Quick Answer: Is A Current Account The Same As A Savings Account?

What is difference between current account and savings account?

What is the Difference Between Current and Savings Accounts.

While a Savings Account is one wherein you deposit your savings with the bank and earn interest on the same, a current account is one where you deposit money to carry out business transactions..

Can you lose money on a savings account?

Unfortunately, keeping your money in a savings account can indeed result in lost money, if the interest rate does not even keep up with inflation. … Fees: Some financial institutions have minimum balance requirements for savings accounts, and you may be charged a fee if your balance falls below this amount.

Which bank current account is best?

Best Banks for Current AccountBanksMaximum Cash Deposit AllowedHDFC BankUp to ₹2 lakhs per month (for regular current account)ICICI BankUp to ₹1.8 crores per monthAxis BankUp to ₹2 lakhs per month (for regular current account)Bank of BarodaUp to ₹1 lakhs per month4 more rows

Which bank account is best for savings?

We found 17 Results forDBS Multiplier Account. Popular. S$0. … POSB Multiplier Account. Popular. S$0. … BOC SmartSaver. S$1,500. Min. … Maybank Save Up Programme. Welcome Gift. S$500. … OCBC 360 Account. S$1,000. Min. … UOB One Account. S$1,000. Min. … POSB SAYE Account. S$0. Min. … Maybank iSAVvy Savings Plus Account. S$500. Min. Initial Deposit.More items…

What are the disadvantages of current account?

(1) No Interest on Deposits. … (2) High Cost of Bank Services. … (3) Limit of Free Cheque Books and Free Demand Drafts. … (4) Cap on Free Cash Deposits & Free Cash Withdrawals. … (5) Higher Amount of Monthly Account Balance Maintenance. … (6) Confusing Fine Print. … (7) Transaction Fees. … (8) Bill Payments cannot be Automated.

Can you have 2 current accounts?

A lot of people seem to think you can only have one bank account at a time. But you can actually have multiple current accounts with various banks. Having more than one bank account should not affect your credit score, unless you try to open loads of new ones in a very short space of time.

Can you use a current account as a savings account?

Can I use my current account for my savings? Some current accounts pay interest rates that are just as attractive as some of the top paying easy access savings accounts, which means you might want to consider using your current account to house your savings.

How do I know if I have savings account or current account?

A very simple way to check is if you have a passbook dat means you have a savings account. You also get quarterly interest of 4% on the amount left in your account.

Which is better savings or current account?

A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, Current Accounts work best for traders and entrepreneurs who need to access their accounts frequently. Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account.

What is another name for current account?

current account The American word is checking account.

How much money can be deposited in current account?

Monthly Average Balance (MAB) Requirement on Basic Current Account of Different BanksBankMonthly Average Balance (MAB)Free deposit limitsICICI BankRs.25,00012 times the MABAxis BankRs.10,000Up to Rs.2 lakhsIndusInd BankRs.10,000Up to Rs.2 lakhsCanara BankRs.1 lakh (quarterly)Up to Rs.5 lakhs per day3 more rows

Is a current account the same as a Cheque account?

Cheque/Current Accounts are transactional bank accounts that provide you with more functions than normal savings accounts. … Besides from Capitec’s Global One Account, none of the other cheque/current accounts pay any interest on positive balances. Most of these accounts offer overdrafts and even credit cards.

What type of account is a current account?

Current bank accounts are operated to run a business. It is a non-interest bearing bank account. It needs a higher minimum balance to be maintained as compared to the savings account.

What is the benefit of current account?

Cheques, pay-orders, or demand-drafts can be issued via a current account for making direct payments to creditors. Overdraft facilities are also available for current account holders. The presence of small interest earnings on account balance makes a current account all the more attractive for its users.

What are 4 types of savings accounts?

But there are several types of savings accounts, and it’s important to choose the one that’s right for your financial needs. The choices include traditional or regular savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and specialty savings accounts.