What is zbd in passbook?

A zero balance account (ZBA) is pretty much exactly what it sounds like: a checking account in which a balance of zero is maintained. Meaning of Bank Pass Book: Passbook or Bank Statement is a copy of the account of the customer as it appears in the bank's books. What should you do if your Passbook is lost?. Definitions of the 3-character code displayed on your ATM receipts, monthly account statements or passbook. noun banking A customer's record of deposits and withdrawals from a savings account at a bank, typically recorded in a small booklet. Passbook definition: A passbook is a small book recording the amount of money you pay in or take out of a.

Once a person begins initiating transactions, it is necessary to record and track them. Tracking transactions is required because it enables a user to understand where he or she is spending or has spent money, and in the event of any doubt or suspicious behaviour, he or she can contact the bank for clarification on those transactions.

There are two methods for obtaining transaction records: a traditional way where transactions recorded are printed in a bank passbook and the other one is in form of a digital bank passbook. In this article, we will go over the differences between a traditional bank passbook and a digital bank passbook in depth.

A bank passbook is a traditional method of keeping track of the transactions made in a user account. It depicts all transactions, whether they are credited or debited. It also shows where a person spent money and who credited it into his bank account. In a bank passbook, everything is precisely printed. However, a user must have the transactions printed on a bank passbook every time he or she visits the bank to keep it up to date. Here’s some more information about a bank passbook:

Though the role of a bank passbook is not the most important, it is one of the keys which let a user know the transaction history from the time a bank account is opened. The following are some of the benefits of using a bank passbook:

A bank passbook keeps track of the account holder’s transactions. The transactions printed on even a bank passbook are permanent. When necessary, a user can consult the transaction history in the bank passbook. It shows the user the time and date of transactions, as well as the amount debited and credited and the total balance.

A bank account holder can easily monitor the number of transactions made in a given week/month/year and check the remaining balance using a bank passbook. The transaction history demonstrates the difference between total expenses and total savings, and the difference between them aids in future planning.

A bank passbook can be submitted to organisations or individuals who want to review the user’s financial statements. It can also be submitted to human resources for verification and salary deposit.

A false or suspicious entry in a bank passbook can alert the bank account holder to possible banking fraud. He or she can also notify the bank well about fraud or suspicious activity so that the bank account can be temporarily deactivated or another measure can be taken to protect the bank account holder from further loss.

Some of the drawbacks of a bank passbook are as follows:

‘M-Passbook’ is a digital version of the passbook that allows customers to access their statement, transaction details, and transaction history via a mobile app.