Similarities between current accounts and savings accounts would be:
a. They both accept deposits
b. You can withdraw money from both accounts
c. You get an ATM card for both accounts
d. You get a cheque book for both accounts
e. You get a bank passbook for both accounts
f. You get internet banking for both accounts
The differences are:
a. You get little or no interest in checking accounts whereas you get a small interest for savings accounts
b. There are limitations about the number of transactions you can have in a savings account but there are no limits on the number of transactions for current accounts.
No they do not close your Checking or Savings account
The four types of deposits are: Recurring, Fixed, Savings and Current Savings. Deposits refer to the summary or total of the money kept or place in a bank account.
For a savings account without a checkbook, Rs500 is the minimum balance required to open and maintain the account. For a savings account with a checkbook, the minimum balance doubles to Rs1,000.
State Bank of India offers different types of accounts. They are: a. Savings Account b. Current Account c. Fixed Deposit Account d. Recurring Deposit Account e. Senior Citizen Deposit Account f. Senior Citizen Pension Account g. Etc.
how to close Sib bank serving account
The differences are:Savings account earn higher interest than current accountsThere are limits on number of transactions per year in a savings account but there are no such limits for current accountsCurrent accounts are used by businesses and companies while savings accounts are used by normal customers
A current account 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. Savings accounts are much more common in India than current accounts.
The current savings account rates for Wachovia might change from time to time and may be different from person to person. However that savings account rate can be as high as 3.00%
With a high interest savings account, the saver can get a large return on their savings. At current rates, the interest can range between 3-5%. However a large amount of accounts with higher interest may impose a penalty if you withdraw from that account.
If you want a higher rate of interest compared to what you get on your current account you will need to look for a savings account. If you are keeping a lot of money in your current account you may be missing out. Compare rates and see if there is an account that would suit you better.
A 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.
With a high interest savings account, the saver can get a large return on their savings. At current rates, the interest can range between 3-5%. However a large amount of accounts with higher interest may impose a penalty if you withdraw from that account.
Generally a savings account pays interest, and a checking (current) account doesn't. Also, a savings account cannot be overdrawn, but with permission, it is possible to overdraw a checking (current) account. The previous person is correct, a savings account simply lets you save your money and make a little bit at the same time. With a savings account it is a little harder to spend it since they are not typically tied to a checkbook.
savings account earns interest.
we can have transactions at any time
In the ePay function, how can you split a payment between your savings account and your checking account
In the ePay function, how can you split a payment between your savings account and your checking account