What is the difference between a savings bank account and a current bank account?

Many individuals starting their jobs or businesses and willing to open their bank accounts are interested in which account is right for them. Savings and current accounts are among the most typical types of accounts opened in banks. However, the choice of this selection depends entirely on your banking needs.

Savings Account

Savings account as the name suggests, is for saving your money for the long term. Here are some of the most prominent features of a savings account:

In this account, there is a fixed interest earned on your deposit.

The minimum balance in a savings account is lesser compared to the current account.

Interests deposited by banks are beneficial for future Emergencies.

Current Account

The current account is usually an account opened when there would be frequent transactions involved. Some of the features include:

The existing account is for making quick transactions.

They come with numerous facilities like overdrafts, no limit on withdrawals or deposits and more.

There is no limit on the number of transactions

Features are suitable for business purposes

Documents required for Savings account PAN Card and Aadhaar

Documents required for current account depend on their business differ