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Every salaried employee has a salary account and may have had it with more than just one bank over the total tenure of their employment with different firms. While there are several types of accounts that any bank offers to its customers, the salary account is the one kind of account that may snag the greatest number of benefits for any account holder. The reason is simple – a salary account is liable to get a fixed amount of deposit every month which means better business for the bank and more benefits for the users. Apart from the fact that your salary account does not earn you interest on your deposit, there are little to no drawbacks of having a salary account for yourself if you are a working professional.
Following we have a detailed list of all the basic benefits that a salary account will provide you with regardless of the bank that you your organisation have chosen to open the account with:
Zero Balance Account: Upon close inspection, you will find that the salary account from any bank is like a current account with no minimum transaction requirements, no minimum balance maintenance requirement, and an equal amount of liberty when it comes to making fund transfers and other transactions. With a salary transfer account, you have yourself with a very flexible and functional account with minimal to zero limitations and conditions.
Free Debit Card and Cheque Book: Every salary account comes with a free debit or ATM card and a cheque book as a part of the welcome envelope from the bank to get you started. The debit cards issued by the bank for salary accounts are also loaded with several benefits like point redemptions, deals on shopping and bill payments, etc.
Online Management: Almost every bank has a website now that can be used to manage your account and browse through the previous transactions that you have made. Literally anything that you want to find out about your account or needs to be resolved can be done online without any visits to the bank. Online phone applications are also available for most banks to help the users manage their salary transfer account from the comfort of their homes.
E-Statements and Passbook: Passbook for the salary account is provided by the bank free of cost the first time. Each month you are also entitled to receive a statement of your account from the bank via an email to keep track of your finances.
Regular Alerts and Push Notifications: Salary transfer account in the UAE also comes with the leisure of regular SMS alerts about transactions done – debit or credit to ensure that account holders have all the required transparency. You may also receive push notifications about upcoming and currently running offers and deals associated with your debit card for the account or the account itself.
Withdrawals: Salary accounts in the UAE have a higher withdrawal limit as compared to other types of accounts. The limit can differ according to each bank though.
Online Transfers and Bill Payments: Thanks to the robust online banking system of the UAE, it is very to make online fund transfers from your salary account and make payments for utility bills. Not only that, many banks even offer point redemption schemes on bill payments using the net banking system of the bank.
Added Benefits and Offers: Since every salary account comes with a debit card, it automatically comes with deals like discounts on dining, shopping, entertainment, medicines, and more. Make sure that you have read about the benefits of the debit card that you have received for your salary account to find out and avail of all the benefits.
Most banks out there offer salary accounts that have no requirement of maintaining a minimum balance every month which means that you will be getting zero-balance savings to account as a salary account. However, it will not have any interest payable by the bank as long as it stays in the salary transfer account of the account holder. The salary account of an account holder automatically turns into basic savings account if the account holder happens to not use it for a certain period – which can be different for every bank. Several banks offer salary account the benefit of keeping joint account holders. On top of everything, making transactions from a salary account is the easiest out of all and comes with an increased fluidity for the account holders.