In present time, everyone needs a bank account. There are multiple non government and government supported, trusted banks around us. When, someone visit any of those branches of a bank, the consumer has to tell which type of account he or she wants to open. We all know that there are multiple types of bank accounts can be, depending on use cases of the consumer. But which will be best for you, especially if you are from a middle-class background and assuming you have a job with monthly salary. Salary account can be a very good option for you, as there are multiple benefits. This article is to tell you the benefits of a salary account.
Many banks require a minimum balance requirement for savings accounts. If the balance falls short, penalties may apply. Therefore, maintaining a minimum balance in a savings account is crucial. Salary accounts, on the other hand, are opened with a zero balance. Therefore, even emptying the account will be fine. The biggest advantage is that you can maintain a zero balance in your salary account. No penalty will apply.
Benefits of a salary account:
Generally, interest rates are higher on salary accounts. Keeping your money in a salary account can help you earn significant interest.
With a salary account, you can make free transactions at your bank’s ATMs. There is no limit on the number of transactions. This makes it very beneficial for those who regularly make ATM transactions.
Salary accounts offer overdraft facilities. This means that customers can withdraw funds in case of an emergency if the account is low on funds. This is a type of loan that is processed very quickly.
Salary accounts offer free checkbooks and debit cards. Customers can avail unlimited checkbooks. Additionally, customers also receive a free premium platinum debit card. However, rules may vary from bank to bank.