Salary Account V/S Savings Account: Know The Difference
IDFC FIRST Bank
If you are a salaried employee, you must know about a salary account. But is it similar to a regular savings account?
No, it’s not! Know the difference.
IDFC FIRST Bank
Purpose
A salary account is meant for direct salary credits. A savings account, on the other hand, is meant for deposits, withdrawals and general banking needs.
IDFC FIRST Bank
Minimum balance
Salary accounts are often zero balance accounts where no minimum balance is needed. In most savings account, a minimum balance is a must.
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Eligibility
Salary accounts are available only for salaried employees while a savings account can be opened by anyone, whether salaried or self-employed.
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Conversion
A salary account is automatically converted to a savings account if no salary is credited for a few months. This doesn’t happen in a savings account.
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Choice
A salary account can be opened with a bank where your employer has an existing relationship. A savings account can be opened with any bank.
IDFC FIRST Bank
IDFC FIRST Bank offers both savings and corporate salary accounts. Know the difference, choose a suitable option and earn up to 7%* p.a. interest.