Unlocking the Banking Maze: Current vs. Savings Account - Key Differences Explained

Is a Savings Account like a Current Account? Of course, not! They are poles apart. Let’s dive into exactly how they’re different!

In a Savings Account, deposits and withdrawals are permitted, but there is usually a limit on the number and amount of free transactions.

In contrast, a Current Account is intended for business use. It allows unlimited and frequent transactions.

The primary difference between the two is the interest earned. Current Accounts don't earn interest and if they do, the interest rate is lower than with Savings Accounts.

With savings accounts, you can save and accumulate a corpus for your goals while earning high interest rates.

Current Accounts offer overdrafts and have low minimum balance requirements. Savings Accounts do not offer overdrafts and require higher minimum balances.

Which account suits your needs? Open one or both with IDFC FIRST Bank and enjoy a seamless banking experience.