Salary Account Opening Made Easy: Your Complete Online Guide

Getting your first salary can be an exciting milestone. With your hard-earned income now credited to your account, you can spend, save or invest your money. However, having the right salary account to park your earnings can simplify money management.

Read on to understand a salary account, how to open one online, its benefits, and more.

What is a Salary Account?

A salary account is a type of savings bank account that organisations open for employees to credit their monthly salary. It works like any other savings account, allowing you to deposit funds, withdraw cash, make digital payments, and more. Salary accounts usually have added benefits over regular savings accounts in terms of waiver of fees and charges, additional services, and better interest rates.

Who Can Open a Salary Account?

The basic eligibility criteria to open a salary account are:

• Indian citizens living in India
• Foreign nationals residing in India and meeting criteria set by the Government of India

You can open a salary account if a private company, public sector unit, government organisation, or multi-national corporation employs you. Your employer will facilitate opening this account on your behalf so they can credit your monthly paycheck. Even self-employed professionals like doctors, CAs and tutors can open these accounts.

Documents Required  to Open a Salary Account

Very few documents are required to open a salary account digitally or in person:

Online account opening:

• Aadhaar number
• PAN number or Form 60

Physical account opening:

• Passport-size photos
• PAN card
• Proof of identity like an Aadhaar, passport, driving license or voter ID

How to Open a Salary Account Online?

Follow these simple steps to open an instant salary account through net banking:

Step 1: Visit your bank’s website and click on ‘Open an Account Online’

Step 2: Select the ‘Salary Account’ option and fill in the online application form

Step 3: Enter your basic personal and employment details

Step 4: Upload scanned copies of your documents

Step 5: Submit the form after carefully verifying all details

Step 6: The bank will digitally approve your application based on the verification of the documents

Once approved, you will instantly get the account number, and the bank will complete other account opening formalities digitally.

Benefits of Opening a Salary Account

Here are some noteworthy benefits of parking your earnings in a tailor-made salary account:

• Hassle-free deposits: Your salary will automatically get credited by your employer every month without any hassles of fund transfers
• Zero balance: Most accounts do not require any minimum balance, saving you from penalties
• Better interest rates: You can enjoy higher interest rates compared to regular savings accounts
• Lower fees: Salary account holders typically enjoy lower banking charges or even zero fees on select services
• Higher withdrawals: Accounts come with higher daily ATM and cash withdrawal limits
• Additional perks: Premium accounts offer added benefits like personal accident coverage, lower loans and discounts on shopping

Summing Up

Getting a customised salary account opens avenues for smart, efficient banking. Opting for a feature-rich account on day one of your job can go a long way in simplifying payment collections and money management. Signing up online makes the process quick and seamless without lengthy paperwork. So, if you are starting your first job, immediately get your finances in order with a good salary account!