is applicable to all commercial banks including branches of foreign banks functioning in India are insured by the deposit insurance and credit guarantee corporation (DICGC).
3. In the event of a bank failure, DICGC protects bank deposits. Each depositor in a bank is insured up to a maximum of Rs. 1 lakh for both principal and interest amount held by him/her in the same capacity.
5. Payment to ‘self’: This should indicate “Self” as payee. The name of the ATM/ branch if the payment is made by ATM/ another branch
6. Reversal of wrong credits will need to have the date of the original credit entry reversed and reasons for reversal, in brief.
7. Cash deposit: It should be indicated that it is a “cash deposit”. It would require name of the depositor i.e. self or third party
8. Interest on deposits: (i) Mention if it is interest paid on the Savings Account/ Fixed Deposit (ii) Mention the respective Fixed Deposit Account/ Receipt Number if it is interest paid on Fixed Deposit(s).
9. Bank charges: i) Nature of the charges – fee/ commission/ fine/ penalty etc. (ii) Reasons for the charges, in brief – e.g. return of cheque (number), commission/ fee on draft issued/ remittance (draft number), cheque collection charge (number), issuance of cheque book, SMS alerts, ATM fees, additional cash withdrawals, etc.
10. Receipt from third parties: (i) Name of the remitter/ transferor (ii) Mode-Transfer, inter-branch, RTGS/ NEFT, cash, etc. (iii) Name of the transferor bank, if the payment is received through inter-branch transaction, RTGS/ NEFT
11. Maturity proceeds of fixed deposit/ recurring deposit: i) Name of the Fixed Deposit/ Recurring Deposit holder (ii) Fixed Deposit/ Recurring Deposit account/ receipt number (iii) Date of maturity more
1. Under the new directive, Banks have to give information about ‘deposit insurance cover’ along with the limit of coverage up front in the passbooks.
2. As per details on RBI’s website, it is applicable to all commercial banks including branches of foreign banks functioning in India are insured by the deposit insurance and credit guarantee corporation (DICGC).
3. In the event of a bank failure, DICGC protects bank deposits. Each depositor in a bank is insured up to a maximum of Rs. 1 lakh for both principal and interest amount held by him/her in the same capacity.
5. Payment to ‘self’: This should indicate “Self” as payee. The name of the ATM/ branch if the payment is made by ATM/ another branch
6. Reversal of wrong credits will need to have the date of the original credit entry reversed and reasons for reversal, in brief.
7. Cash deposit: It should be indicated that it is a “cash deposit”. It would require name of the depositor i.e. self or third party
8. Interest on deposits: (i) Mention if it is interest paid on the Savings Account/ Fixed Deposit (ii) Mention the respective Fixed Deposit Account/ Receipt Number if it is interest paid on Fixed Deposit(s).
9. Bank charges: i) Nature of the charges – fee/ commission/ fine/ penalty etc. (ii) Reasons for the charges, in brief – e.g. return of cheque (number), commission/ fee on draft issued/ remittance (draft number), cheque collection charge (number), issuance of cheque book, SMS alerts, ATM fees, additional cash withdrawals, etc.
10. Receipt from third parties: (i) Name of the remitter/ transferor (ii) Mode-Transfer, inter-branch, RTGS/ NEFT, cash, etc. (iii) Name of the transferor bank, if the payment is received through inter-branch transaction, RTGS/ NEFT
11. Maturity proceeds of fixed deposit/ recurring deposit: i) Name of the Fixed Deposit/ Recurring Deposit holder (ii) Fixed Deposit/ Recurring Deposit account/ receipt number (iii) Date of maturity more
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Oct 31
In the digital era, paper work should be minimised as far as possible. The account holder should be able to access his/her account status on the click of a button sitting at home/work place. Print out of his account may be taken by the account holder as & when he needs. Thus the account holder can monitor his/her status. Only for cash withdrawals and deposits one should go physically to the bank. For such services (not rendered by the bank), there can be some incentive too to the account holder. Besides, for withdrawal from ATMs there shall not be any charges for at least upto five times from the same bank (where he has the account) and another 3 times from other banks/branches. more
Jun 25
GETTING PASS BOOKS UPDATED IS STILL A BIG HASSLE AND TIME CONSUMING AT PUBLIC SECTOR BANKS LIKE PNB, SBI ETC. THE PASS BOOK PRINTING MACHINES ARE OUT OF ORDER, OR DO NOT FUNCTION PROPERLY. THERE IS A LONG QUEUE OF THE CUSTOMERS AND MOSTLY THERE IS NO BODY TO MANAGE THE SYSTEM. THE BANKING STAFF MOSTLY DO NOT COOPERATE IN UPDATING THE PASS BOOKS. PASS BOOKS ARE IMPORTANT RECORD FOR THE FINANCIAL TRANSLATIONS DONE AND NEED TO BE PRESERVED. AS A PENSION HOLDER, MY PENSION WAS REVISED FROM YEAR 2002. FOR MAKING THE DUE AND DRAWN STATEMENT, THE BANK DOES NOT HAVE RECORD FOR THE EARLY YEARS BEFORE 2006. MY OLD PASS BOOKS WERE HELPFUL, IN GIVING THE DRAWN AMOUNTS FOR THE BANK TO REVISE THE PENSION. more
Jun 25
Mr. Pradip Saha and others have suggested that pass book should be abolished and monthly account statement should be sent by email. But the question arises how many account holders are having internet system or email. I think many of the account holders are not having such facility. If some of them have this facility, he may not fully operate the system or he may not have printer and so on. It is true we are coming to the digital world , but it doesn't mean that all of us have become expert in digitization or computer system. We think that the whole India has been digitized at once and every body has a computer system. Our country is not so rich and literate that it can adopt digitization immediately. we have to wait for some time, for even years. It will go on with a limited speed. It may be slow or fast. Secondly, our bank employees, mostly in nationalized banks, are not so active, even most of them are lethargic in their work. How can we expect that they would perform their duties promptly. The monthly account statements would never come in time. It is my experience. more
Jun 25
