Salary accounts are savings accounts into which employers regularly deposit their workers’ salaries. Salary accounts have grown to be a well-liked method for workers to transfer paychecks from their employers quickly and simply in recent years. It offers business benefits, including “Salary Account” features and perks for employees.
As a working professional, your Zero Balance Salary Account is probably where all of your financial transactions take place. You may move money between accounts, make investments, and pay for daily costs in addition to having your salary transferred to this account.
What if, though, your salary account could provide you with more? A number of other advantages, including attractive interest rates, insurance advantages, a free debit card, and offers worth INR 50,000 and more. Fi.Money and its licensed partner Federal Bank provide a salary account. You first receive a welcome gift of 5,000 Fi.Money-Coins along with 10% of your monthly salary transferred to you in Fi.Money-Coins. You can buy prizes from a unique catalogue with these Fi.Money-Coins.
Qualifications for opening a salary account online
Each bank has a set of requirements to meet in order to open a salary account. While they vary from bank to bank, generally speaking, most banks look for the following:
- An employed person, as opposed to a self-employed person, needs an account where their salary can be credited on a monthly basis.
- Several banks also outline the salary range required to open an account at one of their locations.
How can a salary account be opened online?
You must present employment documentation in order to open any pay account. If an employee has between Rs. 25,000 and Rs. 1 lakh in net monthly pay credit, they are qualified to register a salary account online.
- In the first step, weigh the advantages and pick a bank that satisfies your needs.
- The second step is to visit the bank’s website and search for the salary accounts. You can select the salary account plan that best suits your situation from a range of options offered here.
- Register by providing your personal information after selecting a salary account.
- Input the data from your PAN or Aadhar card to confirm your identity.
- Finish the video call part of your KYC verification.
- The bank will validate your account once you’ve finished this process. Your new salary account will thereafter be accessible.
Perks of a salary account
- There are a number of salary account benefits, and they often differ from one bank to another.
- The salary account is initially set up with a zero balance option (no need to maintain any minimum balance in your salary account).
- Get access to internet banking so you may manage your finances while on the go and without having to physically visit a bank branch.
- When the required paperwork is presented to the appropriate bank staff members at the time of joining the company, the account holder will immediately have their salary account opened.
- Get updates via SMS about all transactions that have been done in your salary account (withdrawal, salary credit and so on).
- Request a debit and credit card from the bank, which will be provided with your salary account.
- The banks will provide the owners of salary accounts with free access to cheque books, passbooks, and electronic statements.
- Depending on the kind of salary account, obtain insurance coverage for fraud involving debit card transactions, accidental death, plane travel, and other risks.
- Paying regular utility bills is possible using your salary account.
- Salary account holders will receive loans from their banks at a discounted rate.
- Depending on the stated number of transactions, you may be granted access to other bank ATMs to withdraw money.
- You will be given free access to an ATM for cash withdrawals; however, the number of withdrawals you can make depends on the bank and the kind of salary account your employer has selected.
Documents required
- Recent passport-size photos
- Identity and address documentation
- The following papers are accepted as evidence for these two: Passport, driving license, voter ID card and Evidence of Possession of an Aadhaar Number
- Letter from the National Population Registry confirming Name, Address, and Employment Card information, officially signed by a state official
Conclusion
You can manage your finances more effectively, save money, and increase your income by establishing separate pay and savings accounts. The benefits that Fi.Money offers include:
- Priority customer service.
- No minimum balance requirements.
- A free VISA Platinum debit card with zero foreign exchange fees.
That’s not all! With features like Linked Accounts, Analyzer, Goal-based saving, SIPs, and scheduled payments, Fi can also help you manage and grow your money.
Open a savings account with a bank other than the one where your pay account is held in order to maximize these benefits. While having these accounts in the same bank can also help you save, the other benefits offered on these accounts are likely to be the same, which may prevent you from receiving the full benefits, such as alluring rewards, cashback, and the difference in interest rates.
