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  • Savings Bank Accounts v/s Current Accounts

    Savings Account
    • Instant money transfer
    • 24x7 ATM withdrawals
    • Attractive rate of interest

    At an ATM, we are always faced with the option of choosing between a Savings Account or a Current Account. These are two kinds of accounts which have been set up to serve different purposes and address the financial needs of different kind of users. Current accounts and savings accounts are offered by almost all leading banks in India like ICICI, Axis Bank, SBI, Kotak Mahindra Bank, HDFC Bank, Citibank, YES Bank, IndusInd, and many more. However, both these accounts are different from each other in various aspects. Read on to find out more about what each of these accounts have to offer.

    Savings Accounts

    • A savings account is designed with the primary purpose to help you save.
    • This type of account allows the holder to deposit money as is convenient, on which the holder can earn interest.
    • A Savings account may be opened by an individual or jointly and requires the holder to usually maintain a pre-specified amount as minimum balance.
    • Interest rates earned on Savings Accounts range anywhere between 4% to 6%. These accounts do usually carry the facility of issuing cheques.

    Current Accounts

    • Current Accounts derive their name from the purpose they are suited for, regular transactions.
    • This type of account is more suited for users like firms, companies, public enterprises, businessmen, etc.
    • Currents accounts do not earn any interest due to the fluidity they offer.
    • Current accounts usually do not carry a limit on the number of transactions which can be made.

    Savings Account v/s Current Account

    A Savings account differs from a Current account in many ways and aspects. Both these accounts address different financial needs of the user, helping in better money management. Here are some of the major points based on which one can distinguish between a Savings and a Current Account.

    Purpose

    Savings Account: A Savings Account has been designed to encourage and promote savings

    Current Account: Is designed to facilitate regular or frequent transactions.

    Ideal For

    Savings account : ideal choice for any individual who earns a steady or regular income like salaried employees. This type of account is also ideal for those who have any short term financial goals to meet like a future vacation, financing a wedding, buying a car etc.

    current account : Is more suited individuals who are required to carry out frequent money transfers like businessmen, firms, companies, organizations, public enterprises, etc.

    Monthly Transactions

    Savings Account: Banks offering the facility of a Savings account do usually put a limit on the maximum number of transactions which a holder can carry out in a month. The permissible limit without attracting any charge is usually anywhere between 3 to 5 transactions per month (financial and non-financial).

    Current accounts: Do not have any limit on the maximum number of transactions which one can carry out. This is primarily because Current accounts serve the purpose of carrying out frequent transactions.

    Interest

    Savings Account: Will usually earn you an interest between 4% to 6% on a pre-specified basis. Since these accounts do not allow unlimited transactions, it is easier to accumulate more funds over a period of time.

    Current Account: In the case of current accounts, banks usually do not provide any interest. This is due to the fluid nature of the account which allows frequent transactions.

    Minimum Balance

    Minimum balance is the minimum amount of money which must always be in your account in order to prevent it from de-activating or lapsing.

    For Savings accounts, the minimum balance required is usually low. However, for Current accounts, one may need to maintain a relatively higher amount as minimum balance.

    Other Useful Reads :
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    Savings Account By Top Banks
    Savings Account By Banks

