Salary Accounts Vs Savings Accounts What Is The Difference


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They receive their salaries in the salary account, while the savings account is generally used for saving and managing day-to-day expenses. A salaried employee can have their salary and savings account in the same or different banks. Ensure that you thoroughly compare the interest rate and other features before choosing a bank for your account.

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Now, let us understand the difference between a Salary Account and a Savings Account Salary Account As the name says, a salary account is basically opened by your employer to credit your salary.

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Salary Account vs Savings Account Although salary account is a type of savings account, there is one big difference between the two, viz. Monthly Average Balance (MAB). Salary account comes with no MAB requirement. This means that if your account has no money in it, you will not be asked to close the account or pay any penalty on it.

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Savings accounts cater to individuals who want to save whereas current accounts are made for regular transactions of firms and companies. Savings accounts accrue higher interests than current accounts They cater to individuals while current accounts are more suitable for companies and firms

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Salary Account and Savings Account The salary account is created for employees by their employer for the purpose to credit salary directly into their accounts. Hence, employees can instantly retrieve their salary. With Axis Salary Account employees have hassle-free and instant access to their salaries and a wide range of other banking facilities.

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Key difference: A salary account is a bank account designed and offered mainly to salaried persons. A current account, on the other hand, is an account which is designed to suit the needs of businessman, firms, companies, public enterprises, etc. Each one has its own benefits and advantages. Essentially in today’s world, everyone has a bank account. A bank account

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When compared with salary account, savings account has different variants such as Regular Savings Account, Privilege Savings Account, Junior Savings Account, Basic Savings Account etc. Savings account will take consider the interest for the savings but for salary account, the interest will not take in account.

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A transaction account is your traditional, day-to-day bank account for everyday expenses. Customers typically have their salary paid directly into this type of account and use it to pay bills. Your funds are accessed with a debit or credit card, and do not typically incur a fee for ATM withdrawals or electronic transfers of funds.

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No difference, but in most situations/banks your salary can only be transferred into a Current Account, and not a Savings Account. You can set-up a standing instructions to have x amount transferred into a savings account at a certain date though.

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Know the key difference between salary account and savings account. Check the comparison of salary account vs savings account & how are they different from each other. Middle navigation MENU {{NavBarAdvancedController.userName.split(' ')[0]}} Logout Login. Home; PAY Cards, Bill Pay. Money Transfer. NEFT (Available 24 * 7) UPI (Instant Mobile Money Transfer) …

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When I was a child, I used to save my pocket money in a piggy bank. Whenever I needed some money I used to jerk my piggy bank and a few coins used to come out of it. The concept of piggy bank seems fascinating as a kid, but in reality, depositing our savings is a different ball game altogether. During the ancient civilizations in India, people used to store …

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Frequently Asked Questions

What is the difference between a salary and a savings account?

However, savings accounts, depending on the bank you open your account with, usually insist that you maintain a certain balance in your account, failing which you might have to pay a penalty. On the other hand, interest rates are the same for both Savings and Salary accounts.

What are the benefits of a salary account?

The only benefit that makes Salary Account stand out from other Accounts like Saving Account is No Minimum balance to be maintained. Now you must be thinking that is indeed a good thing but remember Banks are not here to make money for you but that is one way of making money at the cost of Account Holder.

What is the difference between current account and saving account?

There are two types of accounts one is a saving account, and another is the current account. Both accounts provide many facilities to the user, but they are not similar. Let's see their differences. It is a type of deposit account, which can be opened in any bank. People can manage savings and also make the investment in that account.

Do savings accounts pay interest?

Savings accounts can pay you interest: Most current accounts don't pay interest on the balance. However, with competition rising, many banks and providers have started offering attractive interest rates if you meet the bank's requirements to be eligible. When should you save in a current account?

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