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What is The Difference Between A Current Account And A Savings Account

Difference Between A Current Account And A Savings Account

The time could come when you need to do many daily transactions like traders and entrepreneurs. The current account is allowed to make many transactions in a day. You know how a current account differs from a savings account, and we will explain the difference between the current account and a savings account.

Current Account VS Savings Account

1. Purpose

Savings Account: The purpose of a savings account is savings only with limited transactions.

Current Account: The purpose of the current account is to make many transactions in a day.

2. For Whom

Savings Account: It is basically for those who want to save money. Anyone can open a savings account.

Current Account: This is best for those who make multi-transactions in a day. Such as, traders and entrepreneurs are using current accounts frequently to do many transactions.

3. Interest

Savings Account: Savings account holders earns interest on their deposits.

Current Account: There is no interest on current account deposits. This account is only for making multi-transactions.

4. Minimum Balance

Savings Account: Low balance requires keeping an active account.

Current Account: High minimum balance requires to keep an active account.

5. Overdraft

Savings Account: An overdraft facility is not available in a savings account.

Current account: An overdraft facility is available in a current account.

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