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Questions
Differentiate between Savings Deposit and Current Deposit.
Differentiate between current and saving deposits.
What is the difference between saving account and current account?
Solution
| Basis of Comparison | Savings Deposit Account | Current Deposit Account | |
| 1. | Object | To develop the habit of saving. | To carry on business dealings. |
| 2. | Period of deposit | No fixed period. | No fixed period. |
| 3. | Frequency of deposits | Any number of times. | Any number of times. |
| 4. | Number of withdrawals | Restriction on the number of withdrawals. | There is no restriction on the number of withdrawals. |
| 5. | Interest | Low rate. | No interest, but a bank charge. |
| 6. | Overdraft facility | Not available. | Available. |
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