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Question
Distinguish between:
Current account and saving account
Solution
| Basis | Current account | Savings account |
| Definition | Current accounts are those accounts which facilitate their consumers to carry out day to day transactions. | Savings accounts encourage their consumers to save. |
| Interest rate offered | These accounts offer minimal interest rates or no interest. | These accounts offer comparatively higher interest rates. |
| Users | They are mostly created by big companies, businessmen, traders etc. | They are mostly created by the salary class, farmers etc. |
| Overdraft facility | This facility is available for a current account. | This facility is not available for a savings account. |
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