Question

write any two similarities between savings and current account

Answer 1

Answer:

Both these accounts address different financial needs of the user, helping in better money management. ... Saving account is opened by the individuals or jointly to save their hard earned money and current account is specifically opened by firms for unlimited and large transactions.

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Answer 2

Answer:

Savings Account is that account in which we can deposit excess money or savings. We can deposit the funds that we do not need currently, but some time in the near future require them. Our savings continue to grow, each time we deposit money into this account. We also earn interest on the money deposit on an annual basis.

Current Accounts are non-interest accounts, as a Current Account holder, we get access to many facilities such as help in business, short-term loans, overdraft facilities, etc.

Similarities between savings and current account:-

• Both Current and Savings accounts help us manage our money. They are designed to address our several financial needs.
• Both accounts provides basic facilities such as ATM-cum-debit cards, internet banking, individual and joint account facilities, etc.
• There is no specific limit on the money that we can deposit in either of these accounts.
• We can choose from batch types of  Savings and Current Account.

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