Some banks waive annual fees on credit cards issued to customers having a salary account. One can also save on fuel surcharges through debit cards.
Salary Account is just like a regular bank account that is opened by the employer to pay the monthly salaries to the employee. It not only makes the process of salary payment easier but also gives some additional benefits to the account holder. Here we are going to tell you some lesser-known benefits of a salary account.
Insurance Coverage: Some salary accounts offer accidental death coverage or health insurance coverage. There are several banks that are offering this facility.
Attractive Interest Rate On Loans: Salary account holders can get a better interest rate. Banks offer various loan options to such people. It is called ‘preferential pricing offers’ on loans.
Overdraft Facility: Some banks offer an overdraft facility to salary account holders. It is a short-term loan that lets customers withdraw money more than their account balance.
Dedicated Banker: Many banks provide priority services to salary account holders. They even offer dedicated personal bankers and other benefits.
Credit Cards With Added Benefits: There are several banks that offer credit cards with several added benefits.
Demat Account: Several banks let salary account holders open a free Demat account that helps them start trading in the stock market or invest in mutual funds.
There are several other benefits of Salary Accounts, like all of them give customers the facility to have a functional account without having to maintain a minimum balance.
Moreover, debit cards issued to a person having a Salary Account offer good shopping limit, free lounge access, free zero-balance account for family members and several other benefits. However, these benefits may vary from bank to bank.
Also, some banks waive annual fees on credit cards issued to customers having a salary account. One can also save on fuel surcharges through debit cards.
If you are a salary account holder, you can avail these benefits without paying any extra amount.
