Demand a passbook for your bank savings account

In one of the best banking news in recent times, RBI has made it compulsory for banks to issue passook to savings account holders.

“The Reserve Bank of India has asked all banks to offer the passbook facility to all their savings account holders. Banks have been refusing passbooks to customers and have been instead sending an account statement on a quarterly basis, though the rule is monthly statements.

The RBI has now mandated issuing passbooks; and, if a bank sends account statements and a customer opts for it, the bank must do so monthly. The cost of providing passbooks or statements will not be charged to customers.

Finally there’s hope that we will be free of the print statements that are send by post whenever the bank feels like it. These statements not only waste a lot of paper but you invariably have lost one or two statements by the end of year when you have to send them to the chartered / tax accountant.

The private banks instead of accepting their folly and saying that they will comply, are complaining that they can’t bear the cost and say that “Customers have constant access to their account statements through the mini statement facility of ATMs, internet banking and 24 hour phone banking. Issuing a monthly statement then becomes quite redundant”

So the next time you visit an ICICI, HDFC, HSBC, YES, NO or whatever bank, don’t forget to ask for your passbook.

I have had passbook related discussions several times at my bank. I am looking forward to my next visit 🙂

I am also hopefully that this will lead to a passbook for my current account.