Ways to maximise your salary account benefits

A salary account is like your financial home base. It’s where your salary gets credited every month, making it the most active account in your banking journey. Unlike a regular savings account, it comes with added perks, often tailored for working professionals. 

But the catch is that most people don’t use it beyond basic transactions. There’s a lot more it can do if you know how to tap into its full potential. Let’s enlighten you on the ways you can use them up to their full potential. 

Activate the debit card you have received to avail exclusive offers 

Your salary account debit card is not just for ATM withdrawals or online payments—it often comes with a range of privileges. Banks collaborate with brands to offer discounts on dining, shopping, travel and entertainment. Some cards also provide cashback on specific categories or reward points that can be redeemed later.

What you should do:

• Check the welcome kit or the bank’s website for ongoing offers on your card.

• Activate your debit card immediately to start availing of these benefits.

• Look for bank tie-ups with e-commerce platforms, fuel stations or restaurants—some cards even waive surcharge fees on fuel purchases.

Make investments as per your situation  

A salary account can be a gateway to disciplined investing. Many banks offer integrated investment options, allowing you to grow your wealth directly from your account. If you prefer stability, linking a Fixed Deposit (FD) or Recurring Deposit (RD) to your salary account can help you earn better interest rates while keeping your funds secure. For those looking to build long-term wealth, mutual funds and Systematic Investment Plans (SIPs) are easily accessible, making it simple to automate regular investments without the hassle of manual transfers. If you are interested in market-linked returns, some banks also facilitate direct investments in the stock market or digital gold purchases, offering seamless access to alternative investment avenues. Setting up auto-debits for these investments. This helps you build financial discipline while growing your wealth.

Check if there are any insurance benefits 

Many salary accounts come with insurance benefits, but not everyone takes advantage of them. These include:

1. Complimentary life insurance: Premium salary accounts offer a cover that ensures financial security for your family in case of an unfortunate event.

2. Accident insurance: Coverage for accidental death or disability is sometimes included, providing financial support when you need it the most.

3. Travel insurance: If you frequently travel for work, your salary account debit card may include travel insurance, covering flight delays, baggage loss or medical emergencies abroad.

What should you do? 

• Go through the terms and conditions of your salary account to see what insurance benefits are available.

• Check whether you need to activate them separately or if they are auto enabled.

• Ensure your nominee details are updated to avoid future complications.

Take advantage of premium banking services 

Salary accounts, especially those under corporate tie-ups, often come with premium banking privileges. If you fall into a high-income bracket, your bank may assign a dedicated relationship manager to assist with financial planning. This makes wealth management more convenient. Many salary accounts offer higher ATM withdrawal limits compared to regular savings accounts. This gives you greater access to cash when needed. Additionally, some come with the zero-balance feature, which means you are not required to maintain a minimum balance, allowing you to use your funds freely without penalties. Another major benefit is faster loan approvals—banks tend to prioritise salary account holders when processing personal loans, home loans or credit cards. They often extend preferential interest rates and better repayment terms. 

Loan offers: Check and avail if needed 

One of the biggest advantages of a salary account is easy access to credit. Since your salary gets credited regularly, banks consider you a lower-risk borrower, offering:

1. Pre-approved personal loans: These require minimal documentation and are disbursed quickly.

2. Home loans with better rates: Banks provide special home loan interest rates to salary account holders. This saves significant costs in the long run.

3. Credit card benefits: You may be eligible for a higher credit limit or a lifetime-free credit card based on your salary account standing.

How to make the most of it:

• Check if your bank has pre-approved loan offers that you can avail instantly.

• Compare the interest rates with other banks before making a decision.

• Use loans wisely—borrow only when necessary and ensure timely repayments to maintain a good credit score.

Conclusion 

Your salary account gives you plenty of benefits, but how you use it makes all the difference. Saving even a small amount adds up over time and helps you build a financial cushion. Instead of just using your salary account for spending, turn it into a tool for smart saving. A little planning today can make a big difference in the future.