It is very easy for citizens of India to open a salary account for themselves. In order to understand how to choose the best bank for salary account that meets your needs, one should first understand all four different types of bank accounts in India i.e Private banks, public banks or nationalized banks, foreign banks, and cooperative banks.
Indian banks offer various types of accounts that cater to various purposes of an account holder. Whether the account holder is a working professional, a student, a business owner, a partnership firm, or an NRI, each one has multiple options to choose from. Bank accounts differ from each other based on purpose, frequency of usage, type of transactions, location and policy of the location. Multiple types of accounts that are offered by Indian banks are savings account, current account, salary account, and NRI account. Salary accounts are mainly savings accounts that cater to salaried individuals. It’s a more practical way to pay a salary per month to the employee by the employer. A salary account makes it simpler and easier for employers and provides multiple benefits and services to employees. In addition to the benefits, employees enjoy seamless access to the latest online banking and mobile application banking services. However, a lot of banks in India levy very similar rates of interest on salary accounts as well as savings accounts, and some banks and financial institutions have a significantly lower rates on salary accounts. In such situations, one can opt for transferring cash to a high-interest savings account to maximise their interest earnings.
However, choosing the best bank for salary account can be difficult as not all of them have the same features, facilities and services. An individual with a salary account can avail of multiple benefits from the bank. The main benefit for modern-day consumers is a seamless online banking experience. One can operate the same using an internet browser or a mobile application of the specific bank of which one holds the savings account.
Another very important leverage some of the salary account offers is that the account holder can avail a zero balance account. This enables account holders to manage their money according to their needs. In order to make banking more flexible and easily manageable for salary account holders, banks provide free passbooks, debit cards and credit cards as per banking requirements.
Choosing the best bank for salary account in India is a very subjective and personal decision. It mainly depends upon individual needs and expectations from the bank. It is mentioned above in the article that there are many features offered by banks when one opens a salary account. But it is also important to consider non-financial features, facilities and services of the bank. For example, banks offer online banking where one can perform all the banking operations and transactions remotely. The ease of use of an online banking portal is also an important factor to consider as it can make or break the entire banking experience. Customer service and grievance handling is also very important. Along with the above-mentioned factors, it is important to understand the trust and security the bank provides to its existing customers so that one can choose the bank with their hard-earned money. Thorough research along with customer review is required before choosing the best bank for salary account. Among the plethora of financial offerings in the market, the perfect alignment of the bank’s services and individual needs shall pave the way as it’s not a one shoe fits all game but a personal financial decision.