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4.5/5
4.5/5
| Basis | Saving Account | Current Account |
| Meaning | Savings Accounts are the individual accounts for the personal purpose of saving. | Current Accounts are the accounts opened for the business transaction, on the name of firm or company. |
| Purpose | A Savings Account has been designed to encourage and promote savings. | It is designed to facilitate regular or frequent transactions. |
| Ideal for | It is an ideal choice for any individual who earns a steady or regular income like salaried employees. | It is more suited to individuals who are required to carry out frequent money transfers like businessmen, firms, companies, organizations, public enterprises, etc. |
| Monthly Transactions | In saving account, there is no restriction on the number of deposit but there is a certain restriction on the withdrawal. | There is no limit on the number of transactions and amount in a day such as deposit and withdrawal |
| Interest | It varies from bank to bank | No interest |
| Minimum Balance | The minimum balance required is usually low. | One may need to maintain a relatively higher amount as minimum balance. |
