Hello I have newly started a job.I wanted to know how important it is to keep my passbook updated.I can easily get account statement and interest certificate from internet banking.I have not updated my passbook for a long time.Will I get in trouble during filing my ITR or taking a loan or any other such situation?
Pass Book is nothing but a replica of your account maintained with the bank. When you say you are able to get the Account Statement through Internet Banking, and if you preserve these statements in a file, that would be sufficient record to file ITR. It is only a matter of time banks completely dispense with the procedure of Pass Books.
Either passbook or statement of accounnt reflects the transactions in an account. Banks are under obligation to send HY statement of account to Savings Bank depositors. Passbook is just a source of information consolidated in the form of a book instead of several loose leaves statement of account every month.