Saving Account and Current Account Difference | Saving Account Vs Current Account

Описание: 🔴 There may be times when you need to make multiple payments, receipts and other transactions, similar to traders and entrepreneurs. They need to access their accounts frequently prefer using a Current Account for this. But what is a Current Account and how does it differ from a Savings Account? Here is a list to help you understand the difference between Current Account and saving account:

🫵🏻 Meaning
A savings account is a deposit account which allows limited transactions, while a Current Account is meant for daily transactions.
🫵🏻 Suitability
A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, Current Accounts work best for traders and entrepreneurs who need to access their accounts frequently.
🫵🏻 Interest
Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account. A Current Account is actually a no interest-bearing deposit account.
🫵🏻 Overdrawing
When you withdraw more money from the account, than is actually there, then your account is said to be overdrawn. In the case of a savings account, banks neither offer nor allow overdraft facilities, whereas, this facility is provided with a Current Account.
🫵🏻 Minimum balance
The minimum balance required to maintain a savings account is usually low, but for a Current Account it is much higher in comparison..
This should clarify the differences in the purpose and function of Current Account and Savings Account.

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🔴 This video might be useful for students preparing for -
🫵🏻 11th Commerce #11thcommerce
🫵🏻 12th commerce boards #12thcommerce
🫵🏻 CUET #cuet
🫵🏻 CSEET(CS FOUNDATION ICSI) #cseet
🫵🏻 CA Foundation #cafoundation
🫵🏻 UGC NET COMMERCE #ugcnetcommerce
🫵🏻 LLB #llb
🫵🏻 UGC NET LAW #ugcnetlaw
🫵🏻 Economics Students

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🔴 In this video-
Teacher's Name - CS Payal Popli
Topic - Saving Account vs Current Account
#padhakulog

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