About Bank Saving Account

What is Saving Account
Difference between Current & Saving Account
Nomination in Saving Account

FAQs

Saving Account FAQs

Document Required for Saving Account

Difference between Current Account & Savings Account

(1) Objective

The main objective of current account is to entertain maximum number of transactions while savings account encourages customers to make more savings.

(2) Eligibility

Savings Accounts are opened by the individuals mainly by salaried persons & HUFs whereas Current Accounts are opened by Non-individuals like Proprietors, Partners, Companies, Trusts, Associations, etc.

(3) Interest Rate

Savings Accounts offer periodic interest on deposits which ranges between 3.5% to 7% while Currents Accounts generally don't offer any interest. However, some banks have started offering low interest now-a-days.

(4) Over Draft (OD) or Cash Credit (CC) Facility

Current Accounts offer Bank Overdraft facility to the customers whereas Savings Account don't offer such a facility to the customers.

(5) Minimum Account Balance (MAB)

A higher Minimum Account Balance needs to be maintained in Current Account as compared to that of Savings Account. The limit of the same is decided by the banks and differs from bank to bank.

(6) Number of Transactions

As the Current Accounts are opened with an objective of carrying out very frequent transactions, they don't usually put any cap on number of transactions. Savings accounts usually put a limit on the maximum number of transactions which ranges between 3 to 5 transactions per month. After crossing these limits, the customers need to pay charges on additional transactions done by him.

(7) Nomination Facility

Nomination Facility is available in Savings Account but it is not available under Current Account.

Upcoming Bank Holidays

2018 October 24 is a bank holiday in Andaman And Nicobar Island due to Lakshmi Puja/Maharshi Valmiki Jayanthi.
2018 October 27 is a bank holiday in Himachal Pradesh due to Karva Chauth.
2018 October 31 is a bank holiday in Sikkim due to Lhabab Duechen.
2018 November 01 is a bank holiday in Karnataka due to Kannada Rajyostsava/Kut.
2018 November 06 is a bank holiday in Andaman And Nicobar Island due to Diwali Amavasaya (Laxmi Pujan).
2018 November 06 is a bank holiday in Arunachal Pradesh due to Kali Puja/Diwali/Naraka Chaturdashi.

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