Define: Bank Book

A bank book, also known as a passbook, is a physical record provided by a bank to its customers to track their account transactions, including deposits, withdrawals, and interest earned.

To obtain a bank book, you need to open a bank account with a financial institution. Once your account is opened, the bank will issue you a bank book.

Yes, a bank book can serve as proof of ownership of funds in your bank account. It contains a record of your transactions and can be used as evidence in case of any disputes or legal matters.

Yes, if your bank book is lost or damaged, you can request a replacement from your bank. You may need to provide identification and complete certain paperwork to obtain a new bank book.

In most cases, bank books are physical records and cannot be updated online. However, many banks now offer online banking services where you can view your account transactions electronically.

No, a bank book is not considered a valid form of identification. It is primarily used to track account transactions and does not contain personal identification information.

You can authorize someone else to use your bank book by granting them power of attorney. This legal document allows the authorized person to conduct banking transactions on your behalf.

In most cases, you will need to return your bank book when closing your bank account. The bank may require it as proof that you have settled all outstanding transactions and received any remaining funds.

No, bank books are not typically compatible with ATMs. To withdraw money from an ATM, you will need a debit card or an ATM card issued by your bank.

While a bank book can provide evidence of regular deposits and transactions, it may not be sufficient as the sole proof of income for loan applications. Lenders usually require additional documentation, such as pay stubs or tax returns, to verify income.