What difference saving account and current account?

Question

Accepted Answer

A savings account is designed for saving money over a period of time, while a current account is used for day-to-day transactions.

Savings account: typically offers interest on the balance, limited number of withdrawals, and encourages saving for future goals.
Current account: primarily used for daily transactions, no or minimal interest on the balance, and allows unlimited withdrawals and deposits.
Savings account helps in accumulating funds for long-term goals like buying a house or retirement.
Current account is suitable for managing regular expenses and receiving/sending payments.
Examples: Savings account - fixed deposit account, recurring deposit account. Current account - checking account, business account.

Accepted Answer

Saving account does not come on tax but current account comes under tax and current account and interest is not available in end current account but interest is available in savings account.

What difference saving account and current account?

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