Can I open current account if I have savings account?

No, it is not possible to convert a savings account to a current account as both types of account are different in terms of facilities, features and benefits. Savings accounts are opened for personal use and are meant for emergency use whereas current accounts are operated by businesses for regular transactions.

Can a person have both savings and current account?

Yes. U can open savings account and current account in the same bank. Savings bank accounts are opened by Banks, of individuals, and other non profit organisations etc. Purpose of the account is deposit of savings in the account and transactions in the account are limited and not of business nature.

Can savings and current account have same account number?

This is unique in nature and no two banks or account holders can have the same account number. Banks use different starting codes for their branches for easy segregation.

Which is better savings or current account?

A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, Current Accounts work best for traders and entrepreneurs who need to access their accounts frequently. Savings accounts earn interest at a rate of around 4\%, while there is no such earning from a Current Account.

Can I open multiple current accounts?

The RBI had observed that despite prevailing guidelines and penal provisions, borrowers have been diverting and siphoning off funds by opening multiple current accounts with different banks. While the intent is clear, the need to bring in credit discipline has caused a lot of disruption.

What is the different between savings and current account?

While a Savings Account is one wherein you deposit your savings with the bank and earn interest on the same, a current account is one where you deposit money to carry out business transactions.

How much cash can I deposit in current account?

Current account holders have a cash deposit limit of ₹50 lakhs.

Should you open more than one savings account?

If you’re saving toward multiple goals, you might find it hard to keep on top of them in a single savings account. One way to organize your goals is to open a savings account for each. Most banks and credit unions allow you to open more than one savings accounts, providing an effective way to streamline your finances with easy access among them.

Can I have two savings accounts with the same bank?

You can have two or more savings accounts with different Banks. Yes you can open as many a/c as you want under the same name but the Account type should be different. Generally there can be only 1 SAVING Account,one Current Account in same name and as many as Fixed deposit,Recurring Deposit account.

Can I open a new bank account in addition to current?

Opening a new account in addition to your existing current account means your old bank account will still run as normal. If you want to transfer any of your balance or change where your payments are coming from, you’ll have to do that yourself. Find out more about switching bank accounts. What are jam jar accounts?

Can I open multiple term deposit accounts in the same bank?

While there is no restriction for opening term deposit accounts in the same bank and branch, only one savings and current a/c can be opened in a single bank/branch in individual capacity.