Current Account Saving Account

Sr.
No.
Basis of Difference

Current Account

Saving Account

1.


Meaning
It is that account which is maintained by businessman and others who have regular transaction.
It is that account which is opened by individuals in order to save a part of their income.

2.
Withdrawals
Customers can withdraw money by cheques.
Customers can withdraw either by cheques or by withdrawals slip along with passbook.

3.
Facilities
The bank gives a passbook, cheque book, statement of account and pay-in-slip book to the customers.
The bank gives a pas book, cheque book and pay-in-slip book to the customers.

4.
Who takes it
It is suitable for traders, businessmen, firms or institutions.
It is suitable for fixed income group, wage or salary earners.

5.

Constraintson operation and withdrawals
There are no restrictions on the operation of a current account as long as there is balance in the account.
The customers have certain restrictions on withdrawals.

6.
Rate of interest
Normally, interest is not given.
Interest rate is low.

7.
Nature of Account
It is of continuous nature.
It is of continuous nature.

8.
Facilities
Temporary overdraft facility is given
No overdraft facility is given.