Most working professionals opt-in to use a salary account because of its convenience. Salary accounts can be seamless, from a hassle-free account opening to getting your salary deposited monthly to automated investments.
There are a bunch of perks a salary account has, and one of the most noteworthy ones is how these accounts don’t need a minimum balance.
Features of a salary account
- Salary accounts are zero-balance accounts. They come with more flexibility to employees, and employees incur no penalties for not adhering to a balance.
- If your salary is not credited for 3 months, most banks convert your salary account to a regular savings account with a minimum balance., It provides you with easy transactions and digital banking services.
- Your loan application process is facilitated by learning about your salary through your salary account.
- You can withdraw money with ease, at any time, without being charged. Users of salary bank accounts can purchase government bonds, mutual funds, insurance, and other investments.
How to select the best salary account?
- You must take into account the transactional options the bank provides. Take into account the bank’s maximum withdrawal amount. Check if you can use the card in different stores. Some banks give exclusive discounts and promotions.
- There are chances of fraud and spam. It is crucial to consider banks in terms of security first.
Advantages of having a separate salary and saving accounts
- You can transfer only the necessary amount to cover your monthly expenses in saving funds. It will limit your salary account withdrawals and encourage you to increase your monthly savings.
- There are many similar features in salary and savings accounts, such as mobile banking, net banking, internet banking, and more. You can enjoy maximum rewards and earn points using two separate saving accounts.
- On salary accounts and saving accounts, the majority of banks give the same interest rates. But some banks pay a lower interest rate; in such cases, you can transfer your money to the savings account.
How to open a salary account online?
Usually, companies have partner banks that aid in opening a salary account for employees with them. If that isn’t the case, then employees can choose a bank and open an account there in simple steps.
You must present your employment documentation to open any type of salary account. The Salary account opening requires a minimum salary of Rs.10,000. Let’s examine the fundamental procedure needed to open a salary account online –
Step 1: Evaluate the advantages and choose the bank according to your need
Step 2: Visit the bank’s website and search for the salary accounts. Here, you can choose a salary account plan based on your eligibility and needs
Step 3: Following salary account selection, you can register and enter your personal information
Step 4: You must use an Aadhaar card or pan card as your identity proof and enter its details
Step 5: Complete your KYC verification via video call
The bank will verify your account. After that, you are all set up with a new salary account.
Salary Account with Fi.Money
Here’s how you can open a Salary account with Fi.Money –
Step 1: Create a complete KYC Fi savings account
Step 2: Tap on the salary account banner on the Home Screen (it can also be accessed from the profile section)
Step 3: Click on the upgrade now and verify your employer/company name
Step 4: Share your account details with the HR or payroll team in your company
Step 5: Get your next salary in your Fi account and unlock all the benefits
The Fi.Money app brings all your finances under one roof. From receiving your salary to goal-based saving and investing, growing your money doesn’t get easier. If you are looking for a rewarding salary account, Fi.Money might be all you need!
Employees should pick a bank carefully to ensure they receive the finest privileges, as the features and benefits might vary significantly between banks.
For more convenience, Fi.Money gives the option of opening a salary account online. Employers can quickly open salary accounts for each of their employees digitally without going to the bank by following a straightforward online process and needing little supporting documentation.