Adarsh Credit Co-operative Society makes sure that all its members have made their investment in the most suitable investment option and constantly keeps updating and suggesting about the modes of investment. And as a part of this practice, Adarsh Credit has brought this time for you the difference between a current account and savings account from basics to the latest information.
Have a look at these differences to get comprehensive knowledge about a savings account, savings account interest rate, current account, and the difference between all these.
A savings account is meant for savings and they are designed such that they encourage savings and provide savings account interest rates comparatively higher.
The main motive behind designing a current account is that they should provide easy and frequent transactions and that too on a regular basis.
This account is ideal for the ones who have a regular income and need high returns on investments within a short period. With a savings account, a lot of financial matters can be met.
This account is suitable for people who have to carry out frequent transactions on a regular basis. As regular transactions are possible only in current accounts without too many extra charges.
Engaging with a good organization can lead you a high savings account interest rate starting from 4% as these accounts provide a limited number of transactions. But if you go for Adarsh Credit Co-operative Society’s savings account you can avail an unlimited number of transactions and an interest rate of 7.5%*per annum.
Generally, there is no interest rate provided in case of a current account and this is due to the frequent transactions that are carried out.
Minimum balance to be maintained
This is the minimum amount that you need to maintain in order to save your savings account from lapsing. In case of savings account, it is usually low as the money that is going to be deposited will be for a comparatively long time.
It is similar to a current account too. Some of the organizations levy high-interest rates on current accounts as the amount keeps changing.
But Adarsh Credit Co-operative Society provides a No Frills, i.e. zero minimum balance account for both savings and current account.
You can get all the information about the high-interest savings account and current account at Adarsh Credit Co-operative Society at http://adarshcredit.in/. Or visit the nearest branch of Adarsh Credit and get all the information personally.