New Delhi. Today, salary account is no longer just a means of receiving salary, rather it has become a smart financial tool for employed people. Companies transfer the salaries of their employees directly into this account, in return for which banks provide many special facilities to the customers. Compared to a normal savings account, a salary account offers more convenience, less charges and additional benefits, about which many people are not fully aware.
1.Zero balance facility
The biggest advantage of salary account is that there is no condition of maintaining minimum balance in it. Whether there is money in the account or not, the bank does not impose any penalty. This gives employees more freedom regarding monthly expenses and there is no stress of maintaining balance.
2. Easy and Fast Online Banking
Advanced online banking facilities are available in most salary accounts. Fund transfers like NEFT and RTGS are sometimes free or available at limited charges. This makes digital payments, bill payments and money transfers easy and economical.
3.Free ATM Transaction
Salary account holders get the facility of many free ATM transactions every month. With this, there is no need to worry about extra charges for withdrawing cash. This facility is very useful during traveling or in emergency.
4️. Free Debit Card and Checkbook
Banks usually provide free debit card and check book with salary account. Both online and offline payments become easy with debit card. Additionally, the card also has better security features, which reduces the risk of fraud.
5️. ease of taking loan
Having a salary account makes it easier to take a personal loan, home loan or car loan. Banks consider salary account as proof of permanent income, due to which the loan gets approved quickly and the interest rate can also be comparatively lower.
6️. Shopping and Dining Offers
Many banks give special shopping and dining offers to salary account holders. These include cashback, discounts and exclusive deals. This also saves on daily expenses.
7️. Special benefits on credit card
People having salary accounts sometimes get the offer of lifetime free credit card. These cards include benefits like no annual fee, high credit limit, reward points and cashback, which are not available to ordinary customers.
8️. Priority Banking Service
Salary account holders sometimes also get the benefit of priority banking. This includes dedicated customer care, relationship manager and fast service. With this, bank related work is completed quickly and without any hassle.
9️ Better interest rate on loan
Banks are able to see your regular income through salary account, hence they are ready to give better interest rates on the loan. This reduces the EMI burden in the long run and saves total interest.
10. Benefit of insurance cover
Some salary accounts also provide facilities like accidental death cover or health insurance. This additional security acts as a financial safety net for the employees and their families, providing relief in case of any untoward incident.
Why salary account is a wise option
Salary account is not only a medium for salary credit, but it also makes financial planning easier. Low charges, more features and additional benefits make it better than a common savings account. If you are employed and are not yet fully utilizing these benefits of salary account, then with the right information you can make it a means of your financial strength.
