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Differences between Savings Account and Current Account

March 22, 2010 by Jay Filed under Loans and Deposits Leave a Comment

When opening for a bank account, you are given choices on the various types of accounts available. These accounts are specially designed to suit every individual banking needs. There are also accounts designed for the market-based structures and service groups of business class societies. The two common types of accounts offered by banks are the savings account and the current account. Let us discuss more about these accounts as well as their differences in this article. The difference of a savings account and a current account lies on the individuals patronization. Many banking institutions all over the world today offer different savings and current accounts to their dedicated patrons in accordance to their exclusive needs. These operative accounts include the following: Transactional Account Joint Account Automatic Transfer Service Account Overdraft Free Account Money Market Deposit Account Transaction Deposit Account Negotiable Order of Withdrawal Account Certificate of Deposit Account or Time Deposit Low-cost Account Tax-Exempt Special Savings Account Current Bank Account Individual Savings Account

A savings account is a personal finance method maintained by a private person and a retail financial institution. The money amount being saved in this account usually earns interests and can be issued to a third party by using checks. This bank account type allows a person to save money repeatedly while earning interests subsequently. The interests can also be in form of money. Today, a savings account is also offered by mutual savings banks, loan associations, commercial banks, and credit unions. It can be accessed in forms of ATM or debt card and passbook. The passbook usually reflects the itemized transactions made by individual on his account. However, the savings account may require minimum amount of cash funds as balance to maintain. A savings account can be availed by different groups of people. It allows people to earn flat interest rates for its existing bank deposit amount. However, the interest rates may vary from bank to bank depending on the size, type, and nature of the bank. A current account is specifically designed for the business communities since its functions are more transactional. In this type of bank account, the entities and businessmen are allowed to distribute money to supplier and vendors

directly from the account. They are also allowed to access flexible payment terms for the account. The current account is achieved by the business communities via direct debits into the account, direct card payments, special arrangements to accommodate standing orders, and check book facility. A current account is typically accompanied with an overdraft facility, which is use by businessmen in borrowing money from the bank to meet imperative business commitment. It also comes with an offset mortgage facility that allows the entity or businessman to benefit from the reduction of interest rates and purchase a property. However, this type of bank account attracts higher interest rates since its volume of savings and transactions are on the higher side. This applies to both payable and earned

What is the Difference Between Visa and Mastercard?


May 21, 2011 by Vic Filed under Credit Cards Leave a Comment Out of all the credit card companies that exist today, Visa and Mastercard are the two of the best known. Most people who use a credit card wont really see a big difference between the two. Both cards are accepted in pretty much every country that accepts credit card payments, the only major difference would be what fees are charged. Visa and MasterCard actually have very little to do with the services that their cards offer that is handled by the bank issuing the card. A Visa credit card issued in Australia might be different than a Mastercard credit card issued in Australia. In all reality, both companies only handle the money part of the cards. With that said, its for this reason that most people have not just one credit card, but several. If one of your cards is declined somewhere, you can use your other card and be on your way. At the end of the day, if youre only going to choose one of these credit card companies, its simply a preference. Just ask your bank what differences you can expect to find between Visa and Mastercard. If youre trying to decide which one you should get, I would say to get one of each, and just using one of them as your main card and having the second card just in case your main card doesnt work. You would be surprised how many businesses accept one card but not the other. The plus side of the cards being mainly differentiated by the bank is that you can negotiate what your cards interest rates and the spending limit that your card has. Banks are happy to get any customers business that they can, so you dont have to worry about them turning you down for trying to negotiate, either.

Your answers can be:

1) I am a person with strong interpersonal skills and have the ability to get along well with people. I enjoy challenges and looking for creative solutions to problems.

2) Besides the details given in my resume, I believe in character values, vision and action. I am quick in learning from mistakes. I am confident that the various tests that you have conducted will corroborate my competencies aptitude and right attitude for the job.

3) I attended G.I.E.T where I majored in Electronics and Communication Engineering. My hobbies include basketball, reading novels and hiking. Im an easy going person that works well with everyone. I enjoy being around different types of people and I always like to challenge myself to

improve at everything I do.

4) I went to GIET, Gunupur where I majored in Electronics & Communication Engineering. Afterwards, I started my career at Mumbai as a software engineer in LnT Infotech. Ive been there for 3 years now. I love solving riddles and puzzles and I also enjoy jogging, reading and watching movies.

Job Interview Answers - Why do you want to work for us?


The interviewer wants to know why you chose to serve his company. Basically this question is asked to people having experience in their respective field. Dont start babbling and dont give a short answer. Do some research about the company and then answer this question by associating sufficient data and information. Try to find out the status of the company, the turnover of the company, why this company is best among the competitors, etc. Such information will help you to answer in the best possible manner.

Try to gather information from annual reports, companys website,articles about the company and the corporate newsletter.

Your answers can be:

1) Three reasons why I would like to work for your company are: - Since your company provides a strong core competency, very strong value systems and best practices so I believe I have a strong vision of viewing myself as a project leader in your company. - Your company has one of the fastest growth rates and turnover in the industry and that would mean a faster growth rate for me as a professional. - The practices of your company are more employee and customer oriented.

2) I well understand that this is a company on the way up. And recently I studied and saw on your website about the launch of several new products which is imminent. I want to be a part of this business as it grows. Additionally, the team I would work with looks terrific.

Introduce yourself / Tell something about yourself / Describe yourself


My name is <> (this is also there in your resume, but its normally included ). Im from <place city and state should suffice>, have completed my schooling from<place>, from <institute> (prefer using the
:-)

name of the university only, if you think your college/institute is not among the very well known colleges/institutes). Im currently working (if applicable) with <company> for <years> as a <profile>. Im handling/managing/doing <mention whatever you do>. Im quite friendly with my friends/colleagues and like to work in a team. Im looking for <the position you're looking for> and I believe my skills and abilities are rightly suitable for that. I like to play <the sports you like>... Anything specific you wanted me to cover and I didnt do so far?