Your salary is deposited into your account by your company at the end of every month or the beginning of a new one. Though employers and banks often work together to set up these accounts for employees, any worker with proof of employment may create a salary account individually.
Like a conventional savings account, a salary account typically yields a steady rate of return. The only difference is that everyone can create a savings account, but only employees can open a salary account.
Features of Salary Account
- Salary accounts are zero-balance accounts.
- Online Salary accounts are super-easy and convenient to use for transactions, savings, or investments. In addition, these come with ATM cards that help with withdrawals and purchases everywhere purchases. The individual also gets a brand-new chequebook.
- With the aid of a salary account, obtaining loans is straightforward. The information about your pay in your salary accounts might help speed up the loan application procedure.
- In addition to saving, you may also make direct investments and receive interest. Employees with salary accounts can access various investment options, including mutual funds, government bonds, and more.
- There are no fees associated with withdrawing funds.
How do you choose the best salary account?
- You need to check the interest rate that you will receive. Few banks provide salary accounts with very high interest rates.
- Consider the banking choices available to you. Remember the bank's withdrawal limit. Consider whether the card can replace cash at multiple locations. To further increase the value of your card, certain banking firms provide cardholders with exclusive deals and specials.
- Fraud and spam are possible. When thinking about safety, banks should be your first stop.
Key benefits of keeping your salary and savings account separate
- Salaries are credited to employee accounts, whereas anyone can open a savings account to save money and earn interest.
- Keeping track of your expenditures in a separate account enables you to manage your money. It may even restrict your spending, forcing you to save more of your paycheck. You may only transfer the amount required to pay your monthly bills to your savings accounts.
- Mobile banking, net banking, internet banking, and more are available in salary and savings accounts. Having two separate savings accounts lets you get the most rewards and points.
How do I open an online salary account?
To create any form of salary account, you must provide employment proof. Employees will be eligible to open a salary account online if they have a net monthly salary credit of Rs. 25,000 and Rs. 1 lakh.
Step 1: Consider the benefits and choose a bank that meets your requirements.
Step 2: Go to the bank's website and look for the salary accounts. A variety of salary account plans are available here, so you may choose one that best suits your condition.
Step 3: Once you've chosen a salary account, you can sign up and enter your personal information.
Step 4: Enter the information from your Aadhar card or PAN card to verify your identity.
Step 5: Complete your KYC verification through a video call.
After completing this procedure, the bank will validate your account. After that, your new salary account will be ready for use.
Conclusion
Although a salary account is a form of savings account, it differs from a typical one in a few ways. If you’ve decided to open a Salary account, you can’t miss out on Fi. Money. Fi. Money offers multiple rewards on making your salary account on their app. Apart from the fun gifts you might get, your salary will be easy to access and at your fingertips as and when you need it.
What’s better? You’ll also get a debit card, along with other benefits. Don’t believe this? Check out Fi.Money!
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