Savings Account Vs Current Account

SAVINGS VERSUS

CURRENT COMPARING THE 2 TYPES OF ACCOUNTS

There is a fixed interest rate for the deposit

No interest rate for the amount deposited

Transaction is limited, charges for exceeding transaction limit

Unlimited transaction of amount. No restrictions

The minimum balance required is lesser, even zero balance account

The required minimum balance is higher compared to savings account

Interests deposited by banks are beneficial for future Emergencies.

Features are suitable for business purposes. A current account is for making quick transactions.

Savings Account Vs Current Account

Published on Mar 10, 2022

Rahul Manu

About

There are some differences between a savings account and a current account. The main difference is that a savings account gives interest for the amount we deposit but for a current account we do not get any interest. The transaction is limited in a savings account whereas in a current account there is no transaction limit. If we exceed the transaction limit in a savings account we need to pay fees for the transactions we make. The minimum balance limit in a savings account is lesser compared to the current account, we can even keep zero balance in a savings account. Current accounts are suitable for business personnel because they can make large amounts of transactions without any limit. Savings accounts are best for individuals who are looking for interest for the amount they deposit. People who are salaried or have a monthly income should open a savings account, whereas traders and business people who need to access their accounts regularly should open a current account.

Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.