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Difference between Savings Account Vs Current Account Explained

What Is a Savings Account?

What Is a Current Account?

What Are the Key Differences Between a Current Account and a Savings Account?

The following table highlights the comparison of savings accounts vs current accounts.

Features

Current Account

Savings Account

Purpose

Used for day-to-day transactions in business

Used to build emergency funds

Interest

No interest earned

Earn interest on a fixed rate

Minimum Balance Requirement

May or may not be required

Usually required

Number of Transactions

Unlimited monthly transactions

Restricted monthly transactions

Withdrawals

No or minimal restrictions on withdrawals

A limited number of withdrawals is allowed per month

Overdraft Facility

Available

Not Available

Ideal for

Preferred by business owners and enterprises

Preferred by individuals

What Are the Benefits of Current Account and Savings Account?

Which One Is Better - Savings Account or Current Account?

FAQs About Savings Account Vs Current Account