Quick Answer: What Is The Use Of Salary Account?

Is it safe to keep money in salary account?

The answer is : YES.

Having more than 1 account is always advisable.

If you keep all your money in Salary account, which is having a Debit card and Internet banking facility, there is very high chance of spending more money.

So to keep unnecessary expenses in check, you should have more than 1 account..

Is interest paid on salary account?

As the name says, a salary account is basically opened by your employer to credit your salary. However, the amount maintained in the account, will not be entitled for interest rate. …

Can we have 2 salary accounts?

However, if you are asked to open an account with a different bank at your new workplace, you must choose between closing the previous salary account and maintaining the minimum required balance. Weigh your needs for multiple accounts and act accordingly.

What are the benefits of salary account?

The main benefits of the salary account are – Zero balance account and free unlimited transactions across ATMs of any bank, free ATM-cum-debit card, an additional ATM card for the joint account holder, free Internet banking, free multicity cheques etc.

What is meant by salary account?

A Salary Account is an account to which your salary gets credited. Usually, banks open these accounts on request of corporations and major companies. … When the time comes for the company to pay its employees, the bank takes the money from the company’s account and then distributes it to the employers accordingly.

Which bank is best for salary account?

Top 5 Salary Accounts in India, 2020Kotak Platina Salary Account.SBI Corporate Salary Package.HDFC Bank Classic Salary Account.Citibank Suvidha Salary Account.Axis Bank Prime Salary Account.