What is the difference between a Passbook & a Statement Savings? Which one would be more recommended?
The difference between a Passbook Savings and a Statement Saving is the means of recording banking transactions. Passbook Savings use a passbook to record all the transaction history and Statement Savings use the statement to record the monthly transactions. Statement Savings would be more recommended as you can see all your transactions at the same time on your monthly statement. Plus, you will be given a transaction record whenever you deposit or withdraw money – to help you with your records between statements. Also, there is no restriction on the Statement Savings with regard to withdrawals – whereas, with the Passbook Savings, if you forget to bring your passbook, you’ll be unable to withdraw cash at the teller counter.
