Savings Account vs Current Account
Savings Account: A savings account is one in which you deposit money and receive interest on it Individuals can only create a savings account for their own personal purposes. A short-term account is typically used to save money for trips, purchase large and little items, etc. In order for your savings account to be active, you must maintain a minimum balance of a certain amount. Savings account holders can earn interest on their money. Current Account: Current account is one in which you deposit money to conduct business operations. Companies that want to execute numerous bank transactions in accordance with their business requirements might create a current account. The minimum balance required for a savings account is lower than it is for a current account. Banks typically do not pay interest on deposits in current accounts since the money deposited has to be utilized for business activities.