Question

Distinguish between
Current Account and Saving Account.

Answer 1

Saving A/C	Current A/C
Funds are not withdrawn by use of a cheque	A cheque is usually used to withdraw money from the Account.
A minimum Balance must be maintained in the A/C for it to remain operational	No minimum balance is required when making withdrawals from the A/C.
Frequency of withdrawal may be regulated by the bank policy	Any amount of money can be withdrawn at any time as there is no restriction on the maximum to be withdrawns.
Overdraft are not usually allowed	May allow overdraft to customers.
Acertain minimum deposit maintained on the account may qualify to earn interest.	Money on this Account does not earn interest.
A notice is required in case one wishes to withdraw beyond a certain maximum.	There is no restrictions on the frequency of withdrawal from the Account.