Things you should know about a Basic Savings Account with zero-balance facilities

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Unlocking the various advantages of a Salary Account

Today, a range of Bank Accounts is available in India. These include Current Accounts, Savings Accounts, and more. Of these, a Salary Account is one. Salary Accounts are a special Savings Account. They are where the employer credits the monthly salary to their employees. Such accounts are provided to salaried customers. Usually, employers need to tie up with a bank to open such an account for their employees.

Hence, when discussing about a Salary Account vs a Savings Account, anyone can open a Savings Account with their preferred bank. However, a Salary Account is usually opened by an organisation or company. Salary Accounts make it easy for employers to pay monthly salaries. They also offer unique benefits to employees. While the advantages of a Salary Account may vary across banks, here are some common ones:

No minimum balance requirements

A Salary Account is generally a Zero-Balance Account. Hence, account holders need not worry about maintaining their balance above a specific limit or face any penalty. This non-requirement of maintaining a minimum balance in the account offers salaried employees more flexibility when it comes to managing their money.

Offers Online Banking facilities

Salary Account holders can send and receive funds online from anywhere in the world without delay. They can also use a Banking app to manage transactions regardless of location.

Benefits of a Debit Card

A Salary Account holder is also offered an ATM or Debit Card. They can use the card to withdraw cash at ATMs and for offline and online payments.

Provides a chequebook

Salary Accounts also offer personalised chequebooks, letting you make payments using cheques.

Helps pay bills

You can use your Salary Account to pay your utility bills.

Make investments

You can link your Salary Account to a Demat Account and trade in stocks seamlessly. You could also allocate funds from your Salary Account to various schemes, such as Government Bonds, Mutual Funds, and Insurance products.

Offers access to Loans

As a Salary Account holder, you can instantly access a variety of Loans. It does not matter if you want to apply for a Car Loan, Personal Loan, Car Loan, Home Loan, etc. Having a Salary Account in the same bank can make the documentation process faster and easier. As an existing customer of the bank, you may also get access to a more competitive interest rate as a Salary Account holder.


An employer opens a Salary Account to credit the salary of the employee. Thus, such an account helps employees receive their salaries every month. It also offers other benefits like providing easy access to Loans, Debit Cards, and Online Banking facilities, keeping you from maintaining a minimum balance in the account, and more.