As the name suggests, a salary account is an account to regularly receive monthly salaries. Usually, the banks have a tie-up with the companies opting for a salary account. The firm owners ask the banks to open a salary account for their employees.
However, choosing the best bank for salary account can be tricky as not all of them have the same features. So, to make your task easier we have compiled and found the best bank to open a salary account in 2022. Refer to the list below to get the best of the bunch.
Almost all banks have a salary account facility, but you can’t cruise over their websites to compare and find the best bank to open salary account.
So to ease the grind, we have done it for you!
Go through the well-curated list of best banks for salary account and find your perfect fit.
Jupiter holds the whip hand here. The Jupiter pro salary account has countless stunning features to help you keep up with the contemporary world.
Free health cover – Jupiter offers you benefits like a free health cover service of ₹2 lakh giving the account holders cashless coverage at 5000+ hospitals. You can extend this cover up to ₹ 20,00,000
Any day Salary Day – Jupiter’s on-Demand salary feature helps you choose any day as a salary day. There is no interest or processing fee for the same.
Rewards on spending – You can earn 1% rewards* on all your Debit Card spends and select UPI spends. Your spending earns you rewards and these rewards never expire.
Zero Forex Charges – Skip the extra 3.5% charge on your international Non-ATM foreign transactions, whereas other banks will charge you for these transactions.
Know more about Jupiter’s Pro Salary account here : https://jupiter.money/pro-salary-account/
The ICICI Salary Account is a choice of many as it has fantastic features and benefits.
The ICICI Salary Account has a silver salary account, a Gold Salary account, Titanium Salary Account, and Defence Salary Account. It offers its account holders free remittances like chequebooks, demand drafts, phone banking, and pay orders. Also, the bank has a fixed interest rate of 3% for below 50 lakh and 3.5% for the amount beyond that.
The Bank of Baroda salary account offers benefits and facilities like other banks. It provides an overdraft facility from Rs 50,000 to 3,00,000. It also has an accident and death insurance cover facility. The bank of Baroda salary account is entitled to the Baroda reward scheme. The bank also has a complementary zero balance account for the spouse. Baroda salary account holders get a free Baroda easy credit card and a 5 % discount on locker rentals.
HDFC Bank has a regular and premium salary account. The bank has a vast network of ATMs and branches and a fixed interest rate of 3.5 to 4% per annum.
The bank offers a free personal accidental health cover of Rs 1 lakh to its salary account holders. HDFC has a minimum balance requirement for its premium salary account holders. It has a family salary account that caters to the whole family.
Further in the list is the Axis Bank Salary Account. Axis bank has different salary accounts depending on the monthly income. The bank gives employees enhanced access to their funds. It offers an interest rate of 3 to 4%. The Axis Prime Salary account includes a higher transaction limit and a free debit card with a limit of up to 5 lakh. You also earn reward points on your spending. The bank gives 5% cashback on weekend spending and complimentary lounge access per quarter.
The PNB MySalary Account is divided into silver, gold, premium, and platinum salary account. It has a zero minimum deposit and zero minimum quarterly average per month.
The account has different overdraft limits from the other salary accounts. The rate of interest of the overdraft is as per the bank’s guidelines. Also, the OD facility is restricted to those with accounts with the Sweep facility.
The Kotak Mahindra Bank Salary Account offers free office and home banking facilities.
The bank has divided the salary accounts based on the monthly income. Each salary account has different features and benefits. Kotak Mahindra also supports its account holders with health and medical benefits. It has a fixed interest rate of 3.50% per annum. However, the interest rate may vary for different salary accounts.
The Citibank Suvidha salary account service is to match modern professionals. It is a zero-balance account providing amazing debit card offers. It has a 3.25% p.a interest rate and gives 24/7 access to all digital banking platforms to ease the process.
Citibank Suvidha designs unique credit card options as per your lifestyle and offers a zero fee on the card. Its salary account is a free investment service account and gives you access to all its information.
Choosing the best bank for salary account can muddle you up. Consider the following points before making a choice.
The interest rate is one of the essentials to look for while finding the best salary account. Each bank has set a different rate of interest. Hence, you should compare the rates of the top banks and proceed with the most appropriate ones.
ATM and Debit card facilities include the total ATM withdrawals allowed and the presence of ATMs all over the country. Opt for the financial institution with the maximum number of branches or an online platform enabling maximum transactions.
Banks provide other facilities like health care schemes, discounts on lounges, on-demand salaries, etc. Look for some wonderful offers before choosing the best bank to open a salary account.
A salary account is an essential service provided to a professional. Employers must consider the top banks while choosing a financial institution for a tie-up. The listicle of leading banks to open a salary account helps you to make the best choice. To pick the most acceptable option and the best bank for a salary accounts, you should carefully study factors like interest rates, ATM facilities, and other extra features. Be watchful and save yourself from uncertainties.
A ‘Salary Account’ is a special type of savings account where employers deposit salaries/ fixed amount to employees’ account monthly.
Online banking services like Jupiter provide banking services like no other.
A free Salary Account on Jupiter – powered by Federal Bank has several benefits as listed below:
– Withdraw your salary any day with On-Demand Salary. This is an outstanding feature which provides you money whenever you run out of cash at the end of the month.
– Get free health insurance up to Rs. 2,00,000
– Get 1% Cashback on spends*
When choosing a bank to open your salary account, you should compare benefits, and check the interest rates, look for ATM and debit card facilities, and know the extra benefits the bank provides. Nowadays banks provide competitive mobile banking services. Check salary accounts like the one offered by Jupiter with more benefits over other banks.
Yes, salary accounts are a special-type of savings account with extra features. You can use it for personal use.
Yes, most banks offer special features and benefits for salary accounts over savings account. This is due to the fact that salary account users will have ‘fixed’ amounts of deposits coming into their account monthly, which in turn benefits the bank.