Distinguish Between Current account and Saving account
The Maharashtra HSC Board – Organization of Commerce and Management – Notes, & Distinguish Between, difference between Current account and Saving account , study notes, studies material, studies notes – according to the New Textbook.
| Sr.
No |
Point of
Distinction |
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 | 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 |