Salary accounts are a type of savings account that is available only to employees who are salaried professionals. These accounts make it easier for employees to pay out salaries. Plus, employees can get rewards for using salary accounts apart from access to the latest digital payment facilities.
The best part of a salary account is that the process of opening this account is relatively simpler and is usually handled by employers.
Apart from being a zero-balance account, other advantages a Salary Account holder enjoys can differ from bank to bank.
Benefits of a Salary Account
Here are some top benefits of a Salary Account –
- These accounts’ advantages could vary between banks.
- The benefits of smooth online banking, phone banking, and online transfer services are also available to salary account holders.
- Individuals can benefit from free statements, passbooks, chequebooks, debit cards, and an account with no minimum balance requirements.
- People can benefit from having a Demat account, services like loans, credit card convenience, etc., through a salary account.
- Utility bills may also be paid using a payroll account.
Now that you know the benefits of a salary account, here’s how to choose the best salary account to maximize your benefits.
How to Choose the Best Salary Account?
- ATM: access to other banks’ ATMs across India is free, but withdrawals can be charged. Investigate the specific branch’s ATM and its withdrawal charge.
- Rate of interest: You should be looking for the bank’s interest rate on the payment account. A few banks provide extremely high-interest rates on pay accounts.
- Security: Fraud and hacking are pretty common. Hence, it is crucial to consider banks that offer safety and modern technologies.
- Customer service: Please evaluate the customer service provided by your bank and look into reviews of the same
- Rewards: A few banks provide extra reward points in addition to accidental injury insurance benefits that consider the salary account.
Conclusion:
While salary and savings accounts may not be worlds apart, their advantages can benefit you over the long run. If you have the choice, completing your homework before choosing a salary account is best.
Salary accounts differ from standard accounts. Fi.Money is an excellent choice for a salary account. You get rewarded when you set up your salary account on Fi.Money. Your salary will also be at your fingertips to save, invest, or transact on the go!
Along with other advantages, you will also receive a debit card. Check out the features of Fi.Money’s Salary Account. Visit Fi.Money today!