TATA Capital PERSONAL LOAN
TATA CAPITAL
Check Eligibility, Get Instant Approval in 2 minutes and Disbursal in 3 Hrs*
Interest Rate Range
10.99% - 29.00%
Processing Fee
Upto 3.00%
Max Loan Amount
Upto Rs.35L
Tenure Range
Upto 6 Years

5 Difference Between Current Account and Saving Account

A businessman will open a current account because he needs cash on hand to handle large numbers of transactions. In contrast, a person who establishes a savings account won't feel the need for many transactions and could want to earn some interest on the money placed.

A Four-Step Guide to Efficient Financing

1
Complete Your Basic Details
2
Check Your Soft Eligibilty
3
Complete Your Details
4
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Compare the best Personal loan offers

idfc-first-bank
IDFC First Bank
Interest Rate Range
10.49%*
Processing Fee
1-2% off loan Amount
Max Loan Amount
₹ 100000 to 1 cr
Tenure Range
6 month to 5 year
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iifl
IIFL
Interest Rate Range
12.75% -13.50%
Processing Fee
2% -4%
Max Loan Amount
Rs 1lacs to 25 lacs
Tenure Range
1 to 5 year
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standard-chartered-bank
Standard Chartered Bank
Interest Rate Range
11.49%
Processing Fee
2%
Max Loan Amount
Rs 1lacs to 50 lacs
Tenure Range
1 to 5 year
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bajaj-finserv
Bajaj Finserv
Interest Rate Range
11%
Processing Fee
3.93%
Max Loan Amount
Rs 1lacs to 35 lacs
Tenure Range
1 to 7year
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tata-capital
Tata Capital
Interest Rate Range
10.99% - 29.00%
Processing Fee
3%
Max Loan Amount
upto 35 lacs
Tenure Range
upto 6 Years
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icici-bank
ICICI Bank
Interest Rate Range
10.50%
Processing Fee
2.50%
Max Loan Amount
Rs.50,000 to 25 Lakhs
Tenure Range
1 to 6 year
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fullerton-india
Fullerton India
Interest Rate Range
11.99% - 25%
Processing Fee
6%
Max Loan Amount
Rs 50,000 to 25 lacs
Tenure Range
1 to 5 year
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indusind-bank
IndusInd Bank
Interest Rate Range
10.49%
Processing Fee
3%
Max Loan Amount
Rs. 3 Lakhs to 75 Lakhs
Tenure Range
1 TO 50 years
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kotak-bank
Kotak Bank
Interest Rate Range
10.99%
Processing Fee
3%
Max Loan Amount
Rs.50,000 to 25 Lakhs
Tenure Range
1 to 5 year
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rbl-bank
RBL Bank
Interest Rate Range
17.50 - 26.0%
Processing Fee
3.50%
Max Loan Amount
Rs 1lacs to 20 lacs
Tenure Range
1 to 5 year
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hdb-financial
HDB Financial
Interest Rate Range
12.0% - 31.0%
Processing Fee
2.50%
Max Loan Amount
upto 20 lacs
Tenure Range
1 to 5 year
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idbi-bank
IDBI Bank
Interest Rate Range
11.0% - 15.50%
Processing Fee
1 %
Max Loan Amount
Rs. 25,000 to 5 Lakhs
Tenure Range
1 to 5 year
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hdfc-bank
HDFC Bank
Interest Rate Range
10.50%
Processing Fee
2.50%
Max Loan Amount
Rs.50,000 to 40 Lakhs
Tenure Range
1 to 5 year
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karur-vysya-bank
Karur Vysya Bank
Interest Rate Range
6.82%
Processing Fee
1.50%
Max Loan Amount
upto 75 lacs
Tenure Range
1 to 6 year
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union-bank-of-india
Union Bank of India
Interest Rate Range
11.40% - 15.50%
Processing Fee
0.50%
Max Loan Amount
upto 15 lacs
Tenure Range
1 to 5 year
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canara-bank
Canara Bank
Interest Rate Range
7.65%
Processing Fee
0.50%
Max Loan Amount
upto 3 lacs
Tenure Range
0 to 1 year
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bank-of-maharashtra
Bank of Maharashtra
Interest Rate Range
10.0% - 12.80%
Processing Fee
1 %
Max Loan Amount
upto 20 lacs
Tenure Range
0 to 7 year
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federal-bank
Federal Bank
Interest Rate Range
11.49% - 14.49%
Processing Fee
2.50%
Max Loan Amount
Rs 1lacs to 50 lacs
Tenure Range
1 to 5 year
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syndicate-bank
Syndicate Bank
Interest Rate Range
7.50%
Processing Fee
0.50%
Max Loan Amount
Rs 1lacs to 5 lacs
Tenure Range
1 to 5 year
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bank-of-baroda
Bank of Baroda
Interest Rate Range
7.25%
Processing Fee
2%
Max Loan Amount
Rs.10,000 to 15 Lakhs
Tenure Range
1 to 7year
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pnb
PNB
Interest Rate Range
10.40% - 16.95%
Processing Fee
1 %
Max Loan Amount
upto 20 lacs
Tenure Range
1 to 6 year
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axis-finance
Axis Finance
Interest Rate Range
13.0% - 18.0%
Processing Fee
2%
Max Loan Amount
Rs 25000 to 15 lacs
Tenure Range
0 to 3 year
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yes-bank
Yes Bank
Interest Rate Range
10.99%
Processing Fee
2%
Max Loan Amount
Rs 1lacs to 40 lacs
Tenure Range
1 to 5 year
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axis-bank
Axis Bank
Interest Rate Range
10.49%
Processing Fee
2%
Max Loan Amount
Rs.50,000 to 15 Lakhs
Tenure Range
1 to 5 year
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aditya-birla-capital
Aditya Birla Capital
Interest Rate Range
11.75%
Processing Fee
2%
Max Loan Amount
Rs.25,000 to 15 Lakhs
Tenure Range
0 to 3 year
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paysense
Paysense
Interest Rate Range
16.80% - 27.60%
Processing Fee
3%
Max Loan Amount
Rs.5,000 to 15 Lakhs
Tenure Range
3 Months to 5 year
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moneyview
Moneyview
Interest Rate Range
15.96%
Processing Fee
2%
Max Loan Amount
Rs. 5,000 to 5 Lacs
Tenure Range
1 to 5 year
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moneytap
MoneyTap
Interest Rate Range
12.96%
Processing Fee
2%
Max Loan Amount
upto 5 lacs
Tenure Range
2 months to 3 years
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faircent
FairCent
Interest Rate Range
9.99%
Processing Fee
6%
Max Loan Amount
upto 10 lacs
Tenure Range
6 months to 3 years
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upwards
Upwards
Interest Rate Range
24%
Processing Fee
2%
Max Loan Amount
Rs.20,000 to 3 Lakhs
Tenure Range
1 to 5 year
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incred
INCRED
Interest Rate Range
16.0% - 36.0%
Processing Fee
2%
Max Loan Amount
Rs 75000 to 15 lacs
Tenure Range
1 to 5 year
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finnable
Finnable
Interest Rate Range
1.3% to 2.3% per month
Processing Fee
3% - 4%
Max Loan Amount
Rs. 50,000 - Rs. 10 Lakhs
Tenure Range
5 years
Apply

