What is difference of Current Account and Saving Account?
These are two accounts in banks and these are daily used accounts in banks. Customer wants to open these accounts in banks as compared to other accounts. So we can differentiate the current accounts and saving accounts in below.
Current Accounts: It is normal account where customers have to deposit amount and can get the same amount. So there is no profit in Currents accounts. There will be Zakat deduction in current accounts. You have to pay the service charges in current accounts and yu have to pay the minimum balance requirements in accounts. If you have minimum monthly balance then there be no charges. There will be cheque book for current account and if you want ATM card then you can be provided a ATM card at the time of opening of accounts. There is a requirement of initial balance of Rs 1000/- at the start of opening of accounts.
Saving Accounts is accounts which most customers prefer to open as this is account where you get profit at specific rate. The profit is offered after six month like 1st July and 1st January. In saving accounts, Zakat is deducted in account at 1st Ramzan . If you have specific amount in account at the 1st Ramzan ,then there will be deduction of Zakat . It has been observed that salaried person open these saving accounts. There are no service charges. There is no minimum balance requirement. So like Current account you can be provided the ATM card and Cheque Book at the time of opening of accounts. If you open the accounts, you can open the account with minimum amount of Rs 100/- as Zakat Account is free to open and you will have no need to pay the initial balance.