Photo/IllutrationMUFG logo (Provided by MUFG Bank)

MUFG Bank is offering account holders 1,000 yen ($9.10) to give up their paper bankbook for an online record as part of efforts to streamline operations.

The campaign, which runs from Jan. 24 to March 15, is part of an initiative to reduce expenses and review services as the banking industry faces lower income due to rock-bottom interest rates.

The bank pays a stamp duty of about 200 yen per paper bankbook each year, resulting in an estimated cost of more than 6 billion yen annually.

The campaign is being offered to the first 100,000 depositors.

Account holders can register on the bank's website or by scanning a QR code printed on a brochure. Only those who do not already use the online version are eligible.

Since last June, the bank has only been issuing paper bankbooks to customers who specifically ask for one when they open a new account.

Still, as only about 10 percent of the bank's 34 million individual customers use an online bankbook, the bank is seeking to accelerate the changeover.

The 1,000-yen campaign will cost the bank up to 100 million yen. However, a company public relations official said, "If we take into account the total cost of the bankbook, including fees for printing, paper and labor, shifting to the online bankbook makes economic sense in the long term."

Nana Otsuki of Monex Inc., who is knowledgeable about the banking industry, said, "Some banks will likely start charging fees for issuing a paper bankbook."