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Savings Account
How to open a salary account
Summary: A salary account can be much more than a bank account for your salary to be credited. Get more out of it with IDFC FIRST Bank Corporate Salary Account. Read the article below to know how to open a salary account online and get a quick glimpse into the world of features and benefits it brings to you.
If you're a salaried employee, then you must have a salary account in your name. When you join a company as an employee, the organisation opens a salary account for you wherein your wages are credited every month. The account is linked to the employer's account and is made the default for salary credits.
However, a salary account is so much more than just one that sees a timely monthly credit. It offers various banking services to make managing your finances easy.
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How to open a salary account
Opening a salary account is quick and you can enjoy the benefits of hassle-free banking instantly. Follow the steps mentioned below to open a salary account online with IDFC FIRST Bank –
Eligibility |
Documents required |
Process |
You can open a Salary Account if you are: A citizen or resident of India A foreign national living in India and you qualify on the government’s criteria |
Aadhaar number PAN number or Form 60 |
Visit https://digital.idfcfirstbank.com/apply/salary and fill out the online account opening form. Complete the steps and upload the relevant documents The bank will verify your details and open the account upon successful verification |
What are the eligibility criteria for opening a Salary Account?
To open a salary account in India, the eligibility criteria can vary for different banks but generally include:
- Indian citizens or Residents of India: Any Indian citizen, whether employed by a private or public sector organisation, is eligible for a salary account. This ensures that individuals working and earning income within the country can access the benefits of this account for their financial needs and transactions.
- Foreign Nationals: Foreign nationals living in India can also open a salary account if they meet GOI criteria. This opens opportunities for a wide range of individuals, ranging from Indian citizens to foreign residents meeting GOI requirements, to enjoy the perks like zero balance requirement, easy access to investments, convenient digital banking services and more.
Also read - Difference between Saving Account and Salary Account
What are the documents required to open a Salary Account?
For Digital Bank Account Opening:
- Aadhaar number
- PAN number/ Form 60
For Physical Bank Account Opening:
- Latest passport-size photographs
- A PAN card, it is mandatory to provide
Any one of the following documents:
- Aadhaar card
- Passport
- Voter’s Identity Card (Election Card)
- Permanent and valid driving licence with photograph
- Job card issued by NREGA, bearing the signature of a State Government official
- Letter issued by the National Population Register containing name and details of your address.
These documents ensure a smooth process for opening your Salary Account with the bank.
What are the benefits of opening a Salary Account?
A salary account offers numerous advantages, especially for salaried individuals who are looking for more than just a basic account to deposit their monthly paychecks. The conveniences of such an account helps to create a financial ecosystem that supports various aspects of your life. Here are some value-added benefits you get:
No fear of non-maintenance charges
A salary account is a zero-balance account with no charges levied for not maintaining a minimum specified balance. This is, of course, subject to specified conditions.
It works like a regular savings account
A salary account allows you to make deposits and withdrawals just like a regular savings account. Though your employer opens the account for you, you can easily use it for all your banking needs. You will receive a cheque book, a passbook, and a debit card to use the account. Moreover, you can also apply for a credit card or take a loan effortlessly.
Internet and mobile banking
Most salary accounts come with advanced internet and mobile banking features. This allows you to perform various tasks like money transfers, bill payments, and balance checking without visiting the bank.
Earn high interest
A salary account also offers competitive interest rates, allowing your money to grow even when you are not actively using it. This feature turns your account into more than just a place to receive your monthly pay; it becomes a tool for financial growth. Your funds earn interest over time, helping you accumulate more wealth passively.
Easy account conversion
If you change jobs or leave your current organisation, you don't have to close your salary account. Instead, you can easily convert it into a savings account. This way, you can continue to enjoy most of the benefits and features without the hassle of transferring funds or opening a new account altogether.
The bottom line
An instant salary account can be your one-stop bank account for all financial needs. If you choose the IDFC FIRST Bank Corporate Salary Account, while you get easy salary credits, you can enjoy various other benefits. Moreover, the account can be opened online in a few simple steps without the hassle of visiting a branch in person.
So, open a salary account online with IDFC FIRST Bank and make your banking experience more cost-effective and rewarding.
Frequently Asked Questions
Why IDFC FIRST Bank Corporate Salary Account?
IDFC FIRST Bank Corporate Salary Account can be a smart choice to open a salary account. Here are some reasons why –
- Interest rates are up to 7% per annum.
- The interest is credited to your account monthly, creating a supplementary income source
- Free unlimited ATM transactions.
- Minimal and transparent charge structure.
- Various free banking services like electronic fund transfers, phone banking, net banking, reissue of cheque book or debit cards, outstanding cheque collection, etc.
- Lifetime free debit card in two variants. Each card offers rewards and benefits on transactions.
- Complimentary insurance cover on selected debit cards.
Given these benefits, the IDFC FIRST Bank Corporate Salary Account provides a rewarding banking experience.
Can I open a salary account on my own?
Yes, you can open a salary account online on your own, but the process usually involves your employer. Some banks may require an agreement with the company you work for to open a salary account. You will typically get a form from your HR department, which you fill out and submit to the bank. However, most banks may allow you to initiate the process personally from your home or location you are residing currently, but employer verification is often necessary. Once verified, the bank will open your salary account, making it easier for your employer to transfer your wages.
What is the minimum balance that needs to be maintained in a Salary Account?
In a salary account, you can typically withdraw the entire amount without worrying about maintaining a minimum balance. This is a major advantage over regular savings accounts, which often require you to keep a set amount to avoid penalties. However, if your salary isn't credited for a certain time, the account may be subject to standard balance requirements.
Can I send money without knowing the bank account number of the beneficiary?
For online transactions involving NEFT, IMPS, and RTGS, you need the bank account details of the beneficiary such as account number, IFSC Code, and account name. However, you don’t need the bank account details in case of UPI transactions since money is transferred through the linked mobile number and you only need the mobile number of the beneficiary. UPI uses Virtual Payment Addresses which contain the details of the account bank account with which a specific mobile number is registered.
Does the account number change when I transfer from my home branch to another branch?
No, the bank account number does not change if you transfer your account to another branch from your home branch. You can continue using debit cards, chequebooks and other bank account services without any hassle or interruption.
Such services are offered free in good faith, and in the scenario of any abuse, the bank reserves the full right to levy fees according to market standards. All rights reserved.
Please use the below updated latest disclaimer at all places w.r.t. zero fee banking:
*IDFC FIRST Bank offers zero-fee banking on Savings Accounts, subject to maintenance of required Average Monthly Balance in the account.
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.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
