Do You ever think what is Difference between Current Account and Savings Account? well, Very few people know the answer to this question, but every person who has a bank account should know what is the current account? And what is a savings account? And what is the Difference between Current Account and Savings Account? If you want to know the answer to this question, and extra more information about Types Of bank account, then Read full articles carefully.
Here you will get detailed information about Types of bank account and will know that if you are going to opening a bank account then, what kind of account should you open. This question is very important if you do an online transaction, or purchase online. So which is better for you saving or current bank account.
- 1 Difference between Current Account and Savings Account
Difference between Current Account and Savings Account
Before knowing the difference between these two and before knowing about which account you should open, first know how many bank accounts there are in India.
There are about more than 100 government and private sector banks in India where individual and business accounts can be opened. Today in this post we will tell about some common bank account types which every common person should know so that when he goes to open his account, he can choose which account benefits for him/her
1. Women Saving Accounts
Almost all banks offer special savings account for women which gives many benefits for women and they can take advantage of it. Banks offer such special programs to financially support women’s empowerment in India. Very few people know about such accounts in the rural area and if you want to know more about it in detail, then contact your nearest bank branch.
2. Student Saving Accounts
Students who study in any class can open all bank accounts. All of us have opened scholarship student bank accounts. if you want to open such an account you need school permission after that you can open a student saving account. This account can also be opened with zero balance.
3. Kids Accounts
If u want to open an account for your child, then you can take advantage of this facility of the bank. Such accounts are to save the future money of the child. If you also want to save some money for your child, then you must open the Kids bank account.
4. Current Accounts
this types of accounts are for business or for such people who do a lot of transactions. Current accounts are not for any common person and all banks have their own terms & conditions for the current account holders. If you satisfy that condition then you can open the current account.
5. NRE Saving Accounts
if an Indian person is living in another country out of India, then, in that case, the can open an NRE saving account. There are many international benefits like money transfer, money conversion, etc. It is necessary to have at least two people for this account only then they will be applicable for NRE.
6. No-Frill Saving Accounts
You all know that every saving account has its own criteria that you should always keep at least 500, 1000 or 10,000 rupees in the account all time. If you do not do this, banks charge for it. In such a situation, No-Frill is an account in which you do not need to keep any minimum amount.
7. Senior Citizen Savings Bank Account
Banks offer different type of savings accounts for those whose age is 60 or 60+. In which there are some benefits that senior citizens should get. After the retirement of such accounts, you can get many benefits.
Now we come to our question, what are the differences between the savings account vs current account, and what is the impact of this on the bank accounts of a common person…
Difference Between Current Account and Saving Account in India Saving vs current account
This question comes in everyone mind those who go to open a bank account, what are savings vs current account? And whenever you all go to open an individual account, it is usually saving account
Both these types of accounts offer almost all top bank ICICI, HDFC, SBI and the rest but both accounts are for different types of people. Saving account is for everyone and any person can open this account, but A current account can open only by businessmen type of person who do a heavy online transaction online. let me explained in detail so you can understand easily the difference between these two account
Such types of accounts created so that people can save money. In this, if a person deposits money, then he is given some interest by the bank every year. For example, if you keep 100 rupees in your account and the bank gives 5% interest, then it will become 105 rupees in a year. A saving account can open one single person or join an account with two persons and in this, you have to maintain the minimum amount given by the bank.
The current account is for such people who do regular transactions. All the small firms, businesses, retailers, or any businessman are there, they only open the current account. there is no interest available in such an account as saving accounts. There is no transaction limit
Friend, now whenever you go to open the account you can choose which account you should open, and which account is the benefit or useful for you, let share this post with your friends and relatives so that they can also know what is saving account? what is the Current Account? what is the difference between Current Account and Savings Account.