Salary account: Nine freebies you may not be aware of

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A large number of salaried people have a salary account. These are usually zero-balance accounts that are accompanied by a bouquet of attractive freebies. From special loan offer to free ATM transaction, unlimited online transactions are clubbed with a salary account.

Money9 gives you a nine-point list of freebies usually attached to salary accounts.

No minimum balance

For a salary account, no average minimum balance rule is applicable. So if you have a salary account you need not worry about maintaining minimum balance every month.

Zero balance

Every salary account is a zero-balance account. So it is hassle-free to maintain a salary account. This facility is only available to the salary account except those having holding PM Jan-Dhan accounts.

Overdraft facility

Overdraft facility is available too. A salary account that is more than two years old is eligible for OD facility up to the sum of basic salary of two months.

Free ATM

Leading PSU and private banks such as SBI, ICICI, Axis, HDFC offer unlimited free ATM transactions to some premium salary account holders.

Besides, ATM annual charges are not levied from the customers of a salary account.

Loan facility

Salary account holders always get special offers regarding personal loans. Pre-approved personal loans are always bundled with salary accounts. For home and car loan there will always be some special offer and low interest rates compared to normal savings accounts.

Free passbook and cheque book

Several banks offer cheque books, passbooks and e-statements free of cost to salary account holders. Also, SMS alerts of salary credit, SMS alerts of all transactions in the salary account are usually not charged by the bank.

Free insurance

Salary account holders get complimentary personal accident insurance death cover up to Rs 20 lakh by almost every bank. Complimentary air accident insurance death cover up to Rs 30 lakh is available with premium salary account holders of SBI.

Online transactions

A couple of PSU and private banks also extend free online transactions to the salary account holders. Currently IMPS and standing instructions are charged but NEFT and RTGS are free.

Banks also give free IMPS and standing instructions facilities to some premium salary account holders.

Multiple freebies

Leading banks such as SBI, HDFC Bank, ICICI Bank and Axis Bank generally offer multiple facilities for their salary account holders.

Offers such as free additional ATM card for the joint account holder, free multicity cheques, 25% off in locker charges, free demat account, free airport lounge access are clubbed with a salary account depending on the category of the account.