mention the difference between saving bank account and current account
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Answer:
difference between a Current Account and Savings Account. A savings account is a deposit account which allows limited transactions, while a Current Account is meant for daily transactions.
ᴡʜᴀᴛ ɪs ᴛʜᴇ ᴅɪғғᴇʀᴇɴᴄᴇ ʙᴇᴛᴡᴇᴇɴ ᴄᴜʀʀᴇɴᴛ ᴀɴᴅ sᴀᴠɪɴɢs ᴀᴄᴄᴏᴜɴᴛs?
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ᴡʜɪʟᴇ ᴀ sᴀᴠɪɴɢs ᴀᴄᴄᴏᴜɴᴛ ɪs ᴏɴᴇ ᴡʜᴇʀᴇɪɴ ʏᴏᴜ ᴅᴇᴘᴏsɪᴛ ʏᴏᴜʀ sᴀᴠɪɴɢs ᴡɪᴛʜ ᴛʜᴇ ʙᴀɴᴋ ᴀɴᴅ ᴇᴀʀɴ ɪɴᴛᴇʀᴇsᴛ ᴏɴ ᴛʜᴇ sᴀᴍᴇ, ᴀ ᴄᴜʀʀᴇɴᴛ ᴀᴄᴄᴏᴜɴᴛ ɪs ᴏɴᴇ ᴡʜᴇʀᴇ ʏᴏᴜ ᴅᴇᴘᴏsɪᴛ ᴍᴏɴᴇʏ ᴛᴏ ᴄᴀʀʀʏ ᴏᴜᴛ ʙᴜsɪɴᴇss ᴛʀᴀɴsᴀᴄᴛɪᴏɴs. ɪɴ ᴛʜɪs ʙʟᴏɢ, ᴡᴇ ᴡɪʟʟ ᴇxᴘʟᴏʀᴇ ᴛʜᴇ ғɪɴᴇʀ ᴅɪғғᴇʀᴇɴᴄᴇs ʙᴇᴛᴡᴇᴇɴ ᴛʜᴇ ᴛᴡᴏ.
ᴅɪғғᴇʀᴇɴᴄᴇ ɪ'sᴛ : ᴘᴜʀᴘᴏsᴇ
sᴀᴠɪɴɢs ᴀᴄᴄᴏᴜɴᴛ ᴍᴇɪɴ ᴀᴄᴄᴏᴜɴᴛ ʜᴏʟᴅᴇʀ ᴋᴀ ᴘᴜʀᴘᴏsᴇ ʜᴏᴛᴀ ʜᴀɪ ᴋɪ ᴡᴏ ᴀᴘɴɪ sᴀᴠɪɴɢs ᴋᴏ sᴀғᴇ ʀᴀᴋʜᴇ ᴀᴜʀ ᴜsᴘᴇ ɪɴᴛᴇʀᴇsᴛ ᴇᴀʀɴ ᴋᴀʀᴇ. ʙᴜᴛ ᴡɪᴛʜ ᴀ ᴄᴜʀʀᴇɴᴛ ᴀᴄᴄᴏᴜɴᴛ, ᴛʜᴇ ᴘᴜʀᴘᴏsᴇ ᴏғ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛ ʜᴏʟᴅᴇʀ ɪs ᴛᴏ ᴄᴏɴᴅᴜᴄᴛ ғʀᴇǫᴜᴇɴᴛ ʙᴜsɪɴᴇss/ғɪɴᴀɴᴄɪᴀʟ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs.
