All you need to know about difference between salary account and savings account

Those who have salary accounts in banks like SBI, HDFC, ICICI have silver. Loans are approved instantly, many facilities like credit card, personal loan are available. But the savings account holders do not get the benefits, the same is the case with other banks.

You must know the difference between salary account and saving account. Those whose company opens an account in a bank with a tie-up, and in that account every month salary, bonus is transferred is called salary account.

This salary account has many advantages. A regular savings account is different. It does not get benefits like salary account know what banks offer if you have a salary account. They don't tell you because only 10 percent people know the benefits of salary account.

Salary account provides zero balance facility Which is city wise in other banks. Salary account does not need to maintain minimum balance. A penalty is charged if the regular account does not have the minimum balance.

Salary account holders do not incur any charges no matter how many times they withdraw money through ATMs in a month. Along with this, banks do not charge annual ATM charges if you have a salary account. But in case of savings, if withdraw more than five times, pay the fee and annual fee as well.

Special offers on personal loans are also available on salary accounts. Apart from this, many pre-approved loans are also available. Special offers are available for home and auto loans. Even if 1760 documents are given on savings, there are difficulties in taking loan. Interest was also charged higher.

Overdraft facility is available on salary account. This facility is available on accounts with a tenure of 2 years or more. Under this facility, you can withdraw money up to a certain limit, even if you don't have balance in your bank account.

Many banks offer free checkbook, passbook and e-statement facilities to their salary account holders. At the same time, no charges are deducted for SMS alerts.

In case of salary account, account holders get personal accident insurance up to Rs 20 lakh from banks.

Some banks offer free online transaction facility to their customers on salary account. Under this, NEFT and RTGS facility is generally free. Many banks also offer IMPS facility on salary account.

All the above facilities are available at lesser or discounted rates according to these banks. For this you should inquire with your company colleagues, banks.