When your salary account gets credited, it is the most satisfying moment of the month. Salary accounts are one of the most preferred financial tools for managing monthly income as they are convenient, practical, and easy to use. However, there are countless myths surrounding these accounts that could create confusion among account holders. From a lack of awareness about interest rates to misunderstandings about premium benefits, these myths can stop you from fully utilising your salary account.
Let’s break down the 4 most believed misconceptions:
Myth 1: You get limited features
The fact is salary accounts often offer more benefits than regular savings accounts. For example, when you open the IDFC FIRST Bank Salary Account, you become eligible to enjoy countless benefits such as:
- No fees for services like IMPS, RTGS, and SMS alerts and other savings account services.
- Earn monthly interest on your savings at a competitive interest rate
- Unlimited free ATM withdrawals
- Access 250+ mobile banking features through the app
- Priority customer service
- Premium OTT subscriptions and discounts on popular brands like Disney Hotstar, Sony LIV, Uber, Myntra, Starbucks, and many more.
- Free personal accident insurance, air accident cover, lost card protection, and purchase protection
Apply for an IDFC FIRST Bank salary account today and get these benefits!
Myth 2: You do not earn high interest
This is a myth many still believe today. Note that salary accounts are a type of savings account, and thus, they do earn interest on the deposited balance. And when you opt for the IDFC FIRST Bank Salary Account, you get the best interest rate to grow your savings which get credited to your account every month, so you are earning interest on interest.
Myth 3: You do not get premium offers
Many think the role of a salary account is just to receive your paycheck, but it offers much more, such as:
- Complimentary insurance covers
- Airport lounge access
- Premium debit cards
- Discounts on entertainment, travel, and dining expenses
- Reward points on debit card transactions
- Deals on various lifestyle products
Since salary accounts have a regular inflow of funds, banks view them as more stable and reliable. This could mean you can enjoy perks such as efficient customer service and lower rates on loans and credit cards. So, make sure to explore these premium benefits because you might be missing out.
Myth 4: Your salary accounts automatically get closed after a job change
Many believe that once you leave a job or switch, the bank freezes or closes your salary account automatically. This is not true. Banks keep the account open even after you change jobs, but they might convert it into a regular savings account if no salary is credited for a certain period (usually 3 months). You can keep using it, though you may need to maintain a minimum balance, or get the existing account to mapped to your new workplace and continue receiving your salary there.
Ending notes
A salary account, if used effectively, can become a potent financial tool that offers maximum convenience, security, and preferential services. Even though myths may cause unnecessary doubts and confusion, knowing the facts can help you enjoy the full benefits that a well-managed salary account can offer. Whether it’s earning interest, converting your salary account to a savings account, or enjoying exclusive perks, salary accounts are a valuable tool when properly utilised. To truly maximise these benefits, consider the IDFC FIRST Bank Salary Account. With one of the best interest rates, zero fees on key transactions, and premium offers like OTT subscriptions and complimentary insurance, you get the complete banking package. Start your journey toward smarter banking today!
