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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.

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Savings Account Reviews

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  • Bank Bazaar Debit Card
    "Very neat and quick formalities "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Very fast registration done. It did not askany questions and moreover the drop down menu is gud enough to choose. Great service with great name .i will always recommend this to all my friends. It's quick. Great keep up the good work.bank bazaar was very responsive
    Was this review helpful? 3
    , bangalore
    Reviewed on Dec 14, 2018
  • Bank Bazaar Debit Card
    " i am reyaly happy to and easly i creat .nice responsess lik"
    YES BANK
    0.5 4.5/5 "Excellent!"
    hi this is manikanta iam really happy to open this account and easy to create my account. Iam waiting for my new account for this bank ,.and am really impressed this bank and giving personal loan also I would like to thank who are there every one
    Was this review helpful? 8
    , bangalore
    Reviewed on Dec 05, 2018
  • Bank Bazaar Debit Card
    "Let's see wat happens filled the application"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Hi Hi Let's see wat happens filled the application for zero balancaccount if it happens to be true then I will be the luckiest person and will be very thankful to the bankbazaar,kindly help me in opening this account .thakur vijayender Singh hi
    Was this review helpful? 8
    , hyderabad
    Reviewed on Dec 03, 2018
  • Bank Bazaar Debit Card
    "Very nice "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Very good app i am impressed by the bankbazaar app thank you so much i love you all of you i think this is bankbazaar is a best bank app really help full and you will apply very easy to use this app personal loan home loan car very very help full thank
    Was this review helpful? 8
    , mumbai
    Reviewed on Dec 02, 2018
  • Bank Bazaar Debit Card
    "Very nice facilities"
    YES BANK
    0.5 3.5/5 "Pretty good"
    Very nice facilities I would like for this bank is very high facilities thankyou bank bazaar and thank you for everyone bank bazaar member so I am feel amazing..I am very glad to open an account in Yes bank.I think every person should have account in Yes Bank.Thank you.
    Was this review helpful? 6
    , chennai
    Reviewed on Dec 01, 2018
  • Bank Bazaar Debit Card
    "Good service"
    YES BANK
    0.5 3.0/5 "Satisfactory"
    Its a good service for all. Any body open an account in Yes bank in Just few minutes. You can upload your Document online in very easy steps.I am very glad to open an account in Yes bank.I think every person should have account in Yes Bank.Thanking you.
    Was this review helpful? 8
    , surat
    Reviewed on Nov 29, 2018
  • Bank Bazaar Debit Card
    "Very nice facilities"
    YES BANK
    0.5 4.5/5 "Excellent!"
    I would like for this bank is very high facilities thankyou bank bazaar and thank you for everyone bank bazaar member so I am feel amazing and some I will to everyone go bank bazaar website and check you reward points more benefit thank-you iii
    Was this review helpful? 7
    , lucknow
    Reviewed on Nov 28, 2018
  • Bank Bazaar Debit Card
    "The best bank for all peoples. "
    YES BANK
    0.5 4.5/5 "Excellent!"
    It is good service to every one. Any body open an account in Yes bank in Just few mint. You can upload your Document online in very easy steps.I am very glad to open an account in Yes bank.I think every person should have account in Yes Bank.Thank you.
    Was this review helpful? 13
    , noida
    Reviewed on Nov 27, 2018
  • Bank Bazaar Debit Card
    "Need Zero balance account"
    YES BANK
    0.5 2.5/5 "Just OK"
    i need zero balance account but i get saving account but still its good i dint have to go bank and by internet i open my new account its excellent. this is my time saving and also from any were i can operate my account its very good service also, I am very much happy with their service.
    Was this review helpful? 8
    , surat
    Reviewed on Nov 22, 2018
  • Bank Bazaar Debit Card
    "Good service with Bankbazaar"
    YES BANK
    0.5 3.5/5 "Pretty good"
    I had the experience of applying for FD actually it took some time for them to process the documents which were uploaded online and after highlighting the same it was rectified. Everything was falling in place and I personally feel website is much better than the mobile application -IOS version as I had some difficulties in viewing the status of the application otherwise, I am pretty much bankbazaar.
