What does a Passbook Savings Account typically involve?

A Passbook Savings Account involves a document where the bank records transactions. This traditional savings account is characterized by its use of a physical passbook—an actual book or booklet issued by the bank that customers present whenever they make deposits or withdrawals. Each transaction, whether depositing or withdrawing funds, is manually recorded by the bank staff in this passbook, providing a tangible record of the account's activity.

The passbook serves not only as a record of balance and transactions but also reinforces the personal connection to the account holder because they need to physically visit the bank to update it. Unlike other banking methods, this approach does not rely on electronic cards, mobile apps, or investment vehicles, thus differentiating it as a straightforward savings option that is particularly beneficial for those who prefer a hands-on approach to their finances.