What is the difference between savings account and current account
Many people do not know what is the difference between Saving and Current Account? Today every person who has a bank account, all of them should know what is a current account? If you also want to know the answer to this question, then you have come to the right place.
When you go to open a bank account, while opening a bank account, it is asked in the form what type of account you want to open. The bank provides many types of accounts to its users, so first of all it is important for you to know which is the best bank account? And what are the advantages and disadvantages of all these accounts, so let’s start.
What is Saving Account?
Saving Account which we also called as Savings Account. In which you can deposit your saved money little by little. This bank account is good for common person. Because in this type of account the bank provides interest to the people. If you open a savings account, the bank pays an interest of 3% to 5% annually on the money deposited by you.
What is Current Account?
Current account which we also called current account. This is an Ongoing account. This account is very important for business type logo. The reason for this is that there is no limit for transactions in the current account. You can withdraw money from your account as many times as you want.
People who do money transactions on a large scale. Current account is good for them. But by using current account, the bank does not pay you any interest annually.
What is the difference between Savings and Current Account?
1. By using a savings account, the bank gives you interest annually. Whereas you do not get interest by using a current account.
2. There is a limit of Transaction in the Savings Account. Whereas there is no limit of transaction in the current account.
3. Saving account is used to get salary or for the purpose of saving money. Whereas the current account is designed for business type logo.
4. In Savings Account, you can withdraw money from your account from the existing balance. Whereas in the current account, you can withdraw more money than the current balance.
5. The minimum balance has to be kept slightly higher in the current account as compared to the savings account.
6. There is no limit to maintain the maximum balance in the current account but it is not mandatory in the savings account.
Conclusion – Today you know what is the difference between Saving and Current Account? If this information has been helpful to you and you have got to know and learn something new, then do share this post. Thank you…