Distinguish Between · Q4
Q.Distinguish between a Current Account and a Savings Bank Account.
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Start your 14-day free trial to unlock the full solution →A Current Account and a Savings Bank Account differ on the following points:
| Basis | Current Account | Savings Bank Account |
|---|---|---|
| Who typically holds it | Companies and businesses, for day-to-day dealings | Individuals, for personal savings |
| Interest on balance | Generally none | Interest is paid on the balance |
| Restriction on withdrawals | None (subject to balance/sanctioned limit) | Restricted number of withdrawals in a period |
| Permitted for a trading company | Yes — the standard business account | Generally not permitted under RBI norms |
| Typical charges | Minimum balance requirement and transaction charges may apply | Usually lower or no transaction charges, given fewer transactions |
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