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A current account is one in which businesses keep some money and use it for their day to day transactions. The money in this account does not earn any interest and is available for usage to the customer at all times.
A savings account is one in which customers save their monthly savings and they are not like the current account. Though the money is available at any time for the customer to withdraw, money is not as frequently deposited/withdrawn from it like the current account. Hence banks offer a meager interest rate for the money held in this account.
Wiki User
∙ 13y ago
Wiki User
∙ 12y agoA Savings Bank Account is the basic type of bank account where customers can park or save their surplus cash. The money in the account is extremely liquid and can be withdrawn by the customer anytime they want. As a result, the interest rate provided by the banks on such accounts is also very less. In India the savings account interest rate is 4%. Banks may also give you cheque books and ATM/Debit cards to operate your bank account.
A current account on the other hand is an account used predominantly by businessmen. There usually a higher number of transactions that are allowed in a current account when compared to savings account and it also earns much lesser interest than a savings account.
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What is the definition of current account?
A bank account that you use for daily purchases and other similar transactions. Not an account to use for saving.
What account is similar to a saving account?
Current Account
What is fullform of casa in banking?
Current account saving account
What are the types of bank accounts in Pakistan?
1.fixed deposit account 2.saving account 3.current account 4.home saving account 5.family saving account
What are the functions of Habib Bank Ltd?
saving account fixed account current account
Difference between current account and call deposit account?
A call deposit account is a hybrid form of Current account and general saving account which allows us to withdraw money at any time as in current account and provides us interest on the deposit amount as in other saving account.
What is the CASA statement?
CASA statement means 'Current Account, Saving Account Statement'.
Can you have same account no for saving and current?
No - every bank account MUST have it's own unique account number.
Is the interest on current account higher than that of the saving account?
Of course not,current account does not have any interest,due to the withdrawal of the money for business at any time.
Is a savings account an current assets?
if saving account for more than one fiscal year then it is long term asset otherwise current asset.
Interest on saving account and current?
Interest on Savings acc = 3 - 4% Interest on current acc = 0%
How to use the word saving in a sentence?
Saving can be used in a sentence many ways. For example you can use it referring it as saving money in the bank: How much money are you saving in your savings account?
