BANKING AFFAIRS

Detailed explanation-1: -On the Current account, the bank does not pay any interest. Current Account is mainly used for business purpose. There is no restrictions on number and amount of withdrawal in a current account.

Detailed explanation-2: -Savings accounts earn interest at a rate of around 4%, 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 is actually there, then your account is said to be overdrawn.

Detailed explanation-3: -Current accounts are, usually, opened for business enterprises. The account holder can deposit and withdraw money whenever desired. No interest is paid on the deposits of a current account, rather, a service fee is charged by the bank for rendering its services.

Detailed explanation-4: -Most current accounts don’t pay interest on the balance. But some banks and providers have started offering attractive interest rates for eligible customers, so it’s worth comparing the interest available in your current account with that available with a savings account.

Detailed explanation-5: -A current account, also known as financial account is a type of deposit account maintained by individuals who carry out significantly higher number of transactions with banks on a regular basis. It is created by the bank on request of the applicant and is made available for frequent or immediate access.