RESERVE BANK OF INDIA:RECORDING OF DETAILS OF TRANSACTION IN PASSBOOK/STATEMENT OF ACCOUNT

RESERVE BANK OF INDIA:RECORDING OF DETAILS OF TRANSACTION IN PASSBOOK/STATEMENT OF ACCOUNT

RBI/2016-17/326
DBR.No.Leg.BC.76/09.07.005/2016-17

June 22, 2017

All Scheduled Commercial Banks (including RRBs)
All Small Finance Banks and Payments Banks

Dear Sir/ Madam,

Recording of Details of Transactions in Passbook/ Statement of Account

Please refer to instructions contained in Paragraphs 6 and 7 of our circular DBOD.No.Leg.BC.74/09.07.005/2003-04 dated April 10, 2004 on "Committee on Procedures and Performance Audit on Public Services - Report No. 3 - Banking Operations : Deposit Accounts and Other Facilities Relating to Individuals (Non-Business)" advising banks to avoid inscrutable entries in passbooks/ statements of account and ensure that brief, intelligible particulars are invariably entered in passbooks/ statements of account with a view to avoiding inconvenience to depositors.

2. It has come to our notice that many banks still do not provide adequate details of the transactions in the passbooks and/ or statements of account to enable the account holders to cross-check them. In the interest of better customer service, it has been decided that banks shall at a minimum provide the relevant details in respect of entries in the accounts as indicated in the Annex. The list of the transactions mentioned in the Annex is indicative and not exhaustive.

3. Banks shall also incorporate information about ‘deposit insurance cover’ along with the limit of coverage, subject to change from time to time, upfront in the passbooks.

Yours faithfully

(Rajinder Kumar)
Chief General Manager

Source:RBI