sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Latest Circulars »
 Amendment in companies Act & Standards on Auditing
 Reserve Bank of India invites comments on Authorisation of New Retail Payment Systems
 Reflections on Current Policy Issues Facing the Indian Economy (By Shri Shaktikanta Das, Governor, Reserve Bank of India, delivered at the Investors’ Roundtable, 9th Vibrant Gujarat Global Summit 2019 on Friday, January 18, 2019)
 Auction for Sale (Issue / Re-issue) of Government Stock (GS) January 21, 2019
 Auction of Government of India Dated Securities January 21, 2019
 Notification No.05/2019 - Central Board Of Indirect Taxes And Customs
 RBI announces the New External Commercial Borrowings (ECB) Framework
 RBI-External Commercial Borrowings (ECB) Policy – New ECB Framework
 Notification No.02/2019 - Central Board Of Indirect Taxes And Customs
 Auction of Government of India Dated Securities January 14, 2019
 Auction for Sale (Issue/Re-issue) of Government Stock (GS) January 14, 2019

Recording of Details of Transactions in Passbook/ Statement of Account
June, 23rd 2017

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


Annex

Illustrative narrations to be recorded in the Statement of Account/ Passbook

I. Debit entries
a. 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

b. Payment to ‘self’

(i) Indicate “Self” as payee

(ii) Name of the ATM/ branch if the payment is made by ATM/ another branch

c. Issuance of drafts/ pay orders/ any other payment instrument

(i) Name of the payee (in brief/ acronym)

(ii) Name of the drawee bank/ branch/ service branch

d. Bank charges

(i) Nature of the charges – fee/ commission/ fine/ penalty etc.

(ii) 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.

e. Reversal of wrong credits

(i) Date of the original credit entry reversed

(ii) Reasons for reversal, in brief

f. Recovery of instalments of a loan/ interest on loan

(i) Loan account number

(ii) Name of the Loan account holder

g. Creation of fixed deposit/ recurring deposit

(i) Fixed Deposit/ Recurring Deposit Account/ Receipt number

(ii) Name of the Fixed Deposit/ Recurring Deposit Account holder

h. Transactions at POS

(i) Transaction date, time and identification number

(ii) Location of the POS

i. Any other (i) Provide adequate details on the same lines as mentioned above.

Note: In case of single debit in account with multiple credits, the payee name/ account number/ branch/ bank shall not be recorded. However, the fact of “multiple payees” will be indicated.

II. Credit Entries
a. Cash deposit

(i) Indicate that it is a “cash deposit”

(ii) Name of the depositor – self/ third party

b. 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

c. Proceeds of clearing/ collection/ draft etc. paid

(i) Name of the draft issuing bank

(ii) Date and number of the cheque/ draft

d. Reversal of wrong debits (including charges)

(i) Date of the original debit entry reversed

(ii) Reasons for reversal, in brief

e. Interest on deposits

(i) Mention if it is interest 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)

f. 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

g. Loan proceeds (i) Loan account number
h. Any other (i) Provide adequate details
Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions