That’s a fair point @Sainath_Gupta. And this is unfortunately the case in many companies today. However an increasing number of companies have moved to providing employees a choice, where you just need to provide them an account number and IFSC (especially post COVID).
And in our view, it’s only fair. You should have the freedom to choose who you bank with. I would request you to speak to your HR to make a switch (it comes at absolutely no cost to them - they just need to change two fields in their payroll)
many corporate have salary accounts with some particular bank, due to some obligations or understanding or underlying partnerships [In this, CASA plays major role].
Asked HR, they outrightly denied as they have long standing relationships with exiting banks and they cannot change to different bank account which is not partner bank.
So instead of salary account you may change the pro variant by including a minimum balance maintenance to avail the pro benefits or extra benefits just like how other banks do,they give benefits based on maintenance of some Balance in the account.
@Sainath_Gupta This is a good suggestion and merits consideration. Although, it feels wrong that we place restrictive policies like minimum balance on our customers because companies are unwilling to be flexible
These artificial restrictions that banks and companies place on employees is one of the main reasons why they never have to improve their services to you. Because they know even if you want to move you are restricted from switching your account.
Our goal is to change that - you should bank with the partner of your choice because it provides value, and not because it was forced on you. Maybe if enough of us start making noise, companies will be forced to rethink this
Yes I agree, Please provide a separate variant of account to avail the salary pro account benefits by including maintenance of a minimum balance as not everyone can switch to the salary account. Also do improvise the offers section in the app, The “upgrade to pro” on top of the app is quite annoying whenever i open the Jupiter app, makes the user doubt as not using the best version of Jupiter.
As a rule of thumb, one should invest 25% of his/her salary/month → as there are tags inbuilt → there should be a mechanism that tracks the credit of salary along with transfers in “Investments” or “Pots” → and then can provide a soft nudge in last week of salary month regarding the trajectory of savings.
Also, going forward Jupiter, after analyzing credit and savings, can recommend something like 20% of my savings is in “MF Investments” and 5% is in my “Pots” so if I transfer X amount from “Pots” I can earn approximately diff. Y% of amount.
Maybe in the future, you can link “Good Karma” points or “Fuel” to this savings. Eg. If X’s salary is 100k and he saves 25k then 5k “Fuel” which might be equivalent to internal reward %tage???
Some of you may have seen the hints and topics created for ‘Hey, what’s this choose your account section?’ or What a salary account? - It was all hinting towards salary accounts!
Here’s the difference between a Salary account and Savings account:
Once you have your account turned into Salary, it will never downgrade to a savings account unless… the funds did not come into the account for some time (Lemme check and confirm this)
Yes, it will still be 0 balance.
Yep! I’ve sent the benefits for having a salary account here.
No you can’t. There’s no option to downgrade to a savings account.
You can refer to the difference between salary and savings account.
Ashish, one addition here to what Shawn said. If you don’t receive a salary credit for a certain period of time, we will automatically move you back to the regular Savings account.
There’s no switching process built in, because Pro has incremental benefits to savings, and we didn’t foresee a use-case where someone will voluntarily take Savings. But if there’s a legitimate use-case for that, we will consider
