What are the differences between savings account and current account?
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➡️ A sᴀᴠɪɴɢs ᴀᴄᴄᴏᴜɴᴛ ɪs ᴏᴘᴇɴᴇᴅ ʙʏ ɪɴᴅɪᴠɪᴅᴜᴀʟs ᴛᴏ sᴀᴠᴇ ғᴜɴᴅs ғᴏʀ ᴘᴇʀsᴏɴᴀʟ ɴᴇᴇᴅs ᴏʀ ᴇᴍᴇʀɢᴇɴᴄɪᴇs. Aᴄᴄᴏᴜɴᴛ ʜᴏʟᴅᴇʀs ᴄᴀɴ ᴀʟsᴏ ᴇᴀʀɴ ɪɴᴛᴇʀᴇsᴛ ᴏɴ ᴛʜᴇ sᴀᴠɪɴɢs ᴀᴄᴄᴏᴜɴᴛ.
➡️ Oɴ ᴛʜᴇ ᴏᴛʜᴇʀ ʜᴀɴᴅ, ᴀ ᴄᴜʀʀᴇɴᴛ ᴀᴄᴄᴏᴜɴᴛ ɪs ᴍᴏsᴛʟʏ ᴏᴘᴇɴᴇᴅ ʙʏ ᴘᴇᴏᴘʟᴇ ɪɴ ʙᴜsɪɴᴇss ᴛᴏ ᴄᴏɴᴅᴜᴄᴛ ʀᴇɢᴜʟᴀʀ ʙᴜsɪɴᴇss ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴀɴᴅ ᴅᴏᴇs ɴᴏᴛ ᴏғғᴇʀ ᴀɴʏ ɪɴᴛᴇʀᴇsᴛ.
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Answer:
In a savings account you will get annual interest but in a current account you won't get annual interest.
Savings account is used by common people
Current account is used for commercial purposes
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