    Savings Account Reviews

  • Page 1 of 36 1 2 3 4 5
    • Bank Bazaar Debit Card
      "Bankbazaar provides amazing service to all people"
      YES BANK
      0.5 3.5/5 "Pretty good"
      5 star service for account opening , also bank bazaar get the credit card personal loan home loan best policy bank bazaar thanks open account good rating good customer service and good rewie nice shoping card mobail phone aswome service bank bazaar I like it bank bazaar thank you.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 22, 2018
    • Bank Bazaar Debit Card
      "Very good service Bank bazaar thanks to bank bazaar"
      YES BANK
      0.5 3.5/5 "Pretty good"
      Very good service rendered by bank bazar. It is really helpful and it provides good service, Banka bazaar is very much useful for all people use this service. All cards all loans available here. Credit card good service I'm using bank bazar service s thanks to bank bazar for their exemplary service.
      Was this review helpful? 0
      , nellore
      Reviewed on Oct 20, 2018
    • Bank Bazaar Debit Card
      "My feedback for this site"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      This site is very successful, this site work in a good condition therefore I am sure they will provide me card. So this is very useful to every person, thanks for my request and my request was very much accepted too. This site was faster work than other site so it will cool and card was discription are early provide. Thanking you..
      Was this review helpful? 0
      , kanpur
      Reviewed on Oct 20, 2018
    • Bank Bazaar Debit Card
      "Easy to make a call"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Secret and reliable superit is an easy way to create a account superb and reliable it had so much efficient time to take verify my account thank you thank you so much bankbazaar make sure that all verification easy to anyone thank you so much so much
      Was this review helpful? 4
      , hyderabad
      Reviewed on Oct 16, 2018
    • Bank Bazaar Debit Card
      "i like it yes bank"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      hii i have mobile fhone shoping Nice work its clever nice job work . Banking policy is very clean and clear The best part is that we can check and compare different credit cards and their benefits very easily. It is the easiest way to look best offers and instantly we are able to apply for the product of our choice. Bank bazzar have made things easier for me..
      Was this review helpful? 4
      , gandhinagar
      Reviewed on Oct 14, 2018
    • Bank Bazaar Debit Card
      "It is very nice app and site"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      I like the bank Bazaar this is an awesome site this is very helpful site and application I like it and this site available all bank account details for our family and friends and you are open any bank account and give any bank loan and bank Bazaar.
      Was this review helpful? 8
      , jaipur
      Reviewed on Oct 12, 2018
    • Bank Bazaar Debit Card
      "Good service and bank immediately all work completed"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Nice work its clever nice job work . Banking policy is very clean and clear The best part is that we can check and compare different credit cards and their benefits very easily. It is the easiest way to look best offers and instantly we are able to apply for the product of our choice. Bank bazzar have made things easier for me..
      Was this review helpful? 9
      , bangalore
      Reviewed on Oct 08, 2018
    • Bank Bazaar Debit Card
      "Good"
      YES BANK
      0.5 4.0/5 "Great!"
      Good for all given for this opportunity.every one using this card for 30 days time full filling this credit amount.this providing card use every one gets benefits. Thanks for suggesting CITI bank credit card which is good for me and all..Kindly approve my CITI Bank credit card.
      Was this review helpful? 9
      , hyderabad
      Reviewed on Oct 07, 2018
    • Bank Bazaar Debit Card
      "SBI"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      Tq excellent web site for applying for a SBI debit card and other works to for this web site if any one want to do any work this is the perfect web site for doing woke I request to use this wed site thank you for all read my review and take part of it....
      Was this review helpful? 10
      , hyderabad
      Reviewed on Oct 04, 2018
    • YES Bank Debit Card
      "Good"
      YES BANK
      0.5 4.0/5 "Great!"
      I think its nice to apply, it has been very fast and easy let's see what happens next if its open means I'll be very much happy person, pleas let me no soon that I can be a customer of this bank I had pan card permanent account number and I didn't have addar card though.
      Was this review helpful? 13
      , bangalore
      Reviewed on Oct 03, 2018
    • Bank Bazaar Debit Card
      "Good work with the help of the online portal"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      Nice work Inverhy clever to nice job work . banking policy is very clean and clear The best part is that we can check and compare different credit cards and their benefits very easily. It is the easiest way to look best offers and instantly we are able to apply for the product of our choice. Bank bazzar have made things easier for me..
      Was this review helpful? 11
      , ahmedabad
      Reviewed on Oct 02, 2018
    • Bank Bazaar Debit Card
      "Good service And all impolys will do help in work."
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Good service and bank immediately all done works.I am really impress to good works.all works will be immediately.Bank brand is very high in market.i says all person open account in yes bank.here service is fast and clear.Bank policy is very good.
      Was this review helpful? 13
      , bathinda
      Reviewed on Sep 21, 2018
    • Bank Bazaar Debit Card
      "SIMA KHATUN"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Bank bazaar is a very good site, I am so happy as my loan has got approved. This is a very good news for me this site. The customer service is so excellent especially for future reference for people. am so Happy . BankBazaar he is the Best Product
      Was this review helpful? 16
      , kolkata
      Reviewed on Sep 20, 2018
    • YES Bank Debit Card
      "SUPER BANK"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      I've been using the YES BANK Edge credit card for a while. The Value of the points are really good. I've already accumulated more than 15000 reward points. I am really impressed with the card and their services. I never had any issues with them.
      Was this review helpful? 22
      , hyderabad
      Reviewed on Sep 19, 2018
    • Bank Bazaar Debit Card
      "Best service bank bazar "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Thanks for you bank bazar offer zero balance bank account The best part is that we can check and compare different credit cards and their benefits very easily. It is the easiest way to look best offers and instantly we are able to apply for the product of our choice. Bank bazzar have made things easy..
      Was this review helpful? 12
      , new delhi
      Reviewed on Sep 19, 2018
    • Bank Bazaar Debit Card
      "It is very good bankbazaar"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Nice service keep it up... because of online account it was very easy to open. My account opening time in a very short so my time is saving so keep your service ,..my friends are using for yes bank we are asking to me very nice service provider for customer so nice but now only I am seeing for your service so all the best for your further and keep your service long time thank you.
      Was this review helpful? 13
      , jaipur
      Reviewed on Sep 18, 2018
    • Bank Bazaar Debit Card
      "SUPAR BANK"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      My account opening time is very short so my time is saving so keep your service ,..my friends are using for yes bank we are asking to me very nice service provider for customer so nice but now only I am seeing for your service so all the best for your further and keep your service long time thank you
      Was this review helpful? 12
      , hyderabad
      Reviewed on Sep 17, 2018
    • Bank Bazaar Debit Card
      "Confident"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Bank bazaar is a very good site, I am so happy as my loan has got approved. This is a very good news for me this site. The customer service is so excellent especially for future reference for people. The service what they provide is also very fast service for any department for loan. Also I am so happy with this site.
      Was this review helpful? 15
      , hyderabad
      Reviewed on Sep 17, 2018
    • Bank Bazaar Debit Card
      "The way they explained about the card is very good"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      The best part is that we can check and compare different credit cards and their benefits very easily. It is the easiest way to look best offers and instantly we are able to apply for the product of our choice. Bank bazzar have made things easy..
      Was this review helpful? 13
      , chandigarh
      Reviewed on Sep 17, 2018
    • Bank Bazaar Debit Card
      "Nice service keep top-up ... because online easy to help"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      My account opening time is very short so my time is saving so keep your service ,..my friends are using for yes bank we are asking to me very nice service provider for customer so nice but now only I am seeing for your service so all the best for your further and keep your service long time thank you
      Was this review helpful? 17
      , coimbatore
      Reviewed on Sep 15, 2018
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