Question

5 or 6 differences between Current and Savings Account​

Answer 1

Answer:

• The objective of Current Account is to provide facilities to industrialists and businessman to deposit and withdraw money while the objective of Saving Account is to cultivate habit of saving.
• There is no restrictions on withdrawal from current account but there is restrictions on withdrawal from Saving account.
• No interest is allowed in Current account but interest is allowed in Saving account
• There is no restrictions on making deposits in Current accounts. Deposits can be made any number of times in Saving account
• Cheques can be frequently used for withdrawals from Current account. Cheques facility is available on maintenance of a minimum balance.