Bank Account- Do you know the difference between savings and salary accounts, let's know the complete details about it.
We do not need to tell you that today most people have accounts in the bank, this has greatly benefited the citizens of the country by ensuring the safety of their savings and providing good interest rates on bank deposits over time. When opening a bank account, you usually have the option of savings, current, and salary accounts. Of these, savings and salary accounts are the most prominent. Most people choose a savings bank account or salary account. Do you know the difference between these two? Let's know the difference between the two.
Savings Account
A savings account is primarily for saving money. The main points to note about savings accounts are as follows:
Purpose: The main purpose is to save money.
Minimum Balance: Generally, there is no minimum balance requirement, although some banks may have specific requirements.
Interest Rate: Savings accounts pay interest on deposits, which is usually lower than salary accounts.
Features: You get checkbooks, debit cards, and net banking facilities.
Salary Account
A salary account is designed for employees to receive their salary payments. Here are its key features:
Purpose: Used to receive salary payments from the employer.
Minimum Balance: There is usually no minimum balance requirement.
Interest Rate: Salary accounts often offer higher interest rates than savings accounts.
Features: Similar to savings accounts, salary accounts offer chequebooks, debit cards, and net banking services.
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