Savings Account & Current Account Bank Of Maharashtra
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Whoa! Both the savings account and the current account have benefits and drawbacks. We'll go over both advantages and disadvantages here.
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Introduction Savings account are for salaried persons and the current accounts are for business personals.
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Table of contents 01 Advantages Advantage of both savings and current account
Disadvantage 02 s Disadvantage of both savings and current accounts
03 Opening How to Open Savings and Current accounts. bankofmaharashtra.in
01 Advantages Savings & Current Accounts bankofmaharashtra.in
Savings Account ● Provides interest for the amount deposited ● The required minimum balance is low and even zero balance account can be opened ● Good place to invest your savings.
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Current Account ● There is no limit for transaction. You will not be charged for transactions, Limitless Transaction. ● No limit on Daily Withdrawal and Deposit. ● Enable Business man to make direct payments using cheques, drafts, or pay order
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02
Disadvantages Savings & Current Accounts
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Savings Account ● Interest Rate Can change- One important disadvantage of a savings bank account is that the interest rates offered by the bank are variable. This means that the bank has the right to make changes to the interest rate. ● Fine will be taken if there is no monthly average minimum balance. ● The number of transaction is limited, if it exceeds then fine will be taken.
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Current Account ● ● ● ●
The required minimum balance is high. There is no interest for the amount deposited. High cost on additional bank charges Bill payment cannot be automated
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03 Account Opening Procedures
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Savings Account ● ● ● ●
Proof of Identity and age Proof of residence Photographs Senior citizenship card
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Current Account ● ● ● ●
Proof of identity Proof of residence Color photographs Pan card copy
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Conclusions Both savings account and current account have its advantage and disadvantages. bankofmaharashtra.in
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