Bank Passbook

A bank is a type of financial institution that enables people to deposit money, withdraw it, take out loans or credit as needed, set up fixed deposits to save for the future, and much more. To use all of a bank’s services, a person must first open a bank account.

Once a person begins initiating transactions, it is necessary to record and track them. Tracking transactions is required because it enables a user to understand where he or she is spending or has spent money, and in the event of any doubt or suspicious behaviour, he or she can contact the bank for clarification on those transactions.

There are two methods for obtaining transaction records: a traditional way where transactions recorded are printed in a bank passbook and the other one is in form of a digital bank passbook. In this article, we will go over the differences between a traditional bank passbook and a digital bank passbook in depth.

Bank Passbook

A bank passbook is a traditional method of keeping track of the transactions made in a user account. It depicts all transactions, whether they are credited or debited. It also shows where a person spent money and who credited it into his bank account. In a bank passbook, everything is precisely printed. However, a user must have the transactions printed on a bank passbook every time he or she visits the bank to keep it up to date. Here’s some more information about a bank passbook:

• The banking kit includes a bank passbook as well as a cheque book, debit card, and other important banking credentials.
• The bank account holder must update the bank passbook by visiting the bank or from a Passbook printing machine in ATMs.
• There really is no other way to update the bank passbook.
• A traditional bank passbook is printed on paper.
• A bank passbook, which contains a user’s name, bank account number, and other information, can be used as proof.

What Are the Advantages of Using a Bank Passbook?

Though the role of a bank passbook is not the most important, it is one of the keys which let a user know the transaction history from the time a bank account is opened. The following are some of the benefits of using a bank passbook:

1.Keeping track of account statements

A bank passbook keeps track of the account holder’s transactions. The transactions printed on even a bank passbook are permanent. When necessary, a user can consult the transaction history in the bank passbook. It shows the user the time and date of transactions, as well as the amount debited and credited and the total balance.

2.Easily keep track of transactions

A bank account holder can easily monitor the number of transactions made in a given week/month/year and check the remaining balance using a bank passbook. The transaction history demonstrates the difference between total expenses and total savings, and the difference between them aids in future planning.

3.As a means of proving transactions

A bank passbook can be submitted to organisations or individuals who want to review the user’s financial statements. It can also be submitted to human resources for verification and salary deposit.

4.Identifies the fraud

A false or suspicious entry in a bank passbook can alert the bank account holder to possible banking fraud. He or she can also notify the bank well about fraud or suspicious activity so that the bank account can be temporarily deactivated or another measure can be taken to protect the bank account holder from further loss.

What Are the Drawbacks of a Bank Passbook?

Some of the drawbacks of a bank passbook are as follows:

• To have the bank passbook updated with new transactions, the user must go to the bank.
• There is really no other way to update the bank passbook.
• Once a user’s Passbook is filled completely with full of transactions, he or she must apply for a new one.

‘M-Passbook’ is a digital version of the passbook that allows customers to access their statement, transaction details, and transaction history via a mobile app.

• Customer Id-based registration allows for the viewing of multiple accounts at a glance.
• M-Pin login eliminates the need to remember long passwords. Username and password
• You can view your account’s mini statement and detailed statement.
• You can save detailed statements to your device by downloading them.
• Directly from the app, you can email a detailed statement to your registered email address.
• This app provides statements for Savings, Current, Overdraft, and Recurring accounts.
• Download interest and TDS certificates.

Conclusion

Banking and others have come a long way in the last few decades. With the prevalence of mobile wallets and banking apps, most of us have never set foot inside a bank. But, if you prefer a more traditional approach, what are your options? A passbook savings account is something to think about. A bank passbook is a physical notebook that bank account holders use to keep track of their transactions. It documents all banking transactions on paper, including details such as Debits, Credits, Loans, Fixed-income investments, Recurring payments. While most banks now offer paperless alternatives to the traditional passbook, some accounts still include a passbook. A passbook savings account, for example, includes a physical notebook to record transactions as well as competitive interest rates.