Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
99 views
in Economics by (34.7k points)
closed by

Distinguish between Current Account and Saving Account.

1 Answer

+1 vote
by (37.0k points)
selected by
 
Best answer

Current Account: 

1. This account is usually opened by businessmen, industrial enterprises, public bodies, etc. 

2. This account facilitates regular business transactions. 

3. There is no interest paid on current account. 

4. There is no restriction on withdrawals.

Saving Account:

1. This account is held by the households, salaried class, small traders, etc. 

2. The main purpose of saving account is to encourage saving habits among people. 

3. The saving account earns a nominal rate of interest. 

4. Withdrawals are allowed subject to certain restrictions.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...