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2. Distinguish Between the followingCurrent account & Savings accountirod account |
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Answer» Meaning:A savings account is a deposit account which allows limited transactions, while a current account is meant for daily transactions. Suitability:A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, current accounts work best for traders and entrepreneurs who need to access their accounts frequently. Interest: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. Minimum balance:The minimum balance required to maintain a savings account is usually low, but for a current account it is much higher in comparison. |
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