What is savings account ?

Savings accounts allow you to keep your money in a safe place while it earns a small amount of interest in a certain duration. These accounts usually require either a low minimum balance, like 5000.00, or may require no minimum balance at all. This depends on the bank and the type of account. Just a deposit account

What is current account ?

Current account is mainly opened for businessmen people. that has a large number of daily banking transactions, i.e. receipts and/or payments,withdrawals etc.it is non interest bearing account. There is no restriction on the number and amount of deposits,means there is no limit upto
how much you can withdraw or deposit as long as account holder has funds in his bank accounts.

Cheque ?
Cheque is an important negotiable instrument which can be transferred by hand delivery. Cheque is used to make safe and convenient payment. It is less risky and the danger of loss is minimised. Cheque is an instrument like a piece of paper, addressed to a banker, sign by the person who has deposited money with the banker, requiring him to pay on demand a certain sum of money to the bearer of instrument.

Savings account vs current account

Major point of difference is in Saving account you get interest on deposit whereas in Current account you get no interest. no. of operations restricted on savings account where in current account there is no restrictions Savings is for Person Current is for Business

Standing Instruction
A standing instruction is an instruction a bank account holder ("the payer") gives to his or her bank to pay a set amount at regular intervals to another's ("the payee's") account. They are typically used to pay rent, mortgage or other fixed regular payments.

Loan
A loan is lender gives money to borrower and the borrower agrees to repay the money, usually along with interest,

Loan basically contains, the principal amount, interest rate, and date of repayment.

In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. Typically, the money is paid back in regular installments, or partial repayments.

Microfinance
A type of banking service that is provided to unemployed or low-income individuals or groups of people.Mainly loan is given to a group of people or individual with no securities. The goal of microfinance is to hlep low income people by providing a means of saving money, borrowing money and insurance.