What Is The Benefit Of Salary Account?. Useful For All Government officers

What Is The Benefit Of Salary Account?. Useful For All Government officers
Most working people have wondered, how salary account can be different from a savings account, because at a glance both have the same features. However, they both are different accounts.
Now, let us understand the difference between a Salary Account and a Savings Account
Salary Account
As the name says, a salary account is basically opened by your employer to credit your salary. The speciality of this account is that there is no need to maintain minimum balance account hence it can also be called as zero balance account. This account is particularly designed for salaried class.
1. Salary account is a type of savings account.
2. You will get benefits like more free ATM withdrawls, no charges for ATM card etc.
3. You might get loans with less interest rates compared to normal people.
4. Some banks might offer one Relationship Manager based on your salary
Some banks even have different types of salary account based on the salary you draw. However, the amount maintained in the account, will not be entitled for interest rate.
There are other facilities which are provided on the account such as higher limit debit card, some offers on loan, better credit card offers with higher limit.
However, one should keep in mind, if the salary does not credit for consecutive three months than the account is considered as savings account and minimum balance maintenance is required.
Savings Account
A Savings account can be opened by anyone, the main purpose of this account is to encourage savings.
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