RBI: Banks Must Issue Passbook

Does your bank charge for issue of passbook? Does the bank stopped issuing passbook? Claim with your bank that RBI wants it to issue the passbook. Here is the latest circular

CIRCULAR NO. DBOD NO. LEG. BC 48/09.07.005/2011-12, DATED 4-11-2011

Please refer to our circular DBOD. No. Leg.BC.32/09.07.005/2006-07, dated October 4, 2006on the captioned subject wherein banks were advised to invariably offer pass book facility to all its savings banks account holders (individuals) and in case banks offer the facility of sending statement of account and the customer chooses to get statement of account, banks must issue monthly statement of account. The cost of providing such pass book or statements should not be charged to the customer.

2. It has come to our notice that some banks are not issuing pass books to their savings banks account holders (individuals) and only issue a computer generated account statement even when the customer desires pass book facility. Banks are, therefore, advised to strictly adhere to the instructions contained in the above circular.

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