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Savings Account
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Current Account
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A savings accounts are deposit accounts which do not allow
unlimited transactions
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A current account on the other hand is meant for daily
financial transactions
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Savings accounts are best suited for salaried employees or
people with a monthly income
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Current accounts are ideal for individuals and firms that need
to carry out monetary transactions on a day-to-day basis
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Savings accounts earn interests which is normally in the range
of 4% to 8%
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Current accounts are non-interest
bearing deposit accounts
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Banks do not provide overdraft facility on savings account
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Overdraft facility is provided
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The minimum balance required to open a savings account is very
low
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The minimum balance for opening
a current account is comparatively
much higher
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The main purpose of a savings account is to encourage people
towards savings
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The main purpose of a current
account is to help individuals with
multiple transactions
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