Question

Write two similarities and differences between saving account and current account ?​

Answer 1

Answer:

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Answer 2

Question :— Write two similarities and differences between saving account and current account ?

Answer :—

Similarities :— 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 .

Difference :— Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account. A Current Account is actually a no interest-bearing deposit account. When you withdraw more money from the account, than is actually there, then your account is said to be overdrawn.

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★[ Extra ] :— Checking accounts are better for everyday transactions such as purchases, bill payments and ATM withdrawals. They typically earn less interest — or none. Savings accounts are better for storing money and earning interest, and because of that, you might have a monthly limit on what you can withdraw without paying a fee.