One – Purpose of these accounts
- While many people think that a salary account and a savings account are just two ways of referring to the same account, there are some distinct differences between the two. Let’s take a look at some of the differences between a salary account and a savings account.
- There are two main differences between Salary and Savings accounts -
Two - Minimum Balance Requirement
- A salary account is opened by a company for each of its employees to deposit their salaries directly into their accounts. A Savings Account is opened by anyone who wishes to deposit his or her money with a bank.
- Anyone can open a Savings Account in a bank. But a salary account is usually opened by employers for their employees so they can deposit their remuneration in their respective accounts. The employer opens salary accounts in a bank with which the company has a relationship.
Conversion of one account to the other
- Salary accounts come with a zero minimum balance requirement. 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. They both come with Debit Cards, Rewards Points and online banking services.
You can also -
- Subject to some conditions, it is possible to convert a Savings Account into a Salary Account and vice versa. If there is no salary credit to your account for more than a certain number of months, some banks convert it into a regular Savings Account with a need to maintain a minimum balance. On the other hand, if you already have an account with the bank your employer uses to credit your salary, it is possible to convert a Savings Account into a Salary Account.
- The Citibank Suvidha Salary Account is a good, stable and secure account to have as a salary account. It brings you several advantages, not the least of which is the advantage of anytime/anywhere banking with Citi’s digital platforms.
Apart from all this, the Citibank Suvidha Salary Account comes with
- Sign up for e-statements and go paperless to reduce your environmental footprint.
- Update your mailing address, phone numbers and e-mail address without any trouble of filling up paperwork.
- Make payments for utility bills and credit cards with ease – experience the convenience of anytime, anywhere banking.
- Get your queries answered through our tool, "Ask Me" – if you have any concerns or questions.
- 24x7 access to your account details – you don’t have to wait for banking hours to walk into a branch. You will have access to all your account information at all times.
- Quick access to your account/card summary without any login with Snapshot.
- Stay up to date with latest deals and offers via notifications – sign up to make sure you don’t miss any relevant offers.
- Open an investment account and manage your investments on-the-go.
- Apply for cards, loans and insurance anytime, anywhere.
- Explore offers available on your debit and credit cards through the Citi Mobile app.
- Do digital wallet recharges on the Mobile App.
- Preferential pricing on Citibank products
- A powerful debit card
- Attractive offers on your Debit Card
- Overdraft up to 5 times your monthly salary (up to INR 5 lacs)
- Reward Points that you can earn on transactions and purchases that you can redeem for cash (conditions apply)
- The ability to pay bills online which also earn Reward Points
- Utility bill payment facility to over 200 service providers across India
- Complimentary Investment Services Account and access to up-to-date investment intelligence
- Comprehensive insurance solutions for your family and you
- Complimentary personal accident cover of Rs.10 lakhs
- No cost Demand Draft delivery at 1,100 locations in India
- Complimentary NEFT, RTGS and IMPS funds transfer