Getting your first salary can be an exciting milestone. You’ve worked hard and now have some income to help you achieve your goals. An important first step is opening a salary account to receive your pay. This type of account offers useful features tailored to employees.
Read on to learn the basics of corporate salary accounts, including interest rates, key benefits, and the easy online application process.
What is a Corporate Salary Account?
A corporate salary account is where your employer deposits your salary every month. It’s the gateway to accessing and managing your hard-earned pay. These special accounts come packed with helpful perks not found in typical savings accounts. A salary account is ideal for organising your finances as your income flows regularly.
Attractive Interest Rates
The right corporate account can help your money grow faster with an attractive interest rate. Leading banks offer up to 7% interest per year on account balances. This compounds monthly as new salary installments arrive. So your income can start generating more income.
Benefits of Corporate Salary Account
In a salary account, you usually get some great benefits, such as:
- There is no minimum balance to maintain, so you can withdraw funds without worrying. The account stays active as long as your salary is credited.
- Useful debit card facilities have become available. Some banks provide different card options with attractive features. It also makes obtaining a credit card easier.
- Balances can generate good interest income if you pick the right bank, allowing steady salary inflows to result in extra earnings.
- You can easily send/receive money via net banking, mobile banking apps, card swipes, UPI wallets linked to the account, etc.
- Many routine banking services are free under zero-fee privileges. Leading banks even offer full digital access to conduct transactions 24/7.
Opening Your Salary Account Online
Here’s an easy step-by-step guide to open your account online:
- Visit the salary account application page for your preferred bank’s website. Look for links like “Open Account Online” or “Apply Now.′′
- Select the corporate salary account product you wish to apply for.
- For your application, provide basic personal and employment details, such as name, contact info, PAN card number, company details, and income amount.
- Upload eKYC documents like Aadhaar and PAN cards to validate details provided instantly.
- Enter your initial fund transfer details to activate the new account.
- Read and accept formal terms and conditions.
- Submit the application and receive instant in-principle approval.
That’s it! The entire application can be completed digitally in under 10 minutes. Get ready to receive your salary plus beneficial perks in your new tailored account.
Conclusion
A corporate salary account makes managing your new earnings straightforward by offering attractive interest income, no banking fees, built-in protection, and lifestyle perks. You can open an account in minutes through an easy digital application process, enabling you to fully tap into your income’s potential.