differentiate between savings bank account and current bank account
Answers
Answer:
Savings Account
- Savings account as the name suggests, is for saving your money for a long term. Here are some of the most prominent features of a savings account:
- In this account, there is a fixed interest earned on that you deposit.
- The minimum balance in savings account is lesser compared to current account.
- Interests deposited by banks are beneficial for future Emergencies.
Current Account
- Current account is usually an account opened when there would be frequent transactions involved. Some of the features include:
- Current account is for making quick transactions.
- They come with a myriad of facilities like overdrafts, no limit on withdrawals or deposits and more.
- There is no limit on number of transactions
- Features are suitable for business purposes