Appreciation refers to an increase in the value of an asset over time, which can result from various factors such as inflation, a rise in market price, or interest earned. This term is essential for understanding the financial dynamics related to assets and currency values.
A passbook is a book issued by a bank to record deposits, withdrawals, and interest earned in a savings account, typically known as a passbook savings account. It lists the depositor's name, account number, and all transactions.
