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How to Choose the Best Salary Account for You in India

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Created on
April 3, 2023

Summary

What’s Inside

A salary account in India is a bank account where an employer directly deposits an employee's salary. An ideal salary account includes zero balance, higher interest rates, and additional benefits such as insurance and cashback rewards.

Opening a salaried account in India is straightforward, requiring a basic set of KYC documentation and verification. However, if you’re new to the professional world, this blog takes you through the types of salary accounts, taxation-led queries, eligibility, benefits and the processes. 

Salary Accounts in India 101 

  • Benefits: A salary account includes easy and convenient salary transfers, lower fees, and access to various banking facilities such as credit cards and loans. 
  • Taxation: Salary accounts are subject to taxation based on the individual's income tax slab rate and can also earn taxable interest. 
  • Types: There are different salary accounts, such as regular, zero-balance, and premium salary accounts with added benefits. 
  • Eligibility: The criteria for a salary account requires one to be a salaried employee of a company, and some banks may also require a minimum salary amount.

Guide to Open a Salary Account in India

  1. Choose a bank that offers salary accounts.
  2. Gather all required documents, including proof of identity, address, and employment.
  3. Visit the bank branch and fill out the necessary application forms.
  4. Submit the completed forms and required documents to the bank.
  5. The bank will verify the documents and process the application.
  6. Once the account is approved, the bank will issue a debit card, chequebook, and other relevant information.
  7. Activate the debit card and start using the account.

Easy Salary Account Opening with Fi

Fi, and its licensed partner Federal Bank, provides a salary program with many benefits. You get 2% cashback when you shop using Fi — with UPI or Debit Card. 4x Fi-Coins on all your spends via Fi — all of which you can redeem for vouchers, cool merch, etc. Of course, it provides exclusive deals & gift cards from top brands like Amazon, Swiggy & more. Other perks include no minimum balance, a free VISA Platinum debit card with zero forex charges, priority customer service & more. Did we mention a ₹500 Amazon voucher as a joining bonus yet? All said & done, Fi will help you manage/grow your money with features like Connected Accounts, Analyser, Goal-based saving, SIPs & automatic payments. P.S. Salary users on Fi can now top-up their Health Insurance up to ₹20L.

Frequently asked questions

1. Where can I open the best salary account?

You can open a salary account with Fi and its licensed partner Federal Bank which provide a salary program with many benefits, including no minimum balance, zero forex charges, Health Insurance top-up of up to ₹20L, investments, goal-based savings & a lot more.

Disclaimer

Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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