Is A Salary Account Different From Regular Savings Account?
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Salary account = salary credits.
But that’s not all. There are other aspects too which set a salary account apart from a basic savings account. Let’s decode.
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What is a salary account?
A salary account is a variant of a savings account meant for salary credits and is opened on your employer’s recommendation.
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Difference between salary and basic savings account
A salary account is meant only for salaried employees while a basic savings account is available to all.
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Usually, salary accounts are zero-balance accounts requiring no minimum balance. However, in a basic savings account, a minimum balance is a must.
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If no salary is credited for three or more consecutive months, the salary account is converted into a basic account. This doesn’t happen with basic accounts.
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A salary account is mainly opened for salary deposits though it allows other facilities too. However, a basic savings account serves a more universal purpose.
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Understand the difference and choose a suitable account with IDFC FIRST Bank. Enjoy interest up to 7%* p.a. with monthly credits and other benefits.