What is the difference between current and savings account

Savings and current accounts serve different financial needs for Indian users. A savings account is designed to encourage individual savings and earns interest, whereas a current account is built for high-volume business transactions and typically offers no interest. Key differences include:

• Purpose: Savings accounts are for individuals to store personal funds; current accounts are for businesses, firms, and companies.
• Interest: Savings accounts provide annual interest on the balance, while current accounts usually do not.
• Transaction Limits: Current accounts allow frequent, unlimited transactions, whereas savings accounts may have monthly limits.
• Overdraft: Current accounts often provide overdraft facilities, which are generally unavailable for savings accounts.