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47. CURRENT DEPOSIT
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SAVINGS DEPOSIT
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1.
Meaning
It
is operated by businessmen and others who have regular transactions.
2.
Purpose for
Depositors
The
main purpose of current account is facilitatingregular transactions.
3.
Who operates
It is operated by businessmen
and other organisations.
4.
Interest
There is no interest paid on
current account.
5.
Period/Duration
The
current account is of continuous in nature. It can be operated for any number
of years.
6.
Withdrawals
There
is no restriction on withdrawals.
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It is a bank
account which is opened by persons in order to save a part of their income.
The main purpose of savings account is to
save a part of the income.
It is operated by individuals such as
salary earners, small traders, and others.
The savings account earns a nominal rate
of interest. At present it is about 3.5% p.a.
The savings account is of continues in
nature. It can be operated for any number of years.
Withdrawals are allowed subject to
certain restrictions.
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CURRENT DEPOSIT SAVINGS DEPOSIT
