| Basis of Difference | Savings Account | Fixed Account |
| Meaning | It is opened by individuals who wish to save some part of their income. | It is an account in which a definite sum of money is deposited for a fixed period. |
| Mode of withdrawing money | It is done through cheques or withdrawal slips. | The customer can withdraw the amount only after the expiry of the fixed period. |
| Preferred by | It is preferred by salaried people. | It is preferred by people who have idle cash. |
| Interest given | Low rate of interest is given. | High rate of interest is given. |
| Restriction on number of withdrawals | There are certain restrictions on the number of withdrawals | There are restrictions in the sense that the customer can withdraw the amount only after the expiry of the fixed period. |
| Nature of account | It is continuous in nature. | 90% of the amount is given as loan. |
