Do not consider salary account as modest! From free loan to zero balance, know these 10 hidden benefits

First date of the month … the message of salary coming … and just, the work of salary account is over? If you think the same, then stop! You are ignoring many big benefits on your hard earned money.

Your salary account is not just a means of submitting salary, but a treasure of benefits that most of the employed people do not know. Banks offer many great features to keep their salary account customers happy.

So let’s know about the 10 amazing benefits that your salary account gives to you.

1. Tension-free world of zero balance
This is the biggest and first advantage. While in the common savings account you have a hassle of maintaining a minimum balance of Rs 3,000 to 10,000 every month, there is no such tension in the salary account. Even if your salary is spent, there is also zero balance in the account, even then the bank does not charge any penalty from you.

2. More interest on your savings
Banks often pay more interest than a common savings account to keep their salary account holders happy. This interest rate can range from 3% to 7%. For example, some banks such as IDFC First Banks pay a brilliant interest of up to 7% on their salary account, increasing your savings rapidly.

3. Withdraw money from ATM as many times,
Do you have to withdraw money from ATMs several times a month? With salary account, you can withdraw money from your bank’s ATM as many times, without any charge. The ATMs of other banks also provide you more free transactions, so that you avoid the additional fees charged every month.

4. Sudden money needs? Overdraft is there!
Ever at the end of the month, the money was stressed or an emergency came? In such a situation, the overdraft facility is very useful for you. It is a kind of small and instant loan, in which you can withdraw equal amount of your 2-3 months salary even if you do not have balance in your account.

5. The direct benefit of cheap loans
If you are thinking of taking a home loan or personal loan, then your salary account can save you thousands, 甚至 millions of rupees. Banks give their salary account customers a discount of 0.25% to 0.5% on loan interest rate and often waive processing fees.

6. Free insurance, ie double security
This is an advantage about which 90% of people do not even know. Most banks give personal accident insurance ranging from 2 lakh to 10 lakh rupees with salary account absolutely free.

7. Special discount on shopping and walking
Your salary account also improves your lifestyle. Many banks offer special discounts and cashback offers from 10% to 20% on shopping, dining, and travel booking to their salary account customers. Along with some premium accounts, facilities like airport lounge access are also available free.

8. Free checkbook and premium debit card
Along with salary account you also get unlimited checkbook and a premium platinum debit card free, for which common customers probably have to pay annual fees.

9. Complete control on money from easy digital banking
Through banking apps like Yono or Imobile, you can transfer money for free, fill the bill, and get free SMS alert on every transaction, which keeps your full control over your money.

10. Free Demand Draft (DD) and NEFT/RTGS
If you want to pay college fees or transfer large amounts to anyone, with salary account you do not have to pay any charge for services like demand draft and NEFT/RTGS, which saves your money further.

So next time, do not make the mistake of understanding your salary account as just a minor account. Talk to your bank and know which of these benefits you can take advantage of.