Definitions for "Passbook Savings Account"
A type of savings account that requires a book that is presented with each deposit or withdrawal, and for posting of interest.
A savings vehicle traditionally employed by community banks. The account owner is given a passbook - a small, portable ledger - in which all account transactions are recorded, including deposits, withdrawals, and accrued interest.
a savings account in which deposits and withdrawals are recorded in the depositor's passbook