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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
    "Best servise for bank bazar"
    YES BANK
    0.5 4.5/5 "Excellent!"
    Bank bazar service is best for cobil scor provide persnal loan , atm card ,etc. ... ....................................................................................................................thanks bank bazar
    Was this review helpful? 6
    , ambala
    Reviewed on Mar 07, 2019
  • Bank Bazaar Debit Card
    "san rem"
    YES BANK
    0.5 4.0/5 "Great!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 21
    , chennai
    Reviewed on Feb 18, 2019
  • Bank Bazaar Debit Card
    "Experience"
    YES BANK
    0.5 3.5/5 "Pretty good"
    First time experience of opening bank account Let's see what happens. I hope everything going good. I will refer my friends to if IM able to opening my account through bank bazaar. And also need help in mutual funds investment. Thanks.
    Was this review helpful? 16
    , new delhi
    Reviewed on Feb 17, 2019
  • Bank Bazaar Debit Card
    "Customer satisfaction "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
    Was this review helpful? 11
    , hyderabad
    Reviewed on Feb 16, 2019
  • Kotak Debit Card
    "Better"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am having a Platinum Debit card from Kotak Mahindra Bank. The daily withdrawal limit is sufficient. I don't get any benefits on the card but its easily accessible everywhere. I got a hidden charges of 150 rupees which was debited from my account. There is no charges for other ATM swipes and there is no limitation.
    Was this review helpful? 37
    , mumbai
    Reviewed on Jan 28, 2019
  • Kotak Debit Card
    "Worst Kotak 811 services"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Opened an account in December 2018 not received any call from customer care for document completion till yet also visited the nearest branch and no action has been taken . Worst services of this bank . Even the executive and staff has not been responsible and their behavior is also very rude.
    Was this review helpful? 46
    , new delhi
    Reviewed on Jan 16, 2019
  • Bank Bazaar Debit Card
    "NICE "
    YES BANK
    0.5 3.0/5 "Satisfactory"
    I am impressed with the quality of the service that is being offered here. It was so easy to apply for the Debit Card. Something of this nature should truly be an easy thing and because of Bank Bazaars commitment to help me, I can safely say, "Yes"! I have gotten through!!
    Was this review helpful? 31
    , bangalore
    Reviewed on Jan 12, 2019
  • Bank Bazaar Debit Card
    "saving account is life saving "
    YES BANK
    0.5 4.5/5 "Excellent!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 26
    , udaipur
    Reviewed on Jan 11, 2019
  • Bank Bazaar Debit Card
    "veer"
    YES BANK
    0.5 3.5/5 "Pretty good"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 27
    , chennai
    Reviewed on Jan 11, 2019
  • Bank Bazaar Debit Card
    "Regarding debit card"
    YES BANK
    0.5 4.0/5 "Great!"
    It's good to have a debit card online. It makes the person able to travel anywhere in the world without carrying the bag of money. It creates the safety of money and person has more faith on it. It makes the person able to face any money transaction related problems.
    Was this review helpful? 22
    , jaipur
    Reviewed on Jan 10, 2019
  • Bank Bazaar Debit Card
    "Savings account is mostly i am using"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I am impressed with the service provided by Bankbazaar.com because they are mostly provide the offers and best deals and gifts also providing so many of the people are choose the relevant bank for shopping, movie ticket etc .and travel..so car loan bike loan are provided to impress people.
    Was this review helpful? 33
    , chennai
    Reviewed on Jan 04, 2019
  • Bank Bazaar Debit Card
    "Thank you"
    YES BANK
    0.5 4.0/5 "Great!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 30
    , chennai
    Reviewed on Dec 30, 2018
  • Bank Bazaar Debit Card
    "Service"
    YES BANK
    0.5 4.5/5 "Excellent!"
    I am impressed with the quality of the service that is being offered here. It was so easy to apply for the Debit Card. Something of this nature should truly be an easy thing and because of Bank Bazaars commitment to help me, I can safely say, "Yes"! I have gotten through!!
    Was this review helpful? 38
    , new delhi
    Reviewed on Dec 29, 2018
  • Bank Bazaar Debit Card
    "DC REVIEWS"
    YES BANK
    0.5 3.5/5 "Pretty good"
    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 everyone who are present there.
    Was this review helpful? 28
    , chennai
    Reviewed on Dec 27, 2018
  • Bank Bazaar Debit Card
    "Thank you"
    YES BANK
    0.5 4.5/5 "Excellent!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 26
    , hyderabad
    Reviewed on Dec 26, 2018
  • Bank Bazaar Debit Card
    "Super "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Fantastic method quick response neat order for the processing given below perfect rules and regulations have lot of the security question and the answers given to be easily identify no if question is more and very simple to keep in memory as well.
    Was this review helpful? 35
    , tiruchirapalli
    Reviewed on Dec 25, 2018
  • Bank Bazaar Debit Card
    "King of to apply debit card "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Wonderful chance to apply debit card to use the bank opportunity to apply debit card and also all the people to apply debit card for this bank so easy to get along with and without the people that I have been super busy with work and school work done
    Was this review helpful? 40
    , vijayawada
    Reviewed on Dec 21, 2018
  • 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? 40
    , 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? 50
    , 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? 42
    , hyderabad
    Reviewed on Dec 03, 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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