Bank Pass Book definition
Bank passbook is a periodical statement of a customer account. It reflects the transaction of the customer done with the banks and with other parties. The bank will keep the customer informed of the entries made in his account. The customer can cross-check the entries with the bank and if there is any discrepancy he can report it to the bank.
The bank gives a passbook or either send a periodical statement of account to its customers. Both will be almost a copy of the account of the customer in the books of the bank. Thus, the bank will keep the customer informed of the entries made in his account. The customer can henceforth check the entries and immediately inform the bank of any error that he may have noticed.
Specimen of a Bank Pass Book
Pass Book
Messrs…………………………
……………………………………
In account with
Axis Bank,
NSP, New Delhi-110034.
| Date | Particulars | Withdrawals
Dr. Rs. P. |
Deposits
Cr. Rs. P. |
Dr. or Cr. Rs. P. | Balance Rs. P. | ||||
Note: The statement of account also has a similar form except that it is on loose sheets. The bank will itself send the statement to the customer but it is the customer’s duty also to send the passbook to the bank periodically so that it is written up-to-date. Business houses should also obtain at the end of the year a certificate from the bank, duly stamped, showing the balance which the bank has in the account of the firm.
