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There are some differences between a savings account and a current account. The main difference is that a savings account gives interest for the amount we deposit but for a current account we do not get any interest. The transaction is limited in a savings account whereas in a current account there is no transaction limit. If we exceed the transaction limit in a savings account we need to pay fees for the transactions we make. The minimum balance limit in a savings account is lesser compared to the current account, we can even keep zero balance in a savings account.
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SAVINGS V E R S U S CURRENT COMPARING THE 2 TYPES OF ACCOUNTS There is a fixed interest rate for the deposit No interest rate for the amount deposited Transaction is limited, charges for exceeding transaction limit Unlimited transaction of amount. No restrictions The minimum balance required is lesser, even zero balance account The required minimum balance is higher compared to savings account Features are suitable for business purposes. A current account is for making quick transactions. Interests deposited by banks are beneficial for future Emergencies.
