Salary accounts | What do you use it for?

Hey guys,

For those who are using salary accounts, could you let us know the relationship and the services you have availed from the bank?

From what I’ve seen is, most people just use salary accounts for the company to credit the salary to their employees. The employees then withdraw/accumulate the amount and nothing happens post that.

There’s barely any interaction between the user and the bank. Unless there could be some banks out there who are providing additional features for salary account holders.

Comment below your experience with salary accounts if you have any :slight_smile:

Oh and let us know what do you use your salary account for? (select multiple options and tell us by replying)

  • Free lifetime credit card
  • Free ATM withdrawal
  • Free IMPS transactions
  • Personal Accident Insurance
  • Airport Lounge access
  • Rewards
  • Something else

0 voters

Our salary account feature is live! What do you think? For feature snaps, difference and benefits, click here:- Salary accounts | What do you use it for? - #57 by Shawnpinto

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Totally! I have a StanC account that I barely use, but I don’t know why I never considered switching to something else.

No one else really offers anything materially different, so never really bothered.

But good question, I’m also now thinking on what all do I want my salary account to provide…

8 Likes

I personally use HDFC because of my long-relationship with the bank and few of the perks that they offer including -

  • Preferred Debit Card which offers accidental insurance, 8 free international lounge access

  • 50% off on locker rental

  • No charges on IMPS, NEFT, and RTGS.

  • and few others.

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Nice. Divy, can I ask what is it about HDFC that you think they could improve?

What would someone like Jupiter need to offer in order for you to consider switching?

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I currently have my salary account with HDFC. No specific benefits as such that I can think of. I’m assigned a Relationship Manager who talks to me hardly once a quarter. I usually withdraw the amount frequently as per my needs into my other primary account/wallets.

One thing that can be helpful is to have an interest-free credit line towards the end of the month. As they have my income & transaction history. Something like 8-10 days of credit.

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I am sort-of satisfied with HDFC so I would skip the first question.

But for the second question, I would love to see similar features in the debit card. As Jupiter in constraint in offering physical bank offering, I would not ask for it.

Beyond that, they could potentially offer additional cash backs on apps like Ola and Uber which most of salaried people use on daily basis.

In regard to the IMPS, NEFT, and RTGS, It would be great if they make it free. But first they have to give the option to avail these services.

I prefer using my banking services on my laptop, so having a Mac based app or even a website to access the banking services would be great.

Anything beyond that, would be a cherry on the cake.

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I am also having a salary account in top most bank. As I am premium customer I have a specific RM, I can ask any doubts related to my account or cards or transactions. In normal banks I should email, call or fb, Twitter etc to follow each case as they won’t offer any specific customer number or no free calling number even though unlimited plan.

And I have a credit card without any income proof with good limit and it’s Life Time Free. Unlimited ATM withdrawals at any ATM even same bank or other bank. Premium Debit cards with good cashback offers. Frequently discounts on Amazon/Flipkart etc. We can upgrade limits of credit card.

We can share premium benifits to loved ones by adding in our family list.

We can get free cheque book, passbook.

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@LUKA I think you’re talking about HDFC.

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Good find :sweat_smile::sweat_smile:. I tried not yo reveal bank name but you got answer with some hints :sweat_smile::sweat_smile:

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Where in one bank I opened long back waiting for refer and earn option. I spend good amounts with bank till date no refer option but where some people opened account in same bank later than me they got refer option. Really disappointed. Where some bank at least give criteria to get refer option. But in this bank no criteria. Waiting since long back.

I’m currently open for hire - and without a salary account - but in all sense - Salary Accounts are a burden more than a help.

For Jupiter, it would make sense to

  • Add “Salary” tag for inward transactions rather than just “Credit”.

  • From a statistics Point of View - Salary could be a highlight category in “Money In” - and give a ratio of our regular earning to expense ratio.

  • Rules could be set based on Salary amount (for transaction selected as Salary) at a selected date of the month - For Pots, FDs and maybe Mutual Funds in the future.

  • Credit line via Bullet can be set based on the Salary History in the past few months.

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Very interesting. How useful is the RM really? I generally find it quite annoying because they keep trying to up-sell other stuff to you

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I hardly listened 1 r 2 times that my RM asked or suggested or tried to sell demat account and FD. That too when I called they tried to say. But remaining times I not at all received any call only to sell something to me in last 2 years. I will give a ring and I will get a call if I have any type of doubt. It’s very helpful in my point of view. Where some banks won’t give RM. For each nd every complaint so much time need to wait to resolve issues.

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I work for a Bank and unfortunately can’t change salary account even though I hardly use it except for transferring the money into my other accounts.

1 Like

I once had a RM too. He kept talking about “Do you want a credit card?” Over and over again. Selling this and that. Even though I say no, I kept getting a call once in 2 weeks.

The sad part is, if you’re facing an issue, you call them up and they don’t pick up :man_facepalming:t4:

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I got similar “do you trade?” calls to a point I had to resort to extreme measures.

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You prank them?! @Divyaansh_Agarwal
I can actually imagine this scenario. Good one haha :stuck_out_tongue:

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Yes. Baa baa black sleep as callertune sets the bar pretty low to have a conversation with the telemarketing people. Tried and tested.

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Whoa! This is great. Thanks for sharing @Debosmit_Majumder :slight_smile:

Question. Do you see salary inward as a separate category? And not as a credit transaction in general? Why so?

Credit Transactions could be a gift, an inward transaction from my other bank account or a cashback on some other app.

These transactions may not be regular and might give a wrong perception of “Money In” as Salary :relieved:.

Since the pandemic, I work with User Research over contracts of short periods - the salary is variable. However, if I could manually tag a Credit Transaction as Salary, I could later see the stats of my actual earnings.

Further, most companies mention “SALARY” in transaction ID/UTR if received by NEFT - and that could be automatically classifying the transaction as Salary (just like Jupiter does with others).

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