A savings account and a current account are both types of bank accounts, but they serve different purposes. Here are the main differences between the two:
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Purpose: A savings account is meant for individuals who want to save their earnings, while a current account is designed for daily transactions.
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Transactions: Savings accounts allow limited transactions, while current accounts have no cap on the number of transactions.
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Interest: Savings accounts earn interest at a rate of around 4%, while current accounts do not earn any interest.
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Overdrawing: Savings accounts do not allow overdrawing, while current accounts allow overdrawing up to a certain limit.
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Suitability: Savings accounts are most suitable for people who are salaried employees or have a monthly income, while current accounts work best for traders and entrepreneurs who need to access their accounts frequently.
Its important to note that the specific features of savings and current accounts may vary depending on the bank or financial institution offering them.
