Savings account

Savings account refers to an account reflecting the total deposits at an Islamic bank which normally require the presentation of passbooks or in lieu thereof, such other legally acceptable documents approved by the Bangko Sentral ng Pilipinas (Bangko Sentral) for deposit or withdrawal of money. (Sec. 2(a)(8), An Act Providing for the Regulation and Organization of Islamic Banks, Republic Act No. 11439, August 22, 2019)