1.

Explain the difference between savings account and current account.

Answer»

Following are the points of difference between Savings Account and Current Account:

Savings Account:

  1. A saving account is designed with the primary purpose to help you to save.
  2. This type of account allows the holder to deposit money as per his/her convenience, on which the holder can earn interest.
  3. A saving account holder earns interest on his/her deposits.
  4. There is a limit holder on the number of withdrawal transactions.

Current Account:

  1. As the name suggests, current accounts are best suited for regular transactions.
  2. This type of account is more suited for big users like firms, companies, public enterprises, businessmen, etc.
  3. Current account holder does not earn interest, on his/her account.
  4. Current account usually does not carry a limit on the number of withdrawal transactions.


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