What is a Bankbook?

Bankbook is a book or document that records all the transactions and balances of a bank account. It is used to keep track of deposits, withdrawals, transfers, and other financial activities related to the account. Bankbooks can be physical books or electronic documents, depending on the bank's policies and the customer's preferences.

In the past, bankbooks were typically paper-based and kept by hand by customers to record their transactions. However, with the advent of digital banking and online banking platforms, many banks now offer electronic bankbooks that can be accessed online or through mobile banking apps. These electronic bankbooks provide real-time information about account balances, transaction history, and other relevant financial data.

Bankbooks are important because they allow customers to easily track their financial activities and monitor their account balances. They also serve as a record of all transactions, which can be useful for tax purposes or for resolving disputes with the bank. Additionally, bankbooks can help customers identify fraudulent activity or errors on their accounts, allowing them to take corrective action if necessary.