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Distinguish Between: Current Account and Saving Account - Economics

Distinguish Between

Distinguish between: 

Current account and saving account

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Solution

Basis Current account Savings account
Definition Current accounts are those accounts which facilitate their consumers to carry out day to day transactions. Savings accounts encourage their consumers to save.
Interest rate offered These accounts offer minimal interest rates or no interest. These accounts offer comparatively higher interest rates.
Users They are mostly created by big companies, businessmen, traders etc. They are mostly created by the salary class, farmers etc.
Overdraft facility This facility is available for a current account. This facility is not available for a savings account.
Concept: Commercial Banks
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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 12 Commercial Banking
Exercise | Q 1.2 | Page 110
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