What is Savings Account & Current Account? Everything you need to know

When withdrawing money from ATM, many people are confused with Savings Account and Current Account. These are both accounts for different purposes.

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Savings Account

As the name suggests, this account is for savings. Individuals can open it individually or jointly.

The minimum balance is to be maintained in some public sector banks and Rs 10,000 in private banks.

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Financial transactions are only limited to a savings account. Interest rates are higher than the current account.

If you transaction a year or more per year, you should inform the IT department.

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Banks have the right to question your revenue when transferring various transactions and checks.

Current account

Current account is important, business enterprise and public enterprise. This is useful for business transfers daily.

There is no interest for the account coming into this account. Similarly, transactions have no limits.


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