The advantage of a salary account is that you do not have to pay any penalty even if you have zero balance. Apart from this, many facilities are different from normal savings accounts.
The account in which your salary comes every month is called the salary account. Although a salary account is a savings account, it offers some facilities different from a normal savings account. One of these facilities is the facility of zero balance. Generally, it is necessary to have a minimum balance in your savings account, otherwise, the penalty has to be paid.
But the advantage of a salary account is that you do not have to pay any penalty even if you have zero balance. Apart from this, many facilities are different from normal savings accounts. Most of the employed people generally know this.
Know when the facilities will be available -
A salary account is opened only on the recommendation of the company or organization where you work. The bank does not charge you for whatever facilities you get on your salary account including zero balance. But if there is no salary credit in your bank for three months, then all the facilities available on the salary account are withdrawn and your bank account is made a normal savings account.
Apart from zero balance, these facilities are available -
Account holders get a free chequebook, passbook, and net banking facility on their salary account. Apart from this, no charge is taken for the SMS received regarding salary credit.
You can easily get a personal loan, car loan home loan, etc. because the bank has solid proof of your income through bank statements. In such a situation, banks are assured and the risk remains less. For this, verification of documents is also done easily.
Locker charges are waived on salary accounts in all banks. For example, if we talk about SBI, the bank gives up to 25 percent discount on locker charges on salary accounts. However, these rules don't need to apply to all banks. But if you are opening a locker in the bank with your salary account or have already opened one, then confirm the discount on locker charges once.
An overdraft facility is also available on salary accounts for 2 years or more. The limit of the overdraft amount is equal to two months' basic salary. Under the overdraft facility, even if there is no balance in your bank account, you can withdraw money up to a fixed limit.
Most banks provide the facility of free ATM transactions on salary accounts. This includes SBI, ICICI Bank, Axis Bank, HDFC Bank etc. That means you do not need to worry about how many times you have done ATM transactions in a month. Apart from this, no annual charge is taken on the salary account ATM.
If you have a lot of money then you can also open a wealth salary account. Under this, the bank gives you a dedicated wealth manager. This manager looks after all the work related to your bank.
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