Bank pass book/ statement of account

RBI has vide its notification dated 22nd June, 2017 asked banks to write clearly and legibly in the pass books and give more information in the statement of accounts in absence of which the customers are unable to cross check the transactions. RBI has issued an illustrative list of narrations to be recorded in the bank statement as below. This is a welcome move by the RBI, as many banks are not giving adequate information at all. For eg. when a cheque is deposited in my bank a/c, the bank does not give name of the remitter of the cheque. They only write the cheque no. which is grossly inadequate to determine who has paid the said amount. I only hope Bank follows these instructions scrupulously.

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

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