Question

tha two similarities and differences saving account and current account ​

Answer 1

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 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

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