Question

differentiate between current account and savings account​

Answer 1

Answer:

Withdrawal limit and charges

Explanation:

In saving you can withdraw upto 25000 from bank in current you can withdraw any amount

Answer 2

Explanation:

What is the Difference Between Current and Savings Accounts? While a Savings Account is one wherein you deposit your savings with the bank and earn interest on the same, a current account is one where you deposit money to carry out business transactions.

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What is the Difference Between Current and Savings Accounts?

While a Savings Account is one wherein you deposit your savings with the bank and earn interest on the same, a current account is one where you deposit money to carry out business transactions. In this blog, we will explore the finer differences between the two.

Difference 1: Purpose

Savings account mein account holder ka purpose hota hai ki wo apni savings ko safe rakhe aur uspe interest earn kare. But with a Current Account, the purpose of the account holder is to conduct frequent business/financial transactions.

Difference 2: Who it is meant for

A savings account can only be opened by individuals for their use. It is generally opened for a short term to save money for vacations, make big and small purchases, etc. Current account is opened by businesses or firms who want to conduct various bank transactions according to the need of their business.

Difference 3: Minimum balance

Savings account mein apko kuch amount ka minimum balance rakhna hota hai jisse apka account deactive na ho. Similar is the case with current account; but the requirement for minimum balance is generally lower in savings account.

Difference 4: Interest

Under savings account, interest on savings is earned by the account holder, but in current account, banks generally do not provide interest on deposits because the deposited money has to be used in business transactions.

So, now that you know the difference between both account types, next time, just walk into the bank open your preferred account in a jiffy!

A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs.