india employmentnews

Bank Account: What is the difference between savings and salary account? you should also know..

social media

Today, most of us have a bank account. Banking has played a huge role in giving a new shape to the economy. This has greatly benefited the citizens of the country. Your savings money remains completely safe in the bank. Not only this, you also get good interest rates from time to time on the money deposited in the bank. Apart from this, the bank helps you well in financial planning.

Apart from this, you can also take a loan from here at the time of need. However, whenever we go to the bank to open an account, we get the options of savings, current, and salary accounts. However, among these, Savings and salary accounts are prominent. Most people open their savings bank accounts or salary accounts. Do you know the difference between these two? If not, today we are going to tell you about this. Let us know -

Saving Account

This is a personal savings account. The main purpose of opening this account is to save. The thing to note is that there is no need to maintain any minimum balance in the savings account.

However, there are some banks where you need to maintain a minimum bank balance. The interest rate available in savings account. It is less as compared to the salary account. In a savings account, you also get facilities like a checkbook, debit card, and net banking.

Salary Account

This account is used to receive the salary payment of the employee. Generally, there is no minimum balance in the salary account. In a salary account, you get a higher interest rate than in a savings account.

You get many types of facilities in the salary account. This includes chequebook, debit card, net banking etc. In such a situation, if you want to open your account for savings, then a saving account is good for you. If you are salaried, then in this situation you can open a salary account.

Follow our Whatsapp Channel for latest update