What is current account and deposit account?

What is current account and deposit account?

Know the difference between a Current Account and Savings Account. A savings account is a deposit account which allows limited transactions, while a Current Account is meant for daily transactions.

What are the main difference between a current account and a deposit account?

What is the Difference Between Current and Savings Accounts? 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.

What is a deposit account at a bank?

A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. Additionally, some banks pay customers interest on their account balances.

How much can be deposited in current account?

Monthly Average Balance (MAB) Requirement on Basic Current Account of Different Banks

Bank Monthly Average Balance (MAB) Free deposit limits
HDFC Bank Rs.75,000 10 times the MAB
ICICI Bank Rs.25,000 12 times the MAB
Axis Bank Rs.10,000 Up to Rs.2 lakhs
IndusInd Bank Rs.10,000 Up to Rs.2 lakhs

Can I get salary in current account?

You cannot open it, when you have salary and other money going into it. In any case, you do not get interest for maintaining balances in your current account….Difference Between A Savings And A Current Account.

Savings Account Current Account
Ideal for Salaried person Business person
Minimum Amount Less amount Higher amount(depending on the bank)

Can we convert salary account to current account?

This is possible if the new organization also has accounts with the same bank as your old employer. If possible, this will save you some paperwork that you will have to submit to open a new salary account, as well as another account to manage.

What is the deposit order for direct deposit?

Deposit Order: This is the order in which you want your net pay deposited. If you have two accounts set up besides your balance account, your net pay will be deposited in the numerical order that you select in the deposit order box.