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ESG
As Riya stepped into her first corporate job after graduating, one of the first things she encountered was setting up a salary account. Like many new professionals, she had a lot of questions. How does a corporate salary account work? What benefits does it offer? How can it help with money management?
For fresh graduates like Riya, understanding the benefits and features of a salary account is crucial for managing finances as they begin their careers. Let’s walk through what to expect and how to make the most of it.
What fresh graduates should know about corporate salary accounts?
The following features of salary accounts can help fresh graduates in financial management –
Convenient access to salary and better financial tools
Benefits for early career growth
Safety and convenience
Maximising savings and planning for financial growth
A corporate salary account is often the first bank account many new employees open as part of their employer’s payroll system. One of the key advantages is the easy access it provides to your salary, usually with no minimum balance requirement. This gives you immediate control over your funds, helping you to manage your money efficiently.
Beyond merely receiving your salary, these accounts have various integrated financial tools for effective money management. Many banks offer digital banking services, mobile apps, and online platforms that allow you to monitor your transactions, set saving goals, and automate bill payments. With features like these, staying on top of your finances becomes effortless, even for someone new to handling large sums of money.
On top of that, the IDFC FIRST Bank Corporate Savings Account offers interest rates of up to 7.00% p.a. credited every month. Moreover, there are no hidden charges or fees on your transactions due to zero-fee banking. Watch your savings grow while managing your finances with ease and flexibility!
A corporate salary account offers benefits beyond just receiving a paycheck. For fresh graduates, these accounts often come with perks and discounts on services like travel, dining, or entertainment. These features help create smoother financial management during the early stages of a career.
For instance, IDFC FIRST Bank offers two types of salary accounts, Platinum Plus and Classic Plus, that offer the following exclusive benefits –
a. Travel benefits, including up to four complimentary roadside assistance every year, trip cancellation protection of up to ₹50,000, and two complimentary domestic lounge access every quarter
b. Insurance benefits, including personal accident coverage of up to ₹50 lakhs, air accident coverage of ₹1 crore, lost card liability of ₹6 lakhs, and purchase protection of ₹1 lakh
c. Lifestyle and entertainment, including Complimentary memberships to popular platforms, including Times Prime, Swiggy One, and Amazon Prime Memberships
Such features help in savings and better financial management from the outset, allowing you to make informed financial decisions early in your career.
Security is a major concern for anyone dealing with finances, and as a fresh graduate, you want to ensure your money is safe. Corporate salary accounts have robust security measures, including multi-factor authentication and instant transaction alerts. This protects your funds from unauthorised access and fraud, giving you peace of mind as you manage your income.
Moreover, Corporate Salary Accounts, with their VISA debit card, ensure you can access a vast network of ATMs nationwide. The POS daily limit of ₹6 lakhs and ATM limit of ₹2 lakhs provide easy cash withdrawal and other banking services.
A salary account can be a tool for long-term financial growth. Banks often offer the option to link your account with other investment products, such as –
a. Fixed deposits
b. Recurring deposits
c. Stock
d. Mutual funds
e. Bonds
f. Sovereign gold bonds
You can not only benefit from high-interest savings options but also set aside a portion of your salary each month to gradually build your wealth.
The bottom line
A salary account offers an ideal solution for new earners like you and Riya to handle your monthly income. It offers flexibility, exclusive perks, and a user-friendly income management platform. By making the most of the available features, you can take control of your finances from the start, ensuring you build a secure financial future.
Apply now for the IDFC FIRST Bank Corporate Salary Account and set yourself up for early success in your career.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.