The account you select depends on the objectives- these could be personal and business. Further personal accounts can be for saving, spending or keeping money locked in for a fixed period. Typically, a savings account offers an interest accrual on the amount deposited with no check in facility. A current account usually offers check in facility i.e. the option to withdraw money anytime, with no interest accruals. A Fixed Deposit offers a higher rate of interest than a savings account with no option of ATM withdrawal or check in facility.