Almost all employees have their salaries deposited directly into their bank accounts. A salary account must be opened when one starts a job to facilitate this.
This type of account functions like a regular bank account but offers additional benefits many customers may need to know. Let’s explore the fantastic offers and advantages of a salary account.
Loan Interest Rates: Salary account holders enjoy lower interest rates on personal and home loans. Banks offer unique loan products for these customers, making it easier to secure a loan when necessary.
Zero Balance: Unlike regular savings accounts, a salary account does not require a minimum balance. This allows you to use your account without worrying about maintaining a minimum amount.
Banking Services: Many banks provide priority services to salary account holders, which include faster service, a dedicated customer care number, and exclusive offers. This ensures more convenience and personalized support.
Free Credit Cards: Some banks offer free credit cards to salary account holders with benefits such as waived annual fees and reward points.
Discounts on Shopping and Dining: Customers can enjoy special deals on online shopping and dining. Banks provide discounts and cashback, helping you save money while enjoying your favorite services.
Overdraft Facility: A salary account includes an overdraft facility, allowing you to withdraw more money than what is available in your account. This feature is particularly useful in emergencies and helps avoid debt.
Insurance Coverage: Certain salary accounts come with accidental death and health insurance coverage, offering additional security for you and your family in case of unforeseen events. The coverage amount may vary based on the bank and account type.
Free Debit Card and Chequebook Service: Banks typically provide free debit cards and checkbooks for salary accounts, which helps save on small expenses that can accumulate over time.
ATM Transactions: Salary accounts usually allow a certain number of free ATM transactions each month, enabling you to withdraw cash without incurring extra charges. The limit for these transactions is generally higher than that of regular accounts.
Free Digital Transactions: Digital banking services like NEFT and RTGS are free for salary accounts, allowing you to transfer money quickly without worrying about additional fees.
Salary accounts offer numerous benefits that can significantly enhance your banking experience.