Instant deposits is a new feature that allows Current users to deposit money from a bank account directly to their Current wallet, or their teen's Current wallet. To qualify for instant deposits you need to have completed the free trial period, paid your annual subscription, and have a. Current Deposit Account Trust Bank current Deposit account (CD Account) saves you the hassle of carrying around cash every month. The account is non-interest bearing and it comes with a free cheque book. You can just write a cheque whenever and wherever it's convenient. Current Accounts Your current account allows you to deposit and withdraw from your available credit balance at any time. It also provides the option to issue cheque books. You can also enjoy access to our e-services and issue a free debit card. Current is a mobile banking app and Visa debit card that offers online checking accounts with up to two days faster direct deposits and no hidden, overdraft or minimum balance fees. While a Savings 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. In this blog, we will explore the finer differences between the two. Difference 1: Purpose.
What Is A Current Account?
A current account is for use by sole proprietors, companies, partnerships, associations, trusts, etc. to make current transactions. All business transactions are conducted through a current account. A current account does not have an end or maturity date.
What Is A Deposit Account/Savings Account?
A savings account is a basic deposit account for an individual to carry out day-to-day transactions and withdrawals. A deposit account can be held individually or jointly by two or more people. A savings account does not have an end or maturity date as well.
Difference Between Current Account And Deposit Account
Types Of Deposit Accounts
Some of the differences between a current account and a deposit account are:
- Interest
Interest applies to the minimum balance available in a deposit account. The interest is applicable on the minimum account balance, every day. Banks offer interest rates of 4% or more on savings accounts. Current accounts, on the other hand, are non-interest accounts. There is no interest for any balance in a current account. Although, this may change in the future.
Instant deposits is a new feature that allows Current users to deposit money from a bank account directly to their Current wallet, or their teen's Current wallet. To qualify for instant deposits you need to have completed the free trial period, paid your annual subscription, and have a. Current Deposit Account Trust Bank current Deposit account (CD Account) saves you the hassle of carrying around cash every month. The account is non-interest bearing and it comes with a free cheque book. You can just write a cheque whenever and wherever it's convenient. Current Accounts Your current account allows you to deposit and withdraw from your available credit balance at any time. It also provides the option to issue cheque books. You can also enjoy access to our e-services and issue a free debit card. Current is a mobile banking app and Visa debit card that offers online checking accounts with up to two days faster direct deposits and no hidden, overdraft or minimum balance fees. While a Savings 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. In this blog, we will explore the finer differences between the two. Difference 1: Purpose.
What Is A Current Account?
A current account is for use by sole proprietors, companies, partnerships, associations, trusts, etc. to make current transactions. All business transactions are conducted through a current account. A current account does not have an end or maturity date.
What Is A Deposit Account/Savings Account?
A savings account is a basic deposit account for an individual to carry out day-to-day transactions and withdrawals. A deposit account can be held individually or jointly by two or more people. A savings account does not have an end or maturity date as well.
Difference Between Current Account And Deposit Account
Types Of Deposit Accounts
Some of the differences between a current account and a deposit account are:
- Interest
Interest applies to the minimum balance available in a deposit account. The interest is applicable on the minimum account balance, every day. Banks offer interest rates of 4% or more on savings accounts. Current accounts, on the other hand, are non-interest accounts. There is no interest for any balance in a current account. Although, this may change in the future.
- Transaction rates
Transaction rates apply for withdrawals made over the limit of free withdrawals (usually 3-5) made in deposit accounts. Thus, a savings account holder will have to pay the transaction rate applicable by the bank (eg: INR 20, 25, 50, 90, etc.). Conversely, there are no transaction rates applicable on current accounts. Businesses transact more than individuals and thus, there is no transaction rates or limits on current accounts.
- Minimum balance
Deposit account-holders must maintain a daily average minimum balance in their account. This amount varies from bank to bank and some banks even offer zero-balance deposit/savings accounts. In this case, current account-holders also must maintain a minimum balance in their bank accounts. The minimum balance required for a current account is much higher than the minimum balance required for deposit accounts.
- Overdraft facility
Deposit Account Blog
Deposit account-holders can only withdraw what balance is in their saving account. Banks do not offer overdraft facilities on saving accounts unless the customer is a salaried account-holder (approved companies). Whereas, current account-holders can withdraw over and above the balance in an account. Overdraft facilities help businesses to make up cash flows when there is a shortage of funds. Interest is applicable to the overdraft amount taken.
