Your salary account is not just a medium to receive salary, but it also provides many hidden benefits about which most people are not aware. Through salary account, you get many benefits like free personal accident insurance, air accident cover, overdraft facility, easy loan and attractive discounts, which can prove to be helpful in reducing the burden on your pocket.
Zero balance facility
Unlike most savings accounts, there is no requirement to maintain a minimum balance in a salary account. Even if you withdraw your entire salary by the end of the month, the bank does not charge any fee. This is the biggest and basic benefit, about which more than 90 percent people are unaware.
free insurance cover
Many banks provide free insurance cover to their salary account holders for accidents or air accidents, which can range from ₹2 lakh to ₹30 lakh depending on your salary and position. For this you do not need to pay any separate premium.
overdraft facility
If there is shortage of money at the end of the month or if there is a sudden financial need, then overdraft facility is available in the salary account. You can easily take a short-term loan of two to three times your salary, which is cheaper and more convenient than a personal loan.
Easy and low interest loan facility
The bank considers salary account holders as trustworthy customers. Due to this, you get personal, home, car or education loan easily, at low interest rates and sometimes even in pre-approved form. In this way it is easy to get funds for your essential expenses.
Unlimited facility of ATM transactions
Unlike normal savings accounts, in salary account you can withdraw unlimited free money from any bank ATM in the country without any extra charges.
Cashback and discounts on debit cards
You can avail special cashback and discount offers on shopping, restaurants, movie tickets and online purchases on the debit card linked to your salary account. Often banks do not promote these offers, so it is beneficial to keep an eye on bank offers.
Rebate on demat account and locker rent
If you invest, many banks offer waiver or complete waiver of demat account maintenance fees to salary account holders. Apart from this, 20 to 25 percent discount is also available on bank locker.