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When you go to a bank’s website and look for different savings account options, you will come across a regular savings account and a separate salary account. The latter is the account that your employer links to for directly transferring your monthly salary.
To attract the attention of people working in different fields, banks offer a range of salary accounts like the Classic Salary Account, Wealth Salary Account, Basic Savings Bank Deposit Account – Salary, Defense Salary Account and so on.
A salary bank account predominantly helps the employer to easily disburse the monthly salaries. But it has its perks.
To attract the attention of people working in different fields, banks offer a range of salary accounts like the Classic Salary Account, Wealth Salary Account, Basic Savings Bank Deposit Account – Salary, Defense Salary Account and so on.
A salary bank account predominantly helps the employer to easily disburse the monthly salaries. But it has its perks.
Here are five things to know about your salary account:
1. For you as an employee, such an account comes with added benefits like permitting zero quarterly balance and opening one with zero – that’s right, zero deposit amount. Usually, you need to deposit Rs 1,000 while opening an account.
2. For any employee, it is a hassle free, cashless and paperless transfer of monthly earning into the bank as it is instantly credited into the account. Most banks give some preferential services to payroll accounts like providing credit cards, overdraft facilities, better loan offers, free remittance of limited amounts through demand drafts, cheques or pay orders, unlimited cash withdrawals from ATMs, free internet transactions, and similar other features.
3. Anyone with lots of money out there can even open a wealth salary account with one bank. It comes with the privilege of having a dedicated wealth manager for all banking purposes. Yes, banks will provide you with one!
4. Banks keep it simple for salary accounts knowing that all banking needs would be routed by the employer and the employee through them. But they do impose conditions, if you decide to change the account to another bank.
1. For you as an employee, such an account comes with added benefits like permitting zero quarterly balance and opening one with zero – that’s right, zero deposit amount. Usually, you need to deposit Rs 1,000 while opening an account.
2. For any employee, it is a hassle free, cashless and paperless transfer of monthly earning into the bank as it is instantly credited into the account. Most banks give some preferential services to payroll accounts like providing credit cards, overdraft facilities, better loan offers, free remittance of limited amounts through demand drafts, cheques or pay orders, unlimited cash withdrawals from ATMs, free internet transactions, and similar other features.
3. Anyone with lots of money out there can even open a wealth salary account with one bank. It comes with the privilege of having a dedicated wealth manager for all banking purposes. Yes, banks will provide you with one!
4. Banks keep it simple for salary accounts knowing that all banking needs would be routed by the employer and the employee through them. But they do impose conditions, if you decide to change the account to another bank.
Also See: Are women terrible salary negotiators?
5. Once the bank learns that monthly salary has not been credited for say the past three months, the special facilities extended to such accounts are withdrawn and for all purposes, it is treated as a normal savings bank account.
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