What is a savings account vs a current account?

A savings account is a deposit account maintained by individuals for storing money securely while earning interest on the balance. It encourages savings by offering limited withdrawal facilities and often comes with minimum balance requirements. Savings accounts are suitable for personal use and long-term financial planning, as they prioritize safety and moderate interest earnings over frequent transactions. A current account, on the other hand, is designed for businesses, traders, and professionals who need to conduct a high volume of transactions daily. These accounts allow unlimited deposits and withdrawals but generally do not offer interest. Current accounts also often provide overdraft facilities to meet urgent financial needs. While savings accounts aim to help individuals grow funds slowly, current accounts focus on smooth, continuous business operations.