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Given that both a current account and a savings account are types of bank accounts, you are not alone if you are unclear about the distinction between the two. The truth is that many of us are still in the dark. Simply defined, a savings account is for paid individuals wishing to save money, whilst a current account is for corporations. These accounts, though, cover a lot more ground.


The definitions of a current account and a savings account will be discussed today. In order to help you choose the account that best suits your banking needs, we will also thoroughly compare the two accounts.

What is a Current Account ? 

The purpose of a current account, which is a non-interest-bearing deposit account, is to support frequent and substantial transactions. Due to their higher cash deposit limitations than other accounts, these accounts are typically held by business owners, small to medium-sized firms, and major corporations. Due to the volume of activity on these accounts, they also have a greater minimum balance requirement than savings accounts. If the current account does not maintain the required minimum amount, a penalty could be assessed.

What is a Saving Account ?

The most fundamental sort of account kept by everyone who wants to save money is a savings account, as the name suggests. It's a fantastic method to make a fixed interest income on your extra money while keeping it in a safe place. You may access your money anytime you need it since savings accounts, unlike other financial products, are more liquid in nature. Savings accounts provide more than just interest income and convenient access to cash; they can provide special offers, discounts, and cashbacks on a variety of brands.

5 Difference Between Current Account and Saving Account 

Here are some examples of how a current account and a savings account differ in terms of their goals, features, clientele, etc.:


        Points 

    Current Account 

    Saving Account 

On the basis of purpose 

You must be aware of the goals behind each account by this point. A current account's main goal is to give its owners the ability to conduct commercial transactions properly and swiftly. This involves making direct payments using checks, demand draughts, pay orders, etc.; frequent high-value transactions; and larger deposits than with other types of accounts.


Reaching financial objectives is the main goal of a savings account. Both easy access to money and consistent interest income are provided. You can send and receive money through a savings account, as well as invest and pay credit card and other obligations.



On the basis of customer

Because of the services it provides, current accounts are typically opened by businesses, including proprietorships, partnership enterprises, public and private companies, trusts, associations of persons, etc.


Earning people with regular monthly income who want to save money and accomplish their financial objectives are typically the ones that create savings accounts.

On the basis of interest earning 

A current account DOES NOT provide account holders with interest income, as was already mentioned. Due to the high operating costs associated with current accounts, banks must spend significantly more money running them. This expense will rise rapidly if interest is paid on these accounts.

An account's primary benefit is interest income. Depending on the bank and the version, different interest rates apply. A quarter or a half-year's worth of interest income is often credited. Savings accounts come with a competitive interest rate, as well as HUGE savings and intriguing promotions!

On the basis of offerings

Overdraft capability, frequent high-value transactions, and a high cash deposit limit are the features that current accounts offer the most frequently. One of a current account's best benefits is the ability to get overdrawn. The account holder can withdraw funds even if there is no money in the account, according to this. With only a small amount of interest, you can return this money to the bank.

A savings account is an excellent approach to ensure that your money is always available while earning a regular return. In addition, tax deductions for savings account interest income are provided by the Income Tax Department under specific provisions designed to encourage saving and investing.

On the basis of account opening producer 

Businesses must provide a number of documents in order to create current accounts, including their certificate of incorporation, a memorandum of association for firms or trusts, a Job card from NREGA, and many others. 


When opening a savings account, different documents are needed than when opening a current account. Just your PAN and Aadhaar card are required to start a savings account. With video KYC, you may open an account from the convenience of your own home and immediately begin earning interest on the amount of your account!


Conclusion

In conclusion, the distinction between a current account and a savings account lies in the fact that each is geared towards a different group of clients with unique requirements. A businessman will open a current account because he needs cash on hand to handle large numbers of transactions. In contrast, a person who establishes a savings account won't feel the need for many transactions and could want to earn some interest on the money placed.