Top Benefits of Salary Account

Being a Salary Account holder with a particular bank may be a compulsion once you join a company as an employee, but no one can deny the benefits it comes with! Banks offer several types of facilities and privileges to Salary Account holders as such accounts are a fixed source of CASA income for them.

Common benefits

Salary Account advantages may vary from one bank to another. However, there are some common benefits offered by all banks –

• Zero balance account: All Salary Accounts give you the facility to have a functional account without having to maintain any minimum balance in it.
• Debit Card: Salary Accounts issue debit cards that may come with several benefits.
• Cheque Book, Passbook & e-statements: All are offered by banks at no cost at all.
• Access to internet banking: In the modern world, having access to your money through internet has become a basic necessity and every Salary Account comes with this facility
• Phone Banking: This facility is offered by all banks
• SMS Alerts: Notifications of all transactions in your Salary Account through SMS; eg. Salary credited, etc.
• Cash withdrawal: You get free ATM cash withdrawals options, but the number may vary depending on the bank and the type of Salary Account your employer has chosen
• Access to ATMS of other banks: You can withdraw cash from ATMS belonging to other banks for a limited number of times in a month.
• Online fund transfer: Internet banking facilitates online fund transfers to and from the Salary Account.
• Payment of Utility Bills: You can easily pay your utility bills via the Salary Account
• Loan offers: As a Salary Account holder, you can avail of various loan offers that your bank provides. It is called ‘preferential pricing offers’ on loans.

Specific benefits

There are several other benefits that come attached to Salary Accounts, depending from bank-to-bank and the type of Salary Account chosen by your employer. Some of them are:

• Debit Cards: The shopping limit and other advantages associated with holding a debit may vary depending on the type of Salary Account chosen by your employer.
• Credit Cards: Banks offer credit cards with added benefits for Salary Account holders.
• Demat Account: Salary Account holders may also get the offer to open a free Demat account to trade in the stock market or invest in mutual funds and other products.
• Insurance: Depending on the type of Salary Account, you may be offered covers for - accidental death, air travel, checked baggage, fire & burglary and even insurance against fraudulent transactions done through debit card
• Account for Family: Free zero-balance account offers, with similar benefits for family members of the Salary Account holder
• Fuel Surcharge: Save on fuel surcharge through debit cards
• Cash Back offers and Discounts
• Personal Relationship manager is assigned for any assistance
• Reimbursement account
• Free access to airport lounges, etc.

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Read more on how to open a Savings Account online.

* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.