CURRENT DEPOSIT SAVINGS DEPOSIT

47. CURRENT DEPOSIT
SAVINGS DEPOSIT
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.


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.