Corporate salary account: What is it that you get from it?

Are you a young professional who is all set for your first job? If yes then, among other things, you must understand what a salary account is. If you have been recently employed, chances are that you already have one. 

One of the joining formalities in an organisation is opening a salary account. Along with other formalities, like orientation sessions, documentation, training, etc. You may already have a bank account, so why open a salary account? As you will find out, it has its importance and benefits. But first, let us find out what a salary account is.

Also read - Experience bliss: Discover IDFC FIRST Bank Corporate Salary Account benefits

What is a salary account?
 

A salary account is a type of savings account opened for employees. It is the specific account into which employers credit their employees' salaries. Organisations generally have a tie-up with one or more banks. Personnel from these banks ensure that a salary account is opened for every new employee. For the organisation, it helps in standardising their payroll process as well.

The difference between a salary and savings account
 

Chances are that you already have a savings account. Let us now understand its differences with a salary account. This will help you understand what a salary account is and why it is important and even beneficial.

The key differences between savings and salary accounts are –

Benefits of having a salary account
 

Certain banking benefits are unique to salary accounts only. Besides, there are other benefits that are common to both salary and savings accounts. Let us look at all of them –

• Zero-maintenance – 

The major attraction of a salary account is the zero account maintenance requirement norm. An employee can use the funds available in the salary account freely. They don’t have to worry about any penalty charges for non-maintenance of minimum average balance.

• Zero-fee banking – 

The best salary account in India is the one that offers banking services at minimal cost. IDFC FIRST Bank offers zero-fee banking to its salary account holders. You can utilise all the commonly used salary account services at zero bank charges.

• Access to banking products –

A salary account is what makes access to other banking products easier for you. For instance, your credit card eligibility gets pre-approved. Banks may offer you a pre-approved credit card. You may also get preferential interest rates and approval limits on loan products like personal, car and home loans.

• Transactional ease – 

You can withdraw fromATMs, and receive and send funds through your salary account easily. You can meet all your regular expenses without attracting any transaction charges.

• Easier financial management –

What a salary account does is make your financial management easier. With a separate salary account, you have a better overview of your income, expenses, and savings. 

• Offers and benefits – 

A salary account comes with various other offers and benefits. This may include shopping discounts, insurance coverages, travel and lifestyle privileges, debit card rewards and offers, etc. 

Choosing the right salary account
 

You must check what the salary account is offering in terms of benefits. So, the above-mentioned benefits must be available in your salary account. This includes benefits like a zero-balance account, zero bank charges, overdraft facility, salary account offers, debit card offers, the possibility of pre-approved credit cards and loans, etc. Besides, you must also check –

• The reputation of the bank –

;What the salary account is offering is important, but the reputation of the bank also matters. You can enjoy most of the salary account benefits only when the bank has a strong branch presence and a widespread ATM network. It must also have a good customer service reputation


• Digital platform –

Banking services in today’s age are best served digitally. Always check what the salary account is offering in terms of digital platforms. Maintaining the account becomes easier when you can analyse your expenses and cash flow digitally. And transfer funds, pay bills, and apply for banking services with the click of a button. 


• Interest rate – 

Since you will receive your salary regularly, you will always have some funds in it. Therefore, always check what the salary account is offering as interest income. Ideally, you should be getting industry-best interest rates on your salary account. 

Also, see if the bank offers monthly interest income credit instead of quarterly credit. This will lead to faster interest income generation on your balance. Presently, IDFC FIRST Bank is offering monthly interest credits to its salary account customers.

Let us find out more about the IDFC FIRST Bank Corporate Salary accounts.

Platinum Plus and Classic Plus
 

With the Platinum Plus and Classic Plus variants, IDFC FIRST Bank is offering two incredibly attractive corporate salary account alternatives. 

Among the common features, you get reward points worth ₹500 as welcome benefits, 1X on offline/POS spends, 2X on online spends, and 10X on incremental monthly spends. Besides, you get zero-fee banking, discounts, and offers on VISA Platinum Debit Card, Times Prime membership, and attractive interest rates with monthly interest credits.

Here are some of the other features –

• Platinum Plus

- Complimentary roadside assistance, trip cancellation protection, and complimentary domestic lounge access

- Personal accident coverage of ₹50 lakhs, air accident coverage of ₹1 crore, lost card liability of ₹6 lakhs, and purchase protection of ₹1 lakh

- Swiggy One Pro and Amazon Prime membership

• Classic Plus

- Trip cancellation benefits of up to ₹25,000 and complimentary domestic lounge access

- Personal accident coverage of ₹35 lakhs, air accident coverage of ₹1 crore, lost card liability of ₹6 lakhs, and purchase protection of ₹1 lakh

- Swiggy One Lite membership 

Also read - How to save money from your salary​​

Conclusion 
 

A salary account is what you need to streamline the utilisation of your monthly income and manage your finances better. However, if you also want unmatched benefits with a cost-effective banking experience, go for IDFC FIRST Bank Platinum Plus and Classic Plus today!