Common use of Passbook Savings Account Clause in Contracts

Passbook Savings Account. (a) Deposits to or withdrawals from the Accountholder’s savings account may be made on production of the Accountholder’s passbook at the Bank’s counters during banking hours or by automated procedure implemented by the Bank. The Accountholder may not make any entries in the passbook. Passbooks should be presented as and when required by the Bank for any interest or unposted items to be entered. Passbooks are not transferable or assignable and cannot be pledged as security.