Question

What is the difference between current account and savings account mrunal?

Answer 1

current account

the account from which deposits are repayable by the bank's on demand .

such deposits are generally maintained by businessman with the intention of making transaction in large amount or on daily basis.....

savings account

the account from which the amount is withdrawn on demand but upto a certain amount fixed by bank......

this account is mostly used by common people who wants to save certain amount for future...

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 % .