Business Economy 23 Jun 2017 11 things your passb ...

11 things your passbook should include under RBI's new directive

DECCAN CHRONICLE.
Published Jun 23, 2017, 5:54 pm IST
Updated Jun 23, 2017, 5:54 pm IST
RBI has listed all the things a bank should include in the passbook to help customers keep a track of their transactions.
Representational Image.
 Representational Image.

New Delhi:  In an effort to help customers keep a better track of all their transactions, the Reserve Bank of India (RBI) has asked commercial banks to provide sufficient details of all transactions in the passbooks.

The central bank said “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”. To keep a check on the details provided by these banks, the RBI further has decided that banks shall provide a minimum amount of relevant details of account entries.

 

These are the things one ought to know under RBI’s new directive:

The new directive mandates banks to provide information about ‘deposit insurance cover’ along with details of its coverage limit in the passbooks.

This is applicable to all commercial banks including branches of foreign banks that operate in India that are insured by the deposit insurance and credit guarantee corporation (DICGC).

DICGC protects bank deposits in the event of a failure. Each depositor is insured up to a maximum of Rs 1 lakh for both principal and interest amount held by him/her in the same capacity.

The details which bank passbooks should provide 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.

Payment to ‘self’: This should indicate “Self” as payee. The name of the ATM/ branch if the payment is made by ATM/ another branch

Reversal of wrong credits will require the date of the original credit entry reversed and reasons for reversal, in brief.

Cash deposit should be highlighted as a “cash deposit”. It would require the name of the depositor i.e. self or third party

Interest on deposits: (i) Mention if the interest is being 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).

Bank charges: i) Mention the nature of the charges – fee/ commission/ fine/ penalty etc. (ii) Mention the 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.

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

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.

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