Question

What is the difference between current account and saving account

Answer 1

Explanation:

saving account is an interest bearing account with certain limitation for example in the US you cannot withdraw money from it more than 6 science month current account is a General use account on which you can write check to use ATM debit card's and have unlimited transactions

Answer 2

Current account :-

• They facilitate regular business transactions .

• They don't have limit on monthly transactions .

• There is need to maintain a relatively higher minimum balance .

• It caters to business organisations .

• It doesn't provide any interest .

Savings account :-

• They are suitable to build emergency funds .

• They have limit on monthly transactions .

• There isn't any need to maintain a relatively higher minimum balance .

• Its suitable for an individual .

• It offers interest rates ranging between 0.50 % to 7.50 % .