If you dont mind doing all of your banking at a branch, a passbook savings account may be for you. It records the deposits, withdrawals, interest credited, bank charges, etc. These examples are from the cambridge english corpus and from sources on the web. Passbook definition is the depositors book in which a bank records the depositors deposits and withdrawals.
Depending on the country or the financial institution, it can be of the dimensions of a chequebook or a passport. The bank teller or postmaster writes, by hand, the date and amount of the. Depending on the country or the financial institution, it can be of the dimensions of a chequebook or a passport traditionally, a passbook is used for accounts with a low transaction volume, such as a savings account. A book which persons dealing with a bank keep, in which the officers of the bank enter the amount of money deposited by them, and all notes or bills deposited by them, or discounted for their use. Passbook dictionary definition passbook defined yourdictionary.
Passbook savings account definition of passbook savings. Traditionally, a passbook is used for accounts with a. Sample groups are maintaining certain records like minutes book, general ledger, loan ledger, cash book, receipts book, vouchers book and bank passbook, to record their transactions. A passbook or bankbook is a paper book used to record bank or building society transactions on a deposit account. Sounds awful, but some people use the loans to rebuild their credit. Financial management practices for empowerment of womens self help groups in micro financea study.
A passbook is a small book recording the amount of money you pay in or take out of a savings account at a bank or building society. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. From longman dictionary of contemporary englishpassbookpass. Definition of passbook noun in oxford advanced american dictionary. Bankbook definition, a book held by a depositor in which a bank enters a record of deposits and withdrawals. Just like a time deposit versus a passbook savings account, theres a trade off. Passbook or bank statement is a copy of the account of the customer as it appears in the banks books. This application provides an onlinereal time view of the account transactions.
Rate of interest passbook accounts are not recommended for profitable investing, because they pay a very low rate of interest. Difference between cash book and passbook with comparison. The epassbook facility provides you the account history of all your accounts in a similar manner of a savings passbook or a current account statement. Years ago, traditional savings accounts were commonly referred to as a passbook savings account. Use passbook in a sentence you should always keep your passbook in. Just like a time deposit versus a passbook savings account. Terms for passbook savings loans vary widely, and if you take one out to rebuild credit, make sure your financial institution.
Bankrate s doug whiteman defines the term passbook savings account and shares insight on how the. This type of account has basically become obsolete. The name comes from the fact that tellers would record the deposits, withdrawals, and interest earned for account holders in a small booklet called you guessed it a passbook. A document formerly issued to a black person in south africa and used to.
The passbook is issued by the bank to its customers. Learn the definition of passbook savings deposits the. A passbook loan is a personal loan made to a savingsaccount holder by the custodial bank, which uses the balance of the savings account as collateral. A type of savings account that is issued with a passbook to record all deposits and withdrawals from the account. A ledger or book on which a depositor at a bank records all transactions in ones account, such as deposits, withdrawals, and interest payments. Passbook definition and meaning collins english dictionary. By law, amounts held in dormant accounts whose holders cannot be traced expire after 20 years. People made the deposits and withdrew money in person at the bank, and so then it was just easy enough to stamp the passbook so they knew what they had at the bank. When a customer deposits money and cheques into his bank account or withdraws money, he records these transactions in the bank column of his cashbook immediately. A personal loan extended to a savingsaccount holder by the custodial bank. It ought to be a counterpart of the merchants books, as far as regards the customers account. Bankbook definition in the cambridge english dictionary.
In essence, you pay to borrow your own money from a bank. The bank had sent her a passbook with that amount to her credit. Commerce a customers book in which is recorded by a trader a list of credit sales to that customer. See bankbook a book in which a merchant records credit sales. A book used by merchants with their customers, in which an entry of goods sold and delivered to a customer is made. A unified payment interface upi is a single window mobile payment system launched by the national payments corporation of india npci. Traditionally, a passbook is used for accounts with. A passbook savings loan is a secured loan from a bank or credit union. With a passbook savings account, the account holder actually keeps track of all transactions in a little notebook that the bank provides. A passbook or bankbook is a paper book used to record bank transactions on a deposit account. Bank passbook is a book that records the bank transactions in a savings account. Passbook account financial definition of passbook account.
A passbook savings account is a bank account that uses a specific kind of record keeping method. A passbook or bankbook is a paper book used to record bank, or building society transactions on a deposit account. Passbook accounts do not have as many fees or penalties as standard bank accounts often do, but some may have a minimum balance requirement. A document formerly issued to a black person in south africa and used to enforce certain legal and economic restrictions under the apartheid system. Passbook financial definition of passbook financial dictionary. Passbook savings deposits is the accounts sold to household customers in small denominations along with a small booklet or computer statement showing the accounts current balance, interest earnings, deposits, and withdrawals. Passbook definition of passbook by the free dictionary. Bank has introduced this unique facility of mobile based bank account opening as an upgrade to fedbook, its epassbook app. Definition book issued by a bank or savings institution to record deposits, withdrawals, and interest earned in a savings account. It is kept by the buyer, and sent to the merchant whenever he wishes to purchase any.
The bank will check the balance against the balance recorded by the account holder for accuracy when the account holder visits the branch, or at other times as. A passbook savings account is the classic name for a traditional savings account. Gigafren the features of these accounts vary from bank to bank, allowing consumers to select the account best suited to their needs. It is the exact copy of the customers account in the bank s book. Information and translations of passbook in the most comprehensive dictionary definitions resource on the web. Passbook meaning in the cambridge english dictionary. Definition of passbook noun in oxford advanced learners dictionary.
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