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Difference between savings and current account



Difference between savings and current account

In the country most people all have their own bank account. These are bank account savings or current. Both of these types of accounts are used for deposits and transactions but both accounts have gaps. A savings account has a limit of maximus balance when it does not have a limit in the current account.

Difference between savings and current account


Savings accounts are used by celebrities or others for depositing their savings. Current account is used by people connected with the business. It is also used by startups, partnership firms, LLPs, private limited companies, public limited companies.

Interest on a savings account is earned, while no interest is paid in the current account.
The savings account earns interest on the amount deposited so it comes under the tax. However, since there is no interest in the current account, it is not included in the tax.
Money can be withdrawn only from the savings account, while in the current account more money can be withdrawn from the deposit.
There is also a certain limit for the transaction from the savings account in the month when the current account does not have any limit for the transaction.
A savings account has a specific limit on the maximum balance while the current account does not have a limit.

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