mpassbook

Mobile banking has made banking easier. You do not have to visit your bank for cash withdrawal and a few other banking operations. However, you may have to go for updating the passbook and cash deposits but now you can view and update your own passbook through an m pass book.

This is an additional feature in mobile banking application of most banks. It saves your visit to the bank branch by letting you update the passbook by yourself. This is also a good way to track your transactions on a monthly or annual basis.

M-Passbooks offered by different banks are loaded with multiple benefits. Some of those benefits are explained here.

• Reduced Visits to the Branch: With M-Passbook, you can reduce the number of visits to your branch by completely eliminating the ones you have to make for updating the passbook. You can update your passbook from your mobile app and manage it from anywhere you want.
• Track Your Income and Expenses: M Pass Book allows you to track your income and expenses better. This is because you will always have your phone and additionally anytime access to your passbook as well. You check your previous expenses and incomes and plan ahead without having to worry about whether you forgot your passbook at home. This greatly helps while travelling as you can track and manage your expenses the way you want.
• Tagging: Most M-Passbooks come with a tagging feature in which you can add remarks to the expenses made on a specific date. You can write down the purpose of spending money at a specific time and place. This way you can track how much you are spending on specific needs on a monthly basis. You can try and reduce the expenses which you are making without any conscious decision.
• Anytime Availability: The biggest benefit of M Pass Book is it’s anytime availability. Anything that comes within your phone becomes anytime accessible for you. You have the freedom to access your M-Passbook whenever you want and wherever you want.
• Offline Mode: A few mobile applications also offer offline assistance on M-Passbooks. This way you can access your updated passbook even without the internet. You just have to ensure that you updated the M-Passbook so that it shows the actual and current status of your bank account.
• Real-Time Updates: M-Passbook gives real-time updates. As soon as you use your debit card for adding funds or for spending money, it updates you promptly. This is a great feature and quite opposite to the traditional passbook where you have to visit the bank for updating expenses or transactions made a few days ago.

A passbook seems like an unimportant document but it is certainly one of the most important documents of the modern age. A number of points are given here that will clearly state the importance of having an updated passbook or M-Passbook.

• Your passbook is the best possible physical proof of you having a bank account. It has your address, complete bank details, phone number, and obviously transaction records.
• You can use your passbook for many other purposes as well. This is one of the most credible proofs of your identity. It can be used as an identity proof document at several places such as passport office, court of law, etc. However, M-Passbooks are not eligible as a proof of identity or address as they are still required to be integrated into the mainstream banking process.
• Your passbook helps in filing income tax returns. Individuals who are involved in any type of business certainly understand the importance of updating their passbook. You cannot keep all the receipts and notes at all times with you but your passbook or M-Passbook can tell you the dates on which you withdrew money for specific things. It can be a big purchase or monthly insurance premium, your passbook keeps it all. With the tagging feature of your m-passbook, you can easily keep a record of the particulars on which you spent money.
• Many financial institutions require your bank statement before granting you any type of loan or credit card. This is because such institutions and banks want to ensure that you are a suitable candidate and possess the financial capacity to repay the loan in full.
• You passbook is an unquestionable record of transactions between a bank and the customer and it cannot be falsified in any condition.
• Losing a passbook can result in great trouble as anyone can misuse your account details and personal details. This can lead to theft and other types of financial frauds. In the event of losing a passbook, you must immediately launch a FIR and inform your bank. You can further proceed with the process of issuing a duplicate passbook. All this is avoided with an M Pass Book.