How to make the most of your salary account? Maximising benefits beyond salary credits

Your salary account is not just a place for your monthly paycheque to sit; it can be a financial product to manage your finances smartly and maximise your earnings. With the right approach, you can unlock a range of benefits beyond simple salary credits.

Many banks now offer attractive features that can help you get more out of your salary account. But are you making the most of these perks? Let's explore five practical ways to leverage your salary account for better financial well-being.

Leverage zero-fee banking

One of the standout benefits offered by IDFC FIRST Bank salary account is zero-fee banking. This means no charges for transactions like fund transfers, cheque issuance, and NEFT/RTGS.

This allows you to keep more of your money working for you instead of paying multiple small, often hidden, charges for accessing basic services to manage your account.

The IDFC FIRST Bank salary account ensures that you are not paying unnecessary charges for routine transactions.

Build emergency funds and automate savings

Like saving accounts, salary accounts come with savings options such as recurring deposits that allow you to set aside a portion of your salary every month automatically.

This can be a stress-free way to grow your emergency fund, ensuring that you have funds available in case of unexpected expenses. By automating savings or setting up a separate account for emergencies, you ensure financial stability while keeping your finances organised.

Utilise free and unlimited ATM withdrawals

Salary accounts often come with perks such as unlimited ATM withdrawals, both at your bank’s ATMs and those of other banks. This can be incredibly helpful for managing cash flow without worrying about withdrawal charges.

When choosing or maintaining a salary account, look for one that offers free and unlimited withdrawals, ensuring you can access your money whenever and wherever you need it without incurring extra fees.

Access to pre-approved loans and credit cards

Salary account holders are often offered pre-approved personal loans, home loans, and credit cards. Since banks monitor your salary credits, they may extend these products to you at preferential terms, including lower interest rates or waived processing fees.

Keep an eye on such offers and use them when appropriate. Having pre-approved credit lines can serve as a financial safety net during emergencies or when you need to make large purchases.

Take advantage of exclusive offers and discounts

Many banks partner with retailers, restaurants, travel agencies, and other service providers to offer discounts or cashback on purchases made through your salary account-linked debit card. These offers are frequently updated, so staying informed about them can result in significant savings on your daily expenses.

Subscribe to your bank’s notifications or newsletters to know more about such offers, which could include shopping deals, dining discounts, or reward points on specific transactions.

Ending note

Your salary account is more than just a tool for receiving your paycheck. By exploring the variety of features it offers, you can enhance your financial management. Take advantage of zero-fee banking to avoid unnecessary charges, automate savings to build an emergency fund, and enjoy the freedom of unlimited ATM withdrawals.

Additionally, keep an eye on pre-approved loans and credit cards that can offer financial flexibility, and make the most of exclusive offers and discounts provided by your bank. With these strategies, you can transform your salary account into a valuable asset for achieving long-term financial well-being.

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