What is the meaning the saving and current account in syndicate account
Answers
saving account means the permanent account and current account means temporary account
savings accounts : these are the deposits made into the savings account of a bank . the public with small savings find it safe to keep their money in the savings account of the banks . the Anchorage savings habit among the public they are most convenient to the small businessman salaried employees at agents and people belonging to the the lower and middle income groups . the interest paid on the deposits is comparatively low and is around 4% per annum. the money deposited in savings account can be withdrawn as and when required . however the bank may regulate the number and amount of withdrawals .
current deposits. these are the deposits made into the current account of a bank they are most convenient to the Businessman public authorities and joint stock companies because there are no restrictions on the number and the amount of withdrawal banks do not pay any interest on this deposits in fact they may collect service charges from the depositors for maintaining this account in the bank .