Do you know that your salary account is not just a simple bank account to deposit your salary? It is a treasure trove of many hidden benefits for you. Today we will tell you how your salary account can benefit you. By knowing these benefits, you will be able to make better use of your account and strengthen your financial position.
Salary account is a special type of savings account that companies open for their employees. Your salary is deposited in this every month. But do you know that this account also gives you many additional facilities? Let us know about these hidden benefits present in your salary account.
What is salary account?
Salary account is a special type of bank account opened by an employer for its employees. The employee’s monthly salary amount is deposited in this account. It is different from a regular savings account and includes many additional features and benefits.
Main features of salary account
| Speciality | Description |
| minimum balance | Mostly zero or very little |
| ATM withdrawal limit | more than normal accounts |
| overdraft facility | available on salary basis |
| free checkbook | a certain number of times per year |
| debit card | No or low annual fee |
| Internet banking | Free |
| mobile banking | Free |
| NEFT/RTGS/IMPS | low or no fees |
Secret benefits of salary account
1. Zero balance facility
In most salary accounts you do not need to maintain a minimum balance. This is a big advantage as you can withdraw your entire money without any penalty. This facility is not available in normal savings accounts and you always have to keep a fixed amount in the account.
2. Higher ATM withdrawal limit
Salary account holders are often given higher ATM withdrawal limits. While in normal accounts this limit can be Rs 20,000 to Rs 50,000 per day, in salary accounts it can be Rs 1 lakh or even more. This feature helps you to withdraw larger amount.
3. Overdraft facility
Many banks provide overdraft facility to their salary account customers. This means that you can withdraw more money than is available in your account. This facility is usually equivalent to one or two months of your salary. This can be very useful in emergency situations.
4. Free Checkbook
Salary account holders often get a certain number of free checkbooks every year. This feature helps you make larger payments and save extra charges for cheques.
5. Low or zero card fees
Most banks offer debit cards to salary account holders with no annual fee. Some banks also offer premium or platinum cards for free, which offer additional benefits and discounts.
6. Free Internet and Mobile Banking
Salary accounts usually come with free internet and mobile banking facilities. It gives you the convenience of managing your account from anywhere, anytime.
7. Low or Zero NEFT/RTGS/IMPS Fees
Salary account holders often benefit from low or no charges on online fund transfer services like NEFT, RTGS, and IMPS. It helps in instant transfer of large amount.
8. Special rates on personal loans
Many banks offer special interest rates on personal loans to their salary account customers. These rates are lower than those of ordinary customers, which helps you take loans at lower interest rates.
9. Special offers on credit cards
Salary account holders often get special offers on credit cards. These may include:
- Low or zero joining fees
- More Reward Points
- cashback offer
- special discount
10. Insurance cover
Some banks provide free insurance cover to their salary account customers. This can usually be accident insurance or life insurance. This protection provides financial security to you and your family.
Additional benefits of salary account
11. Discount on locker rent
Some banks give discount on bank locker rent to their salary account customers. It helps in keeping your important documents and valuables safe.
12. Special rates on home loan
Salary account holders often get special interest rates on home loans. It can help you buy your dream home.
13. Concession on car loan
Many banks offer special discounts on car loans to salary account customers. This may include lower interest rates or lower processing fees.
14. Higher FD rates
Some banks offer higher interest rates on fixed deposits (FD) to their salary account customers. This helps you grow your savings faster.
15. Relationship Manager
Many banks provide personal relationship managers to salary account customers. This person helps you with your financial needs and problems.
16. Travel Insurance
Some premium salary accounts also include the facility of free travel insurance. It provides you financial security while traveling.
17. Concierge Services
Some higher-tier salary accounts also include concierge services. These may include facilities like hotel booking, taxi service, or restaurant reservation.
18. Shopping Discount
Many banks provide shopping discounts to their salary account customers at various stores and online platforms. It helps you save money.
19. Free CIBIL Score
Some banks provide the facility of checking free CIBIL score to their salary account customers. It helps you monitor your credit rating.
20. Flexi Deposit
Some salary accounts have the facility of flexi deposit. In this, if you have more than a certain amount of money in your account, that extra amount is automatically converted into FD, which gives you more interest.
Disclaimer
This article is for informational purposes only. Salary account features and benefits may vary from bank to bank and account type. Please contact your bank for exact information. Always consult a qualified financial advisor before making financial decisions. The author or publisher is not responsible for any financial loss or damage.
