Current Account and Fixed Deposit Account

Basis of Difference
Current Account
Fixed Deposit Account
Meaning
It is that account which is maintained by businessman and others who have regular transaction.
It is that account where a fixed sum of money is deposited for a fixed period.
Withdrawals
Customers can withdraw money by cheques.
Customers cannot with draw during the fixed period. If withdrawn earlier, rate of interest will be less than applicable.
Facilities
The bank gives a passbook, cheque book, statement of account and pay-in-slip book to the customers.
The bank gives a fixed deposit receipt to the customers
Who takes it
It is suitable for traders, businessmen, firms or institutions.
It is suitable for any person with temporary idle cash.
Constraints on operation and withdrawals
There are no restrictions on the operation of a current account as long as there is balance in the account.
Payment is received only on expiry of the fixed period. If withdrawn earlier, rate of interest will be less than applicable
Rate of interest
Normally, interest is not given.
Interest rate is higher. Longer the period, higher will be the rate of interest.
Nature of Account
It is of continuous nature.
90% of the amount of fixed deposit can be given as loan.
Facilities
Temporary overdraft facility is given
It is for fixed period of time except when the fixed deposits receipt renewed.

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