Savingaccount vs current account difference

 A savingaccount is a deposit account which allows limited transactions, while a current account  is meant for daily transactions.  A savingaccount is most suitable for people who are salaried employees or have a monthly income, whereas current account work best for traders and entrepreneurs who need to access their account frequently.  Savingaccount earn interest at a rate of around 4 percent while there is no such earning from a current account.  A current account is actually a no interest bearing deposit account.  When you withdraw more money from the account than your account is said to be overdrawn. In the case of savingaccount  bank neither offer nor allows overdraft facilities. Whereas this facility is provided with a current account. The minimum balance required to maintain a savingaccount is usually low, but for a current account much higher in comparison. Savingaccount account is one wherein you deposit your savings with the bank and earn interest on the same. A current account is one where you  deposit money to carry out business transactions.  A savingaccount can only be opened by individuals for their use. It is generally opened for a short term to save money for vacations  make  big and small purchases etc. Current account is opened by businesses or firms  who want to conduct various bank transactions according to the need of their business. Who make a higher number of financial transactions on a day to day basis. This kind of account allows smooth, everyday transaction with a drawback of no interest acquiring ability.  Current account offers overdraft facility.