How to open Salary Account online

If you're a salaried employee, then you must have a salary account in your name. When you join a company as an employee, the organisation opens a salary account for you wherein your wages are credited every month. The account is linked to the employer's account and is made the default for salary credits. 

However, a salary account is so much more than just one that sees a timely monthly credit. It offers various banking services to make managing your finances easy.

How to open a salary account?
 

Opening a salary account is quick and you can enjoy the benefits of hassle-free banking instantly. Follow the steps mentioned below to open a salary account online with Metra Trust:

What are the eligibility criteria for opening a Salary Account?
 

 To open a salary account in India, the eligibility criteria can vary for different banks but generally include:

• Indian citizens or Residents of India: Any Indian citizen, whether employed by a private or public sector organisation, is eligible for a salary account. This ensures that individuals working and earning income within the country can access the benefits of this account for their financial needs and transactions.
• Foreign Nationals: Foreign nationals living in India can also open a salary account if they meet GOI criteria. This opens opportunities for a wide range of individuals, ranging from Indian citizens to foreign residents meeting GOI requirements, to enjoy the perks like zero balance requirement, easy access to investments, convenient digital banking services and more.

What are the documents required to open a Salary Account?
 

Here are the documents required for online and in-branch opening of a Salary Account:

  For Digital Bank Account Opening: 

• Aadhaar number
• PAN number/ Form 60

For Physical Bank Account Opening: 

• Latest passport-size photographs 
• A PAN card

Any one of the following documents:

• Aadhaar card
• Passport
• Voter’s Identity Card (Election Card)
• Permanent and valid driving licence with photograph
• Job card issued by NREGA, bearing the signature of a State Government official
• Letter issued by the National Population Register containing name and details of your address.

These documents ensure a smooth process for opening your Salary Account with the bank.

Types of salary accounts in India
 

There are several types of salary accounts available if you are salaried individual. Some of these are listed below:

1. Basic salary account

A basic salary account is ideal for individuals with modest earnings. This account typically has zero balance requirements, meaning you don't need to maintain a minimum balance. It offers fundamental banking services, including a debit card, internet banking, and mobile banking. This account is well-suited for entry-level professionals and those seeking a simple, no-frills banking experience.

2. Premium salary account

A premium salary account is designed for high-earning professionals and executives. This account offers a range of exclusive features, such as higher withdrawal limits, premium debit and credit cards, priority customer service, and better interest rates on fixed deposits. Additional perks often include access to airport lounges and concierge services, making it ideal for those seeking a more luxurious banking experience.

3. Defence salary account

The defence salary account is specifically tailored for members of the armed forces. This account provides unique benefits, including concessional loan rates, free personal accident insurance, and special rewards programs. It recognises the distinct financial needs of defence personnel, offering them greater flexibility and security in managing their finances.

4. Corporate salary account

The corporate salary account is designed for employees of large organisations. It often includes benefits such as zero balance requirements, preferential loan rates, and exclusive investment options. These benefits are usually negotiated between the employer and the bank, making this account suitable for employees of multinational companies and large corporations.

5. Government employee salary account

This account caters to individuals working in various government sectors. It offers benefits like concessional loan rates, no minimum balance requirement, and special schemes tailored to government employees, meeting the specific financial needs of those employed by the government.

What are the benefits of opening a Salary Account?
 

A salary account offers numerous advantages, especially for salaried individuals who are looking for more than just a basic account to deposit their monthly paychecks. The conveniences of such an account helps to create a financial ecosystem that supports various aspects of your life. Here are some value-added benefits you get:

No fear of non-maintenance charges

A salary account is a zero-balance account with no charges levied for not maintaining a minimum specified balance. This is, of course, subject to specified conditions.

It works like a regular savings account

A salary account allows you to make deposits and withdrawals just like a regular savings account. Though your employer opens the account for you, you can easily use it for all your banking needs. You will receive a cheque book, a passbook, and a debit card to use the account. Moreover, you can also apply for a credit card or take a loan effortlessly.

Zero fee banking

With Metra Trust’s Platinum Plus and Classic Plus Salary Account, you enjoy zero fee banking on all common banking services, including unlimited ATM withdrawals, zero fee on online money transfers, no charges on debit cards and DD issuance, free SMS alerts, free chequebook re-issuance and more.

Internet and mobile banking

Most salary accounts come with advanced internet and mobile banking features. This allows you to perform various tasks like money transfers, bill payments, and balance checking without visiting the bank. 

Earn high interest

A salary account also offers competitive interest rates, allowing your money to grow even when you are not actively using it. This feature turns your account into more than just a place to receive your monthly pay; it becomes a tool for financial growth. Your funds earn interest over time, helping you accumulate more wealth passively.

Easy account conversion

If you change jobs or leave your current organisation, you don't have to close your salary account. Instead, you can easily convert it into a Savings account. This way, you can continue to enjoy most of the benefits and features without the hassle of transferring funds or opening a new account altogether.

Insurance cover

Opening an Metra Trust Salary Account also offers you insurance coverage against personal accidents and air accidents. With the Platinum Plus salary account, you get personal accident cover of ₹50 lakhs and air accident cover worth ₹1 crore. Similarly, with the Classic Plus salary account, you enjoy a personal accident cover worth ₹35 lakhs and air accident cover of ₹1 crore, along with purchase protection and lost card liability cover.

Additional benefits

As an Metra Trust Salary Account holder, you also enjoy lifestyle and entertainment benefits like:

• TimesPrime membership for 1 year on your first salary credit above ₹25K
• Swiggy One membership every quarter on spends of ₹5,000 (UPI/DC) & salary credits for 3 consecutive months to your Metra Trust Salary Account
• Amazon Prime membership, renewed every quarter based on 3 months of regular salary credits & Standing Instructions (MF SIP/ EMI/ CC Payments) of minimum ₹5,000  

The bottom line

An instant salary account can be your one-stop bank account for all financial needs. If you choose the Metra Trust Salary Account, you get easy salary credits and enjoy various other benefits. Moreover, the account can be opened online in a few simple steps without the hassle of visiting a branch in person.

So, open a salary account online with Metra Trust and make your banking experience more cost-effective and rewarding.