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About Pass Book

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About Pass Book
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What is a Pass Book?

A Pass Book can be defined as a paper booklet issued by a banker to a customer recording therein entries of deposits and withdrawals made. Alternatively it can also be said to be a copy of ledger maintained by the banker showing all types of entries relating to an account of a customer viz, deposits, drawls, interest earned & charges levied if any.

Savings accounts have low number of transactions as compared to a current account. Before advent of computers & printers the pass books were prepared by hand & were to be initialled by authorised official of the bank. Most of the banks have these days installed self operated printers for updating the pass books.

Pass books have a page or two printed with rules & regulations relating to savings bank account.

What does regulator say on the pass book?

RBI in master circular of customer service in banks RBI/2013-14/69 dated July 01, 2013 says that passbook is a handy & ready reckoner for the customer for referring to transactions done by him. All the banks are invariably required to offer pass book facility to savings bank account holders. This should be free of charge.

Can Pass Book be used as identity proof?

Pass book is generally issued in savings accounts after KYC compliance. Pass book can also serve as a proof of identity in some govt offices. Since 09 Jan 14 as per reports in newspapers the Ministry of External Affairs shall also accept pass book as identity proof of the holder in place of electricity or telephone bill.

When was the first pass book issued?

It is said that pass Book was first introduced in rural areas of Britain in 19th century.

It would be appropriate to mention here that Sir John Paget who published Paget’s Law of Banking in 1904 has this to say about pass book:  “The proper function of the pass book is to constitute a conclusive & unquestionable record of transactions between the banker & a customer & it should be recognised as such.”

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  3. What does entries in pass book show?

    Besides entries of deposits & withdrawls made , pass book also shows entries relating to charges levied by the bank & interest allowed on the deposits made.

    What about wrong entries in the pass book?

    In the recent past the pass books were filled in by clerk by hand & quite often wrong entries were made resulting in disputes.

    In India there is a statutory duty on the part of the customer to examine his pass book & inform about mistake(s) appearing in the pass book if any to his banker. This duty means it operates against the customer if he is careless. Entries which are favourable to the customer but wrong or fictitious do not constitute a settlement of account as far as pass book is concerned.

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