Difference between saving account and credit saving account

Question

Accepted Answer

A savings account is a basic account that allows individuals to deposit and withdraw money, while a credit savings account is a type of savings account that offers a line of credit.

A savings account is primarily used for storing money and earning interest, while a credit savings account combines the features of a savings account and a line of credit.
In a savings account, individuals can deposit and withdraw money as needed, while a credit savings account allows individuals to borrow money up to a certain limit.
Savings accounts typically offer lower interest rates compared to credit savings accounts.
Credit savings accounts may require individuals to maintain a minimum balance or pay fees.
Examples of savings accounts include regular savings accounts offered by banks, while credit savings accounts may be offered by financial institutions as a way to provide credit options to customers.

Accepted Answer

A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, Current Accounts work best for traders and entrepreneurs who need to access their accounts frequently. Savings accounts earn interest at a rate of around 4%, while there is no such earning from a Current Account.

Accepted Answer

Saving account are those accounts which we can save some amount of money in the savings account .

Current account are the bank account from which you can take out your money when you want, with a cheque book or cash card

Difference between saving account and credit saving account

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