michaelK (NA) (46 Points)
12 October 2011hello friends can any one describe me the differense bettwen these two account Savings Account and Regular Saving account.please give me example also thanks you
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 17 November 2011
As far I know there is only one one savings account and no difference between the two as mentioned in yuor question. what do you mean by Regular savings accounts. please elaborate.
Rahul Gupta
(Chartered Accountant)
(644 Points)
Replied 17 November 2011
Dear as i understand what you are trying to ask i would like to elaborate the same as follows:
For a common man there is only a single Account i.e. SAVING ACCOUNT but when we talk about the management point of view or as a Observer / Analyser there are two different terms i.e. Saving A/c and Regular Saving A/c
Regular Saving A/c refers to the Active Account having monthy transactions takes place within the A/c
Saving A/c refers to general category where the holder becomes active only oftenly say when we compare on the basis of 1 Year or 3 Year i.e. it is active on the basis 12 months or 36 months and not on monthly basis.
For instance i would like to give you latest reference with respect to the National Investments & Advisory Council has just released their notification relating to Post Office Saving Accounts on 11.11.2011 you can find that notification on Google. However in such a report it was analysed that only 16% Saving A/cs are Active i.e. Regular Savings A/cs based on 12 Months crieteria and another are Just a Saving A/c. However there is no need to specify a criteria for General Saving A/c because every Saving A/c is treated as dead if not operated for last 3 years i.e. atleast 1 transaction is required.
I think you got the point. For People it is only 1 term but it's a different terms for Analysers.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
