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A salary account holds high value for working professionals. These types of savings accounts are often zero balance accounts, which means you are not mandated to maintain any minimum balance. Banks deposits your salary into this account, and you can access the funds right away to pay bills, invest, transfer money, order food, book cabs, and do much more.
However, what makes salary accounts more valuable is their ability to offer interest on the deposited balance. Despite this, many people miss out on opportunities to multiply these earnings and boost their savings. Let’s learn how you can optimise your interest earnings in a salary account.
Why Does Interest Matter?
Interest helps your money grow and is essential for your long-term financial health. For example, suppose you maintain ₹4 lakhs on average in your salary account at a 7% annual interest rate. Here, you may earn about ₹28,000 in interest in a year. With the compounding effect, higher balances, and timely savings, this interest can increase your total financial corpus over time
Quick Tips To Maximise Interest Earnings
Choose an Account With a Higher Interest Rate
You are working hard to earn money, so why not let it work hard for you as well? Choose the IDFC FIRST Bank Digital Salary Account to earn more passively on the deposited balance without any extra effort on your part. With the best-in-class interest rates, your savings get the growth they truly deserve and offer a steady stream of additional income.
You also enjoy additional benefits, such as:
• Monthly interest credits
• Free banking services like RTGS, IMPS, and SMS alerts
• Insurance coverage for personal accidents and air travel
• Access to 250+ mobile banking services
• Access to various OTT subscriptions and discounts on top brands
Apply online today and get all these benefits at your fingertips!
Keep Higher Balances
Interest is calculated on the money you keep in your account, so the more you save, the more interest you will earn. Over time, this adds up, especially with compound interest, where you earn interest not just on your initial deposit, but also on the interest that builds up.
To take advantage of this, try to leave a larger portion of your salary in your account instead of withdrawing it all at once. Using budgeting apps or online tools can help you figure out exactly how much you need, while the rest can sit and grow with interest.
Assess Fees
Zero Maintenance fees, ATM withdrawal fees, service charges for transactions, and other hidden fees can offset the benefits of earning higher interest. Opt for a salary account that comes with minimal or no fees for daily banking services. By avoiding unnecessary charges, you can let more of your interest earnings contribute to growing your savings.
Complimentary Benefits
The best salary account will also come with complimentary perks that can make your banking experience more positive. These can include free debit cards, insurance coverage, lenient loan terms, cashback offers, and deals on entertainment, dining, or travel. These benefits may not directly impact the interest you earn, but they help you save money in other areas and boost your total savings.
The best salary account for 2024 is one that aligns with your spending habits, gives the highest possible returns on your deposits, and offers countless benefits that enhance your lifestyle.
You can choose an IDFC FIRST Bank Salary Account that can help you make the most of your hard-earned money and improve your financial health. Benefit from the best-in-class interest rate, unlimited ATM transactions, premium digital solutions, exclusive loan offers, free electronic transfers, and much more. Apply online and grow your wealth in a way that’s both accessible and beneficial.
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