Savings and Current bank account– Today, banking has become an important part of our lives. It helps in our financial security, budget planning, developing the habit of saving. It encourages us to invest in various schemes to secure our future. Many people save a large part of their income in the bank, which comes in handy in case of any emergency. It is very important to have a bank account today, because along with saving, the benefits of various government schemes come directly to your bank account.

When we go to open a bank account, at that time we are asked in the account opening process whether you want to open a savings account or a current account. However, most people open their savings account only. While withdrawing money from the ATM, we are also asked whether your account is a savings account or a current account. Do you know the difference between these two? If not, then today we are going to tell you about this.

Savings Account

  • Savings account is known as savings account.
  • This account is very beneficial for common people.
  • Banks encourage people to save money through savings accounts.
  • You also get interest rate on the money deposited in the savings account.
  • You can open a savings account either alone or jointly.
  • The interest rate you will get on a savings account is decided by the bank.
  • However, senior citizens get higher interest rates in this. You can do only limited transactions in this.

Current Account

  1. The current account is known as the current account.
  2. Current account is very beneficial for businessmen because there are more transactions in it.
  3. If you make regular transactions, then this account is a better option for you.
  4. You do not get any interest rate on opening a current account.
  5. Business organizations, firms etc. open their current accounts.
  6. In this you can do unlimited transactions.