what does credited in passbook mean
Answers
When the customer deposits any amount into the bank, his bank balance increases, i.e., Cash Book (bank column) shows a debit balance. At the same time, when the bank receives the deposit, the customer's Account is credited, thus the Pass Book shows a credit balance.
passbook or bankbook is a paper book used to record bank, or building society transactions on a deposit account.
A page with a pre-printed table. It has handwritten entries showing amounts of deposits and withdrawals, and the balance. Each entry has a post office date stamp.
The Post Office Savings Bank introduced passbooks to rural 19th century Britain
Traditionally, a passbook is used for accounts with a low transaction volume, such as a savings account. A bank teller or postmaster would write, by hand, the date and amount of the transaction, the updated balance, and enter his or her initials. In the late 20th century, small dot matrix or inkjet printers were introduced capable of updating the passbook at the account holder's convenience, either at an automated teller machine or a passbook printer, either in a self-serve mode, by post, or in a branch.