All Scheduled Commercial Banks
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.
Chief General Manager