• 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 :
    Savings Account
    Net Banking
    Mobile Banking
    Savings Account By Top Banks
    Savings Account By Banks

    Savings Account Reviews

  • Page 1 of 32 1 2 3 4 5
    • Bank Bazaar Debit Card
      "GOOD"
      INDUSIND BANK LTD
      0.5 4.0/5 "Great!"
      Bank bazaar is doing very great job . we really need this type of technology in our country and they are contributing through their beautiful idea and working on that too with a clear and genuine way. Sometimes people just think of bring change but some are actually working on it without giving hassle to any of their customers.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 23, 2018
    • Bank Bazaar Debit Card
      "Best"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Bank bazaar is doing very great job . we really need this type of technology in our country and they are contributing through their beautiful idea and working on that too with a clear and genuine way. Sometimes people just think of bring change but some are actually working on it without giving hassle to any of their customers.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2018
    • Bank Bazaar Debit Card
      "Very helpful"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I was looking for a zero balance ac opening and bank bazaar.com help me open instantly with a genuine bank thank u bankbazaar.com and hope in future you update me with good offer and good banking facilities. Also I am looking out for compliments like Mug , tshirt etc.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 19, 2018
    • Bank Bazaar Debit Card
      "VERY NICE .ACCESS TO EASY AND EASY TO TRANSACTION.THANK YOU."
      YES BANK
      0.5 5.0/5 "Blown Away!"
      NICE WORK YOU PEOPLE ARE DOING. BANK BAZZAR IS VERY USEFULL .ITS AWESOME VERY EASY TO USE.I AM PROUD OF BANK BAZZAR . IT WILL MAKE YOUR SMILE IS AWESOME.ITS AWESOME PLATFORM TO OPEN AN SAVING ACCOUNT. THIS SITE IS AWESOME.I WOULD LIKE TO OPEN THIS ACCOUNT.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • Bank Bazaar Debit Card
      "FANTASTIC"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      REALLY FANTASTIC. VERY EASY TO CREATE NEW ACCOUNT...CREATED WITHIN 5 MINS, CONGRATS AND THANK YOU FOR YOUR KIND SUPPORT BANK BAZAAR. AM SEARCHING FOR A ZERO BANK BALANCE ACCOUNT AND FINALLY I GOT THAT WITH THE HELP OF BANK BAZAAR. THANK YOU GOOD
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2018
    • Bank Bazaar Debit Card
      "Nice Work"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      Nice work you people are doing, really super. Bank Bazaar is very platform in total service Bank Bazaar is a very important process and very fast process in terms of loan& Other services, am waiting for response my application so not to say good or bad this site today time many banker site available internet but not to complete work to good waiting for bankbazaar to respond. its awesome Its very easy to use, It will make you smile its awesome.
      Was this review helpful? 0
      , chennai
      Reviewed on May 17, 2018
    • Bank Bazaar Debit Card
      "FANTASTIC"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      REALLY FANTASTIC. VERY EASY TO CREATE NEW ACCOUNT...CREATED WITHIN 5 MINS, CONGRATS AND THANK YOU FOR YOUR KIND SUPPORT BANK BAZAAR. AM SEARCHING FOR A ZERO BANK BALANCE ACCOUNT AND FINALLY I GOT THAT WITH THE HELP OF BANK BAZAAR. THANK YOU
      Was this review helpful? 0
      , pondicherry
      Reviewed on May 16, 2018
    • Bank Bazaar Debit Card
      "Thank you "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Thank you so much because I don't have any bank account so I got good reply Good response from you so thank full you people thank you so much for helping I'm so happy thank you, I'm happy to open my 0 account, Thank you Regarding Divya h naik
      Was this review helpful? 0
      , bangalore
      Reviewed on May 15, 2018
    • Bank Bazaar Debit Card
      "NICE "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      I like it its very fast in creating account thank you bank bazaar. You people are good in creating bank accounts u r doing good job. I am searching for a zero bank balance account and finally I got that with the help of bank bazaar thank u bank bazaar. I will ask my friends and colleges to refer/use this site for their financial requirement.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 13, 2018
    • Bank Bazaar Debit Card
      "Good"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I like it its very fast in creating account thank you bank bazaar. You people are good in creating bank accounts u r doing good job. I am searching for a zero bank balance account and finally I got that with the help of bank bazaar thank u bank bazaar. I will ask my friends and colleges to refer/use this site for their financial requirement.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 08, 2018
    • Bank Bazaar Debit Card
      "V good and good service"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Thank bank bazzar Nice work bank and bank bazar Bank bazaar service is very good, it would be good if bank bazaar gives the exact update on the bank partner. I know bank bazaar for more than 6 months time. The customer support service is excellent with the bank bazaar team and they will give immediate response to the customers.
