Question

Distinguish between saving bank account and current account

Answer 1

Answer:

Saving Deposit Account -

This type of bank account encourages the small savings of households . The deposits in this account are made by the persons who wish to save a little out of their income . Interest paid at nominal rate , say 4% p.a .

Current Deposit Account -

These deposit accounts are most suitable for business organisation . In this account , a depositor can deposit money any number of time and can withdraw it as and when he/she requires it . No interest is paid on these accounts .

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