The challenges for banks isn't becoming "digital" -- it is providing value that is perceived to be in line with the cost--or better yet, providing value that consumers are comfortable paying for_Ron Shevlin
Modernization is incomplete without digitalization after this pandemic everyone is rushing from physical transactions to digital but for that, you need a bank account. Now the question arises
v Which type of bank account you must open?
v In which bank so that you can evade from irrelevant charges that bank charge on your monthly transaction?
v Which type of account will give you maximum interest on your deposited fund?
But before that, you need to understand What is the basic difference between Saving Account and Current Account?
- In saving account, you get limited transaction. i.e. You can withdraw the amount 4 or 6 times only in a month. Above it, the bank will charge some amount on it. Whereas the Current account allows you multiple transactions in a month.
- Current Account also provides you Over Draft facility i.e., if you ever sign a check of 2.5 Lakh and you have 1.5 Lakh in your account, the check won’t bounce because the bank provides you overdraft of 1 lakh and your cheque will be cleared. This type of loan which does not require any guarantor in overdraft, is also termed as an Unsecured Loan. (P.S: - this type of facility is only given to those account holders whose monthly transactions are good)
- Current account also got flaw like current account do not give any Interest whereas Saving account does give you Interest.
