They usually offer a limitless number of daily transactions, but do not provide any earnings through interest, due to the deposit and withdrawal fluidity they offer. In turn, this also means that they usually require a high minimum balance to be maintained, to avail the benefits of the account. Most MSME owners, businessmen and other entrepreneurs would concur that ICICI Bank is the best bank for a Current Account, offering a wide range of services, including the ease of opening an account online, in a matter of a few clicks, from the comfort of your home.
Gone are the days of standing in queues, filling up multiple forms and dealing with the delays in clearance of transactions, thereby causing loss in the form of cost of opportunities. As the name suggests, a Savings Account is for savings and accruing money.
The minimum balance to be maintained is usually lower in these accounts. A typical Savings Account also offers an interest rate because the cash in your account is leveraged by banks to finance their investments and engage in lending activities.
They subsequently share a portion of the gains achieved with you, in the form of interest on capital, thereby increasing your accumulated wealth over time.
Opening an online Savings Account can be done instantly, using your Aadhar Card. The table provided, below, intends to serve as a quick and handy synopsis of some of the common differences between a Current and Savings Account. While certain other nuances or differences can exist depending on specific banks and their offerings, the below-provided table highlights the most common distinguishing features and principles.
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