|
Sr.
No.
|
Basis of
Difference
|
Current
Account
|
Saving
Account
|
|
1.
|
Meaning
|
It is that account
which is maintained by businessman and others who have regular transaction.
|
It is that
account which is opened by individuals in order to save a part of their
income.
|
|
2.
|
Withdrawals
|
Customers can
withdraw money by cheques.
|
Customers can
withdraw either by cheques or by withdrawals slip along with passbook.
|
|
3.
|
Facilities
|
The bank gives
a passbook, cheque book, statement of account and pay-in-slip book to the
customers.
|
The bank gives
a pas book, cheque book and pay-in-slip book to the customers.
|
|
4.
|
Who
takes it
|
It is suitable
for traders, businessmen, firms or institutions.
|
It is suitable
for fixed income group, wage or salary earners.
|
|
5.
|
Constraintson operation and withdrawals
|
There are no
restrictions on the operation of a current account as long as there is
balance in the account.
|
The customers
have certain restrictions on withdrawals.
|
|
6.
|
Rate
of interest
|
Normally,
interest is not given.
|
Interest rate
is low.
|
|
7.
|
Nature
of Account
|
It is of
continuous nature.
|
It is of
continuous nature.
|
|
8.
|
Facilities
|
Temporary
overdraft facility is given
|
No overdraft
facility is given.
|
Current Account Saving Account
