A Salary Account is one of the fundamental things required for employers and working professionals. It opens doors for financial transactions between salaried individuals and the employer. There can be several types of salary accounts tailored to meet the varied needs of companies, businesses, and professionals across industries.
Employers can transfer the amount payable as salaries in bulk into all respective accounts every month. It not only makes disbursements of salaries convenient for employers but offers several benefits to employees also as a salary account is a specifically-designed savings account for salaried individuals. Moreover, salary account holders can access seamless, advanced and secure net banking and mobile banking services.
Who can open a Salary Account?
Only an employed individual of a company is eligible to open a salary account with a bank.
– Generally, salary accounts are opened by employers for their employees. A business or company (employer) should have a tie-up with a bank to open Salary Accounts for its employees. Banks open salary accounts in bulk at the request of organisations. Banks allow employers to select a date to distribute the salary to their employees.
– However, many banks allow individuals working on a monthly payment basis to open a salary account by themselves. Customers can provide employment proof and open a salary account.
Access to Feature-rich Salary Account in India
Banks offer unique benefits with a salary account as compared to a savings account. Features and benefits vary with the type of salary account, generally based on the salary credited to the account. Businesses aimed at providing a feature-rich salary account can look for the best bank for salary accounts offering the following benefits and privileges:
1. Zero-balance Account
Generally, individuals need to maintain a minimum account balance in their bank accounts. Banks charge a certain amount as penalty if the minimum balance is not maintained. Approach a bank offering a zero-balance salary account. Among various private and public sector banks, leading and renowned names facilitate their clients with zero-balance savings and salary accounts. There will be no average monthly balance requirements.
2. Competitive Interest Rates
Besides safety, and liquidity, interest income is another driving factor to open a bank account. Apply for a salary account with a bank offering an attractive interest rate. Like customers enjoying the best interest savings account, working individuals can also earn a high-interest rate on the balance in their salary accounts.
3. Exclusive Debit Cards with a Multitude of offers
Consider a salary account offered with a bank providing their customers with various debit card options, like Visa Classic or Platinum, Master Titanium or Platinum Master Debit Cards. Debit cards can be offered to salary account holders with enhanced daily cash withdrawal limits.
4. Complimentary Cheque Book and Cheque Collection Services
Leading banks to offer salary account holders a free cheque book every quarter. Salary account holders can enjoy the swift facility of a cheque collection with a widespread network of correspondent banks.
5. Effortless Safe Transfer Solutions
Salary account holders can enjoy seamless fund transfer solutions via NEFT and RTGS. They can activate net banking, mobile banking, and SMS banking services on their accounts for the digital banking facility. Their online transactions are safe with a two-step authentication system and advanced technologies leveraged for secure digital transactions.
6. Demand Draft facility
Leading banks offer a salary account with a free Demand Draft (DD) facility. They do not charge for one DD every month.
7. Convenient Bill and Direct Tax Payments
Pay monthly utility bill payments and direct taxes through a salary account using a secure online platform of Net Banking.
It is a convenient way for businesses or organizations to pay salaries to their employees. It also provides salaried individuals with several special privileges and offers. Transfer money from one account to another, check bank statements, seize value-added benefits via exclusive debit and credit cards, and enjoy various other benefits. Know about different salary accounts with banks and their offerings to get the most.