The IOB passbook is a banking tool provided by the bank that has the complete details of the transactions in the IOB savings account. The format used in the passbook is withdrawals out and deposits in to arrive at the balance on each date. The passbook helps the account holders stay informed about the financial activities in their bank account.
What is an IOB Passbook?
The IOB passbook is a traditional banking document provided by the bank to its account holders. The booklet contains a record of all the financial transactions in the account including deposits by way of cash, third-party transfers, interest earned, etc., and withdrawals by way of cash withdrawal (self or third party), funds transfers to third parties, EMI deductions, bank charges collected, etc. The passbook is an easy-to-use method to track transactions.
For the benefit of customers who prefer digital banking methods, IOB has introduced a passbook app i.e., m-Passbook IOB. You can have real-time access to your account transactions.
Despite the convenience, several customers prefer physical passbooks and IOB continues to issue physical passbooks to such customers.
How to Use an IOB Passbook?
Those who prefer digital passbooks should download the m Passbook app onto their mobile device. After downloading and installing the m Passbook IOB, follow the procedure given below to use the facility.
- Open the installed app. You will be directed to a page where you will have to choose your preferred language between English and Hindi and click continue to go to the next page
- Allow all the permissions the IOB passbook app asks for
- You will be directed to the ‘Register’ page. Enter your 15-digit account number and your registered mobile number and click on ‘proceed’ to continue
- The bank will send an OTP to the mobile linked to your bank account.
- Enter the One Time Password and click on ‘Submit’ to continue
- Set an MPIN of your choice on the next page
- After setting the 6-digit MPIN the registration process is complete.
- You now log in to the IOB passbook app, i.e., the m Passbook app using the 6-digit MPIN
- On the screen that opens after login, you will find the passbook option
- Click on the ‘passbook’ option, and you will be directed to a page that shows your entire account details. On the bottom of the screen, you will find the mPassbook option.
- Click on ‘mPassbook’ to view your account transaction details.
- You will be able to view and download an IOB passbook statement online with this app.
If you have a manual passbook
- Take along the passbook whenever you visit the branch for banking services
- If you deposit or withdraw cash or transfer funds within the bank accounts, the transaction can be updated in your passbook immediately.
- Make it a practice to get the passbook updated at regular intervals to have an insight into your transaction details and account balances and make informed financial decisions.
How to Download an IOB Passbook?
For the IOB Passbook download visit the official website of the bank and follow the procedure given below:
- Select the ‘Continue to App’ on the website and click on it.
- You will be directed to Google Play Store
- The IOB Device will be shown on the listing of your mobile device, you click on the mPassbook IOB icon
- The install button has to be clicked to start the process of installation.
- A pop-up message with permissions required will be displayed on the screen. Accept to continue.
- The mPassbook app will be downloaded onto your device and you will get the completion notification once the installation is done.
- You can then open the app, register, set the MPIN and start using the app by logging in with the 6-digit MPIN.
As far as the manual passbook is concerned, the bank will issue a passbook once you open an account. Continuation passbooks will be issued once the pages on the previous passbook are utilised fully. You will have to give a written request if you need a duplicate passbook in case of loss or theft.
What are the details mentioned in the IOB Passbook?
The front page of the physical Indian Overseas Bank passbook will have the following details
- Name of the account holder
- Address of the account holder
- Contact Number
- Date of birth
- Customer ID
- Date of account opening
- Nominee details
- Name of the Bank and branch
- Address of the branch
- IFSC Code of the branch
- Contact details of the branch
The subsequent pages are meant for transaction entry and will have the following details
- Credit (deposits into the account)
- Debits (withdrawals from the account)
- Complete details of the credit transaction including the date of the transaction, and reference number (depending on the mode of transaction), the Sender’s details and the purpose of the transfer, and the amount.
- Complete details of debit transactions like the date of the transaction, and reference number (depending on the mode of transfer)—beneficiary details and the purpose of the transfer, and the amount.
- At the end of every transaction balance in the account will be recorded.
- For payments into loan accounts, the loan account number will be mentioned.
- For interest credit from investments details of the credit like FD Number, name of the company issuing dividend credit, etc.
Charges for Issuing IOB Passbook
The bank does not collect any charges for downloading and using the m Passbook App. The passbook on opening the account and continuation passbooks are issued free of cost. The bank charges Rs. 100 for issuing a duplicate passbook
Benefits of IOB Passbook
IOB provides both physical as well as digital passbooks. Both passbooks have a set of benefits catering to the preferences and needs of the customer.
Benefits of Physical Passbook
- The Indian Overseas Bank passbook provides a tangible record of all the transactions in your account. Details of all the financial activities in your account will be available in a single place. The details include withdrawals, deposits, and account balances. Having all-time information about your account transitions will enable effective control of your finances.
- You do not have to depend on technology or an internet connection.
- Comfortable for persons who are not tech savvy and do not know the usage of digital platforms.
- The transactions can be updated immediately through the bank branch or by using the passbook printing kiosks available at the bank’s ATMs.
- Regular review of the account enables revamping the expenses and having better control over finances.
- Eliminates the risk of personal information being accessed through digital means.
Benefits of mPassbook IOB
- You can access the mPassbook through a mobile app and view your account details anytime and anywhere. You need not visit a branch or an ATM to check your account status.
- Every transaction is updated automatically upon completion of the transaction. This gives real-time information about your account activities and enables tracking of your spending on the go.
- Creates a greener environment as the usage of paper is reduced.
- Push notifications and transaction alerts are provided through SMS. You will stay informed about the transactions and can easily detect unauthorised dealings in your account immediately after the transaction is put through.
- The m Passbook app employs robust security measures such as PIN authentication and ensures the confidentiality of your account data.
- You also have an additional feature of creating a personal ledger after every transaction.
IOB Passbook : FAQs
What is a mPassbook IOB?
What are the benefits of the IOB mPassbook?
● Instant Access
● Virtual passbook
● Maintaining personal leger
● Available in English and Hindi