    Was this review helpful? 7
    , bangalore
    Reviewed on Nov 22, 2018
  • Bank Bazaar Debit Card
    "50"
    YES BANK
    0.5 3.5/5 "Pretty good"
    It's good services that I have seen bank bazar is the only way to know about interest rates with the online opening bank account... I'm glad to inform u this is the best choice for opening new bank account.. and I refer my all friends to know about bank bazar.. I will give the rating 5
    Was this review helpful? 10
    , indore
    Reviewed on Nov 20, 2018
  • Bank Bazaar Debit Card
    "YES BANK "
    YES BANK
    0.5 4.0/5 "Great!"
    I had the experience of applying for FD actually it took some time for them to process the documents which were uploaded online and after highlighting the same it was rectified. Everything was falling in place and I personally feel website is much better than the mobile application -IOS version as I had some difficulties in viewing the status of the application otherwise, I am pretty much bankbazaar in general and that is why I had rated them highly.
    Was this review helpful? 7
    , chennai
    Reviewed on Nov 16, 2018
  • Bank Bazaar Debit Card
    "Nice"
    YES BANK
    0.5 4.5/5 "Excellent!"
    Excellent service..its yes ..i need more service from..yes bank..im a self employed business person..so many banks ask me on salary certificate to have a credit card only i need credit card because they provide very good offers on credit card.
    Was this review helpful? 14
    , bangalore
    Reviewed on Nov 16, 2018
  • Bank Bazaar Debit Card
    "Good service giving good opportunity for opening bankaccnt"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    It's good services that I have seen bank bazar is the only way to know about interest rates with the online opening bank account... I'm glad to inform u this is the best choice for opening new bank account.. and I refer my all friends to know about bank bazar.. I will give the rating 5/5
    Was this review helpful? 17
    , hyderabad
    Reviewed on Nov 14, 2018
  • Bank Bazaar Debit Card
    "Superbb very great amazing kirrak superbb goodluck do busine"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Superbb done work you are very great and helpfull person i pray god for your success in all over the world and fullfill your drams you will do success in one day over the world do business like that and only you make the world happiness and goodluck
    Was this review helpful? 14
    , hyderabad
    Reviewed on Nov 13, 2018
  • Bank Bazaar Debit Card
    "Home loan"
    YES BANK
    0.5 4.0/5 "Great!"
    Actually I here my friend said to me AXIS bank is very fast processing transactions n quick loan approval giving so I will apply new account n loan home. So plz approved my account details plzz my account. Good banking rate now total banks n safe Lockers.
    Was this review helpful? 14
    , hyderabad
    Reviewed on Nov 12, 2018
  • Bank Bazaar Debit Card
    "APPRECIATED BY ME"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    VERY VERY NICE EXPERIENCE & BEST APPLICATION FOR BANKING, MUTUAL FUNDS, INSURANCES ,LOANS INQUIRYS, CREDITS SCORES ETC. And I ALSO OPENED A SAVINGS ACCOUNT THROUGH WWW.BANKBAZAR.COM Good experience It's a good experience opening an account .It's easy and time saving .Get info on high yield savings accounts, money market accounts, certificates of deposits, ... Banking and Saving ... Times have changed.good way to open savings account.
    Was this review helpful? 21
    , baddi
    Reviewed on Nov 02, 2018
  • Bank Bazaar Debit Card
    "bankbazaar"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Bankbazaar site is the best.. it give very best experience . it is very easy to handle.i like this very much.5 star service for opening account. it good experience for opening account. it is easy and time saving. get info on high yield saving account . tish is very best for me and also for you.
    Was this review helpful? 26
    , patna
    Reviewed on Oct 31, 2018
  • Bank Bazaar Debit Card
    " It's a good experience opening an account"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    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 reviews, nice shopping card Mobile, phone awesome service bank bazaar I like it bank bazaar thank you.
    Was this review helpful? 28
    , tirupati
    Reviewed on Oct 30, 2018
  • Bank Bazaar Debit Card
    " like Savings Account,"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Good experience It's a good experience opening an account .It's easy and time saving .Get info on high yield savings accounts, money market accounts, certificates of deposits, ... Banking and Saving ... Times have changed.good way to open savings account
    Was this review helpful? 30
    , aurangabad
    Reviewed on Oct 27, 2018
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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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