Difference between Savings Account and Current Account in India

Difference between Savings Bank Account and Current Account in India

There are different kinds of bank accounts which a bank offers its customers. The most common among these are the savings bank account, the current account and the fixed deposit. In order to start a bank account, one needs to first fill the required form. The required number of photos should be affixed on the form and a few more also have to be handed over to the bank.

Various kinds of proofs need to be submitted along with the filled in form. You need a proof of address, a proof of identity, a proof of date of birth, a copy of your ration card and a copy of your pan card. Both savings account and current account require the above mentioned proofs. In addition, to open a current account, you have to submit proof of your business or company. All this has to be handed over to the bank manager who verifies all details before authorizing your bank account.

These days, you are given a welcome kit by most banks and this welcome kit consists of a cheque book, a pass book and an ATM debit card. A minimum balance of Rs.1,000/- is required to be maintained for savings bank accounts and a minimum balance of Rs.5,000/- is required to be maintained for current account. The ATM card you are given is a debit card or a credit card depending on the amount of money that you deposit in the bank.

A savings bank account is preferred by ordinary people for the interest that it generates, however small this may be. A minimum balance of Rs.1,000/- has to be maintained by the account holder. Failure to do this attracts a penalty of Rs.300/-. A current account is preferred by business men for its additional features. The minimum balance for a current account is Rs.5,000/- The number of withdrawals per month for a savings account is limited to sixty whereas any number of transactions can be done in a current account. International transactions can be conducted with a current account whereas this is not always true for a savings bank account. Savings bank account gets interest credited whereas a current account gets no interest. There are no withdrawal limits on a current account whereas this is true for a savings bank account. Bank charges a small amount of interest for a current account to be maintained. Credit cards allow overdraft facility. Overdraft facility is the allowing to withdraw money from your account than what you actually have. The money has to be repaid within a stipulated period with interest.

All this can be represented in tabular form as below.

Services Savings Account Current Account

Comparing/Contrasting Features of Savings Account/Current Account

Savings Account Current Account

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> Difference between Savings Account and Current Account in India
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