What Is The Difference Between A Saving Account And A Current Account? What Is The Meaning Of A Demat Account?

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What Is The Difference Between A Saving Account And A Current Account? What Is The Meaning Of A Demat Account?

3 Answers

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Answer 1

Saving Account is a bank deposit account that cheers savings of a person. Current account is a bank deposit account that maintains regular money transactions associated to a business. A savings account gives a range of facilities like ATM cum Debit Card ability with different variants, estimate of interest on a daily basis, etc.

Answer 2

Saving Account is a bank store account that cheers reserve funds of a man. Current record is a bank store account that keeps up general cash exchanges related to a business. An ICICI Pru MF bank account gives a scope of offices like ATM cum Debit Card capacity with various variations, appraisal of enthusiasm every day, and so on.

Answer 3

Savings accounts offers interest at nominal rate, normally it will have limited operations (normally it is not fallowed), it is usually opened by indivduals, hufs. Business accounts are not allowed. Some banks in India offiers immediate credit upto certain amount free of interest inrespect of out station cheques. Cheques up to certain limits are free. Current accounts can be opened in business names as well. Unlike savings accounts these accounts will be charged with folio charges, cheque book charges and will carry no interest and minimum balance to be maintained is quite high compared to savings accounts. Demat accounts are for crediting shares and other securities in non physical form i.e.electronic form. Suppose if you have 100 shares of a company you need not hold it in paper from, it will be credited to your demat accounts (dematerealisation). You can sell the shares by giving a debit instruction slip(like a cheque).