|Savings Account||Current Account|
|Bank pays interest on daily basis||Bank does not pay any interest on current|
|Restriction on the number and amount of
|There is no restriction on the number and amount
|SA can be opened by individuals, small businesses
and students, etc.
|Current Accounts are for big businesses,
companies and institutions, etc.
|omination facility is available for SA deposits.|| Nomination facility is normally not available for CA
But in FD you have to pay income tax:If your interest income exceeds Rs. 10000 banks will deduct TDS (Tax diretionate source) i.e banks itself will deduct income tax.
Salient Features of RD
Repatriable Defined as sending or bringing money back to the foreign country.
B. Non-Resident External Rupee Account (NRE):
C. Non-Resident Ordinary Rupee Account (NRO):
2. DEMAT Account
DEMAT stands for Dematerialised. These accounts used to transact shares in electronic format.
3. Nostro Account:
These accounts are held by Indian Banks in foreign Banks in foreign currency.
Example: Punjab National Bank has an account in Bank of America in dollars.
4. Vostro Account:
These accounts are held by foreign banks in India in Indian Rupees.
Example:Bank of America has an account in Punjab National Bank in Indian Rupees.
5. Escrow Account:
It is the temporary pass through an account held by third parties during the transaction between two parties.
6. GILT Account:
These accounts are maintained by investors with the Primary dealers for holding their Government
securities and Treasury bills in the Demat form.