ATK
New Delhi [India], March 12: Anyone who has worked in a corporate job knows the key features of a salary account. Salary accounts have the zero-balance feature and offer other key benefits to customers. However, opening a savings account online and keeping it separate from one's salary account has several benefits. This article analyses the essential differences between salary and savings accounts by exploring their features. It further elaborates on how customers can leverage savings account benefits by keeping their salary and savings accounts separate.
What are the key features of salary and savings accounts?
The following table summarises the basic salary account and savings account features offered by banks in India:
What are the benefits of keeping salary and savings accounts separate?
Here are the advantages of keeping your salary and savings accounts separate:
* You can analyse your expenses more efficiently: Maintaining separate savings and salary accounts can help you organise your finances better. You can decide on the expenses that you will make using your savings account and those that you will make using your salary account. Doing so can help you track and manage your expenses better.
* Having separate savings and salary accounts helps you save more: This practice can help you set savings objectives for each month and transfer a fixed portion of your salary account to your savings account monthly. Even in case of emergencies, having separate accounts can help you estimate the amount that you can spend from your savings.
* You can benefit from more rewards and benefits by maintaining separate accounts:
Banks offer special benefits to customers who opt for their salary accounts. IndusInd Bank offers exciting benefits through its online savings accounts, such as rewards and cashback on debit card spends and more. Customers who maintain separate accounts can take advantage of such benefits from both their accounts.
To sum up
The key benefits of keeping your savings and salary accounts separate include an ability to better track expenses, boost savings, and earn more rewards. IndusInd Bank offers several categories of savings accounts that can easily be opened online such as the Indus Delite Savings Account. The process to open this savings account is 100% digital and you can enjoy up to 5% cashback on your debit card spends. Make sure to select a savings account that offers such benefits and features so that you can optimise opening a separate savings account in addition to your existing salary account.
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