Differnece between saving deposit accout and Current deposit account.
Hey Tushar,
A Saving Account caters to the needs of those individuals who wish to save a part of their income and earn interest on the amount saved. Such deposits are payable on demand i.e. such deposits can be withdrawn by the depositor as and when required. However, the banks impose a limit on the withdrawal amount from the saving account. On the other hand, current account deposits (also known as Demand Deposits) refer to those deposits that provide the depositor the liberty to withdraw money at any point of time. The depositor can withdraw the required amount from the account through cheques. Such deposits do not offer any rate of interest.
A Saving Account caters to the needs of those individuals who wish to save a part of their income and earn interest on the amount saved. Such deposits are payable on demand i.e. such deposits can be withdrawn by the depositor as and when required. However, the banks impose a limit on the withdrawal amount from the saving account. On the other hand, current account deposits (also known as Demand Deposits) refer to those deposits that provide the depositor the liberty to withdraw money at any point of time. The depositor can withdraw the required amount from the account through cheques. Such deposits do not offer any rate of interest.