Current/checking account
Money deposited in this type of account can be withdrawn at anytime, as there is no restriction on the number of withdrawal and the amount of money withdrawal. No interest is paid on the deposited money and sometimes customers have to pay a charge to the banks for rendering this service. This type of account is generally maintained by businessman or concerns, as they have to make a number of financial transactions each day.
Saving account
Saving accounts are aimed towards mobilizing small savings from the general public. There are certain restrictions regarding the number of withdrawals and the amount to be withdrawals in a particular time period. Money deposited in this account earns a fair rate of interest.
