The most common thing a person gets when he joins a company is a payroll bank account. Different companies usually associate with different banks to provide a payroll account. Therefore, which bank the company has entered into for this purpose largely depends on the employer.
Although almost all banks have more or less the same benefits of a payroll account, they may offer some specific benefits. You can check with the respective banks considering that the benefits may vary from one bank to another.
These are the 5 best and most common benefits of having a payroll account
1. Zero Balance Account: Zero Balance Account is a facility provided by all banks to its payroll account holders. This means you do not have to maintain any minimum balance.
2. Debit Card: Payroll account holders must get a debit card. Although all account holders are offered a debit card, a paid account debit card comes with many benefits.
3. Bank check book, passbook e-reports are often provided free of cost by banks. SMS Alerts on Payroll Credit SMS Alerts on all payroll transactions are generally free of charge.
4. ATM Withdrawal: You will get free ATM withdrawals from your bank ATM, however this number will vary from bank to bank. In the meantime, you may be charged after 3 transactions for withdrawing money other than your own bank’s ATM. For this you need to check with your bank.
5. Credit Facility: Many banks give preference to payroll account holders when they want to get a loan. This priority treatment depends on the type of company you are in and your CIBIL score. Check with your bank for more information.