What’S The Difference Between Savings And Current Account?

Can a normal person open current account?

i.

Current Accounts can be opened by individuals, partnership firms, private and public limited companies, HUFs/ specified associations, societies, trusts etc.

The procedures/documentation relating to introduction and opening of Current Accounts for individuals are same as those mentioned for Savings Bank Accounts..

What is the benefit of current account?

A Current Account even allows you to deposit money or pay your creditors with the help of chargeless services like cheques and demand drafts. Image and reputation are two things which businesses strive to achieve and maintain over the years.

What are the disadvantages of current account?

Disadvantages of having a Current Account There is an opportunity cost of losing on the interest rates due to low or zero interest on money in current account. There is an operational burden attached since most package accounts offer services at additional costs.

What are the types of current account?

Let’s take a look at the different types of current accounts there are, which are based on the different requirements you might have.Premium Current Account. … Standard Current Account: … Foreign Currency Account: … Packaged Current Account: … Single Column Cash Book.

What is minimum balance in current account?

Account holders should maintain a minimum monthly balance of Rs. 25,000. It offers a plethora of benefits on the monthly average balance maintained by the account holder.

Which current account is best?

Best high interest current accountsNationwide FlexDirect. 2% interest on balances up to £1,500. … Bank of Scotland Vantage. … Lloyds Bank Club Current Account. … TSB Classic Plus. … Virgin Current Account. … Santander 123 Current Account. … First Direct Current Account. … M&S Bank Current Account.

Which bank has the best savings account in Nigeria?

Top banks in Nigeria for opening a savings accountDiamond HIDA. This financial institution has an interesting proposition called High Interest Deposit Account. … Savings Account DiamondXtra. … Savings at FCMB. … GTBank Savings Account. … FirstBank Savings Account.

What do you mean by current account?

A current account is a personal bank account which you can take money out of at any time using your cheque book or cash card. … A country’s current account is the difference in value between its exports and imports over a particular period of time.

What is the difference between current and savings account in Nigeria?

Difference between current and savings account Its main difference from current account balance cannot be withdrawn up to zero. Current accounts have an end date after which they can be renewed by the owner. Saving accounts have no end day. Only the client can request to close it.

What are the 5 types of accounts?

The five account types are: Assets, Liabilities, Equity, Revenue (or Income) and Expenses. To fully understand how to post transactions and read financial reports, we must understand these account types.

What is the maximum amount a savings account can hold in Nigeria?

Maximum cash deposit is N50, 000 per transaction. Maximum cumulative balance on the account at any point in time is N300,000. You may upgrade the account at any time if you wish to have more than N300,000 balance in your account. The account can also be operated as a Salary Account.

What is the limit of saving account?

The Most You Can Keep in a Savings Account In short, there is no limit on the amount of money that you can put in a savings account. No law limits how much you can save and there’s no rule stating that a bank cannot take a deposit if you have a certain amount in your account already.