ᴅɪғғᴇʀᴇɴᴄᴇ ɪɪ'ɴᴅ: ᴡʜᴏ ɪᴛ ɪs ᴍᴇᴀɴᴛ ғᴏʀ
ᴀ sᴀᴠɪɴɢs ᴀᴄᴄᴏᴜɴᴛ ᴄᴀɴ ᴏɴʟʏ ʙᴇ ᴏᴘᴇɴᴇᴅ ʙʏ ɪɴᴅɪᴠɪᴅᴜᴀʟs ғᴏʀ ᴛʜᴇɪʀ ᴜsᴇ. ɪᴛ ɪs ɢᴇɴᴇʀᴀʟʟʏ ᴏᴘᴇɴᴇᴅ ғᴏʀ ᴀ sʜᴏʀᴛ ᴛᴇʀᴍ ᴛᴏ sᴀᴠᴇ ᴍᴏɴᴇʏ ғᴏʀ ᴠᴀᴄᴀᴛɪᴏɴs, ᴍᴀᴋᴇ ʙɪɢ ᴀɴᴅ sᴍᴀʟʟ ᴘᴜʀᴄʜᴀsᴇs, ᴇᴛᴄ. ᴄᴜʀʀᴇɴᴛ ᴀᴄᴄᴏᴜɴᴛ ɪs ᴏᴘᴇɴᴇᴅ ʙʏ ʙᴜsɪɴᴇssᴇs ᴏʀ ғɪʀᴍs ᴡʜᴏ ᴡᴀɴᴛ ᴛᴏ ᴄᴏɴᴅᴜᴄᴛ ᴠᴀʀɪᴏᴜs ʙᴀɴᴋ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴀᴄᴄᴏʀᴅɪɴɢ ᴛᴏ ᴛʜᴇ ɴᴇᴇᴅ ᴏғ ᴛʜᴇɪʀ ʙᴜsɪɴᴇss.
ᴅɪғғᴇʀᴇɴᴄᴇ ɪɪɪ'ʀᴅ: ᴍɪɴɪᴍᴜᴍ ʙᴀʟᴀɴᴄᴇ
sᴀᴠɪɴɢs ᴀᴄᴄᴏᴜɴᴛ ᴍᴇɪɴ ᴀᴘᴋᴏ ᴋᴜᴄʜ ᴀᴍᴏᴜɴᴛ ᴋᴀ ᴍɪɴɪᴍᴜᴍ ʙᴀʟᴀɴᴄᴇ ʀᴀᴋʜɴᴀ ʜᴏᴛᴀ ʜᴀɪ ᴊɪssᴇ ᴀᴘᴋᴀ ᴀᴄᴄᴏᴜɴᴛ ᴅᴇᴀᴄᴛɪᴠᴇ ɴᴀ ʜᴏ. sɪᴍɪʟᴀʀ ɪs ᴛʜᴇ ᴄᴀsᴇ ᴡɪᴛʜ ᴄᴜʀʀᴇɴᴛ ᴀᴄᴄᴏᴜɴᴛ; ʙᴜᴛ ᴛʜᴇ ʀᴇǫᴜɪʀᴇᴍᴇɴᴛ ғᴏʀ ᴍɪɴɪᴍᴜᴍ ʙᴀʟᴀɴᴄᴇ ɪs ɢᴇɴᴇʀᴀʟʟʏ ʟᴏᴡᴇʀ ɪɴ sᴀᴠɪɴɢs ᴀᴄᴄᴏᴜɴᴛ.
ᴅɪғғᴇʀᴇɴᴄᴇ ɪᴠ'ᴛʜ : ɪɴᴛᴇʀᴇsᴛ
ᴜɴᴅᴇʀ sᴀᴠɪɴɢs ᴀᴄᴄᴏᴜɴᴛ, ɪɴᴛᴇʀᴇsᴛ ᴏɴ sᴀᴠɪɴɢs ɪs ᴇᴀʀɴᴇᴅ ʙʏ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛ ʜᴏʟᴅᴇʀ, ʙᴜᴛ ɪɴ ᴄᴜʀʀᴇɴᴛ ᴀᴄᴄᴏᴜɴᴛ, ʙᴀɴᴋs ɢᴇɴᴇʀᴀʟʟʏ ᴅᴏ ɴᴏᴛ ᴘʀᴏᴠɪᴅᴇ ɪɴᴛᴇʀᴇsᴛ ᴏɴ ᴅᴇᴘᴏsɪᴛs ʙᴇᴄᴀᴜsᴇ ᴛʜᴇ ᴅᴇᴘᴏsɪᴛᴇᴅ ᴍᴏɴᴇʏ ʜᴀs ᴛᴏ ʙᴇ ᴜsᴇᴅ ɪɴ ʙᴜsɪɴᴇss ᴛʀᴀɴsᴀᴄᴛɪᴏɴs.