Different Between Current Account And Saving Account

Hello friends, in today's article, we are going to talk about what is Current Account and Savings Account and will know about its difference in full detail. After reading this article, all your confusions about current and savings account will be removed, then definitely read the article till the end, let's start.

Different Between Current Account And Saving Account

What is Current Account? 

Current Account is also called Chalu Khata in Hindi language. The current account is mostly for businessmen. There is no restriction on the number of times you can do transactions in Current Account throughout the day. Current account holders are mostly of Business Organization, Firm etc. There is no interest in this account, rather the bank will take some charge from you to maintain your account.

What is a savings account? 

Saving Account is also called Bachat Khata in Hindi language. Saving Account is very beneficial for the common man. This account is very popular in India. Saving Account encourages savings within people. You can deposit money little by little in this account. You also get interest on the deposited money. Saving Account can be opened in both Single or Join ways. 4 to 7 percent interest rate is available on the account. However, some people are given more interest, such as women, children, old men, etc.

Difference between Current Account and Savings Account

Difference between opening current and savings account

Saving Account is such a type of bank account that any person can open an account but Current Account can only be opened by business man, school, institution, temple trust etc.

Difference between current and savings account transactions

Saving account holder can withdraw money from his account only 2 times in a week, more than this the bank charges a fee for transactions, while current account holders can deposit and withdraw as many times as they want per day, for this no extra charge has to be paid.

Difference between current and savings account overdraft

Overdraft facility is provided by the bank to the current account holders, its current account holders can withdraw more than the amount deposited in their account, while such facility is not given to the savings account holders.

Difference between facilities available in current and savings account

Current and Saving account holders are provided with facilities like Debit Card, Checkbook, Netbanking but many types of limits are given to the account holders on Saving Account, while Current account holders do not face any kind of limit.

Difference between current and savings account interest

Each bank gives 4% to 5% interest on the money deposited in the Saving Account, while interest is not given on the money deposited in the Current Account, some selected banks have to give interest-like benefits to the Current Account holders.

  Difference between current and savings account minimum balance

See, every bank has made it mandatory to keep the minimum amount from 500 to 5000 in Saving Account according to its rules, while the same rule applies more than 5000 in Current Account.

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