      Was this review helpful? 0
      , noida
      Reviewed on Apr 29, 2018
    • Bank Bazaar Debit Card
      "HELPFUL IN OPENING ACCOUNT"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      ITS AN AWESOME PLATFORM TO OPEN AN SAVING ACCOUNT. I LOVE THIS SITE. THERE CUSTOMER RELATIONS DAMNN GOOD TO CUSTOMER. THEY NEVER BETRAYED CUSTOMERS. IN THE SENSE THAT THEY ARE ALWAYS HELPFUL TO US. ALL THE THINGS ARE GETTING DONE BY THIS SITE. WE DON'T HAVE TO DO NOTHING. FROM THIS SITE U CAN APPLY FOR EDUCATIONS LOAN, CAR LOAN, ETC. AND U CAN APPLY FOR DEBIT CARD WITH NO HECTIC. THIS SITE IS AWESOME. I AM PROUD OF BANK BAZZAR.COM
      Was this review helpful? 0
      , manipal
      Reviewed on Apr 26, 2018
    • Bank Bazaar Debit Card
      " Life Insurance, Health Insurance and Car Insurance etc.You "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bank products like Savings Account, Credit Card, Fixed Deposit etcBANK BAZAAR is a good platform for all the financial products .I am not satisfied with the customer service and responses. The process was taking a long time other than that The website is user friendly .The web portals accuracy and speed is very good otherwise I am very much comfortable accessing this site.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 24, 2018
    • Bank Bazaar Debit Card
      "Band and bank bazar"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Nice work bank and bank bazar Bank bazaar service is very good, it would be good if bank bazaar gives the exact update on the bank partner. I know bank bazaar for more than 6 months time. The customer support service is excellent with the bank bazaar team and they will give immediate response to the customers.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Apr 16, 2018
    • Bank Bazaar Debit Card
      "Not to say good or bad"
      YES BANK
      0.5 4.5/5 "Excellent!"
      I am waiting for response my application so not to say good or bad this site today time many banker site available internet but not to complete work to good waiting for bankbazaar to respond. its awesome Its very easy to use, It will make you smile its awesome.
      Was this review helpful? 0
      , noida
      Reviewed on Apr 14, 2018
    • Bank Bazaar Debit Card
      "Better for open new savings account and credit card"
      YES BANK
      0.5 4.0/5 "Great!"
      Bank bazzar is very platform in total service Bank bazaar is a very important process and very fast process in terms of loan& Other service, Bank bazaar is a very short process are credit score and process my experience is very help in my life with bank bazaar,,my friend is very interested in this service .
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 11, 2018
    • Bank Bazaar Debit Card
      "Awesome appreciate your help with this is a good though."
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Really awesome this is good to see this type of applications really awesome that is the reason, I am happy to apply for this card @ bank bazar. This site bank bazaar is one of my favorite application and it would be great if this is advertised @ all perimeters like all social media app and this would give more results.
      Was this review helpful? 0
      , nellore
      Reviewed on Apr 11, 2018
    • Bank Bazaar Debit Card
      "its awesome "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Its very easy to use Its make me smile its awesome I want it and when u dont know your credit score so you can visit this site its very usefull ans very easy to use it i love it and again its awesome and now i have my credit score woooowwwwwwiiiiiiiieeeeeee
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 02, 2018
    • Bank Bazaar Debit Card
      "Same family life settlement Bank are currently debit card "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Personal Bank saving Lifestyle ok ,family savings account life settlement issues etc. but no problem I love bankbaaar live family savings personal account currently no problem AFI general welcome please lifestyle same welcome Bank Bazaar..
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 02, 2018
    • Bank Bazaar Debit Card
      "Bank bazzar is very platform in total service "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Bank bazaar is a very important process and very fast process in terms of loan& Other service, Bank bazaar is a very short process are credit score and process my experience is very help in my life with bank bazaar,,my friend is very interested in this service .
      Was this review helpful? 0
      , nasik
      Reviewed on Mar 31, 2018
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