A personal account differs from a current account in its purpose. A personal account is opened for the purpose of accounting for all transactions made with a specific person, and a settlement account is opened for organizations to carry out day-to-day settlements.
An exhaustive list of types of accounts that can be opened by domestic banks is determined by the Central Bank of the Russian Federation in a special instruction. A personal account is opened for the sole purpose of accounting for all transactions performed by a specific person or a client of a credit institution.
A personal account should not be confused with a current one, since the latter is opened by a client for the constant use of funds. The only purpose of a personal account is to record credit and monetary transactions with a specific person. That is why personal accounts are also called special accounts created by mobile operators, which in this way record all payments and expenses of a particular client.
Features of the current account
The main feature of current accounts is their strictly defined purpose. Accounts of this type are not opened for every client, but only for organizations, individual entrepreneurs. The purpose of opening and using a current account in a credit institution is to carry out day-to-day settlements with clients and counterparties in the course of entrepreneurial activities.
In addition, settlement accounts are opened for non-profit organizations, which use them for settlements in the implementation of the type of activity for which they were created. Individuals do not have the right to open current accounts with the only exception, which are private lawyers, notaries who also make payments and transfers, accept funds in the course of their own activities.
The main differences between current and personal accounts
Consequently, the main difference between personal and current accounts is their purpose. If personal accounts are opened solely for accounting purposes, then settlement accounts are created for the financial support of daily business or other activities. The composition of persons who can open and use these types of accounts also differs.
A personal account can be opened not only by credit institutions, but also by the accounting departments of any legal entity, mobile operators, and other companies that provide certain services. Current account is opened only by banks. Any person can use a personal account, and the entities holding current accounts are clearly defined in regulatory enactments, ordinary individuals are not included in the number of these entities.
