Here’s how to find a suitable salary account in India

Features to look for in a salary account
 

While choosing a salary account, look for the following key features.

• Bank's service network

Consider a bank with  robust digital banking services and   a good branch and ATM network across your city, for quick and easy  accessibility and operations.

• Digital banking platform

Opt for a bank with a robust digital platform for managing accounts online/via a mobile banking app. Check for features like bill pay, fund transfer, mobile check deposit, expense management, etc.

• Interest rates

Compare interest rates offered on salary account balances by shortlisted banks. Higher rates would result in your account balance growing faster.

• Debit cards and limits

Check for a free debit card with higher daily ATM/POS limits and international usage facility. Also, see if the bank offers virtual debit cards.

• Overdraft facility

An overdraft facility with low-interest charges can help tide over month-end cash crunches. Assess your needs and look for OD options.

• Additional benefits

Consider additional benefits like a locker facility, trading account linking, relationship manager assignment, etc. offered along with a salary account.

Steps to open a salary account
 

Follow these steps to open a salary account.

• Create a shortlist

Shortlist 2-3 banks based on service network, features, interest rates, etc. Talk to existing account holders for feedback.

• Get the account opening form

Fill the account opening form accurately. Furnish all details regarding your identity, address, contact, nomination, etc.

• Complete the documentation process

Find out the documents required by the bank to open a salary account and keep them ready. Your PAN card, Aadhaar card, and passport are mandatory.

• Make the initial deposit

An initial deposit may be required  while opening the account. However in case of IDFC FIRST Bank you do not need any minimum deposit amount  

• Get the employer letter

Get the salary certification letter from your employer for submission.

• Wait for your account to get activated

The account will be opened and activated once all documents are submitted. The account number and other details are communicated.

How to choose the best salary account?
 

Choosing the right salary account is an important decision that requires some due diligence. Your salary account becomes the focal point of your banking, so you want to pick the most suitable one aligned with your needs and priorities. Follow these tips for making the ideal choice:

• Assess your regular banking requirements

Analyse the typical volume of monthly transactions - deposits, withdrawals, fund transfers. This gives an idea of the number of free transactions you may require. Also consider needs like monthly branch visits, chequebook issuance, debit card preferences etc. Outline your anticipated monthly banking activities.

• Compare the interest rates on the salary account balance

A higher interest rate means faster growth of savings. Some banks also offer higher rates for premium account types and higher balances. Choose the bank that provides the best interest-earning potential on your balance.

• Carefully review the features and charges applicable on debit cards

Some premium accounts may include cards with airport lounge access and other deals. Make sure the benefits of the debit card are helpful to you. There should also be minimal charges on transactions.

• Assess the digital banking convenience provided

Go through all the digital banking features such as mobile/internet banking, bill pay options, payments transfer facility, etc. The bank’s mobile and net banking platforms should be user-friendly, secure, and packed with time-saving features. Convenient digital access can make daily banking a breeze.

• Find out about the overdraft facility

If availing overdraft is on your agenda, compare the overdraft limits, interest rate, and fees charged by shortlisted banks. Some may offer a pre-approved overdraft facility based on the salary amount. Opt for a bank providing the OD facility which is best suited to your needs with reasonable charges.

• Go through feedback from existing account holders

Getting feedback from existing account holders of the shortlisted banks can provide further insights from first-hand experience. Going through the feedback provided by these account holders can shed light on any concerns or advantages that you should be aware of.

Why choose a salary account over a regular account?
 

While regular savings accounts can also serve basic banking needs, salary accounts have some distinct advantages. Please note that specific advantages may be different for different banks.

• No minimum balance requirements – Helps in avoiding penalty charges
• Unlimited free transactions - Helps in monthly banking without charges
• Overdraft facility - Cushions against month-end cash crunches
• Credit card fee waivers - Annual fees waived on credit cards
• Relationship benefits - Increased chances of securing personal/auto loans

Considering the above benefits, salaried employees are better off choosing a dedicated salary account over a regular savings account.

IDFC FIRST Bank salary accounts
 

IDFC FIRST Bank offers one of the most feature-rich and beneficial salary accounts for Indian professionals and salaried individuals. Opening a salary account with IDFC FIRST Bank can give your finances and banking experience a major upgrade.

As a leading new-age private sector bank, IDFC FIRST Bank designs its salary account to maximise your earnings and provide you the utmost convenience. You can enjoy one of the highest interest rates in the industry on your account balance, allowing your savings to grow faster. The bank also provides you with a premium Vishesh Rupay debit card packed with travel and lifestyle benefits, including domestic and international lounge access, complimentary movie tickets, fuel surcharge waiver, and more.

Other useful features include overdraft facility against your account to meet urgent financing needs, and a dedicated relationship manager for personalised and priority banking services. IDFC FIRST Bank account holders can also access exclusive deals and discounts on dining, travel, shopping, entertainment, health services, etc. from the bank's wide partner network.

IDFC FIRST Bank offers state-of-the-art internet and mobile banking services packed with innovative features. You can open your account completely digitally via video KYC and instantly start banking. Personalised insights, instant loans, and more add to the convenience.

If you want a salary account that maximises your returns, upgrades your banking experience through innovation and technology, and provides convenience and flexibility, then IDFC FIRST Bank would fit the bill perfectly. Opening your account digitally takes just minutes but provides rewards for years to come!

Conclusion
 

Choosing the right salary account that aligns with your financial needs and priorities requires some research and comparison. As your primary bank account, it impacts your everyday banking experience. Follow the guide outlined above to pick the ideal salary account and partner bank. This will provide convenience, maximise earnings, and aid your long-term financial success.