Salary accounts are designed for monthly salary deposits and usually require no minimum balance, while savings accounts are for general saving purposes and often have a minimum balance requirement. It is essential to understand how both these accounts work to carry out your financial functions optimally.

When it comes to personal finances, savings, and investments, most salaried individuals often deal with two types of bank accounts – salary accounts and savings accounts. Both accounts function similarly in regards to serving as a safe deposit for your funds as they earn a steady interest. To carry out your financial obligations effectively, you must understand the differences in purpose and usage between these two accounts.

In this in-depth guide, we shall go over the functions of these accounts, providing you with a comprehensive comparison between the two.

What is a Salary Account?

A salary account is a specialised savings bank account where an employee’s monthly salary is deposited by their employer. These accounts are often established through corporate tie-ups between companies and banks. As interest-bearing accounts, they accrue interest on the maintained balance, credited quarterly.

You are also provided with an ATM card for cash withdrawals and offline and online transactions. Additionally, you are provided with personalised cheque books for issuing payments by cheque. This type of account is tailored for the regular inflow of salary and may offer additional banking benefits.

What is a Savings Account?

A savings account is a general-purpose deposit account you can open with a bank to save and manage money. Apart from allowing for liquidity, these accounts are also meant for storing emergency funds.

Savings accounts also allow you to earn modest interest on your deposits. Banks also offer ATM cards, online banking, and offers and discounts on your savings account, helping you make the most of your money.

Difference Between Salary and Savings Account

Here are some major points of difference between a savings and a salary account.

Maximise Your Savings with IndusInd Bank’s High-Yield Savings Account

While a salary account is ideal for salaried employees due to its specific benefits and features like regular salary credits and no minimum balance requirements, a savings account is more versatile, catering to the broader needs of saving and earning interest over time.

At IndusInd Bank, our savings accounts are packed with best-in-class features, such as

• Attractive rate of interest
• No physical documentation requirement during account opening
• Account number of your choice
• A wide array of digital banking services
• Discounts and offers on top brands

Save wisely while earning an attractive interest rate on your idle money with IndusInd Bank. Moreover, with our exclusive offers and discounts on lifestyle, travel, food, and shopping, you also get to make the most of your spending.

Start your online savings account opening process today. Visit our website to learn more.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. 

In recent times, several well-established car brands have entered the second-hand car market, leading to a significant growth in India’s organized used-car industry. With the vast number of options available today, purchasing a second-hand car has become a financially smart decision. With many banks now offering second-hand car loans online at low rates, financing your purchase is more convenient than ever before. Keep reading to discover the four essential things you should consider before you purchase a second-hand car.

1. Age and Model of the Vehicle

The first thing you should examine when considering a second-hand car is its age and model.

• It is best to avoid models that are older than 5 or 6 years as these cars tend to have more mechanical issues as they age, often resulting in higher maintenance expenses.
• It is better to avoid models that have been discontinued, as locating spare parts for such cars can be challenging and may result in additional costs.

2. The Overall Condition of the Car

It is imperative to assess the overall condition of the car by taking it for a test drive and examining it in detail. During the inspection, pay close attention to the following aspects:

• Exterior condition: Check for any signs of rust, dents, or repair work on the body. Inspect the tyres for wear and tear, and verify the condition of the headlights, taillights, and indicators
• Interior condition: Carefully examine the interiors and test all electrical components such as the air conditioning, and the sound system.
• Mechanical components: It is essential to have a trusted mechanic inspect the engine, brakes, suspension, and other mechanical parts of the car. They may be able to identify any potential problems that may not be visible to the untrained eye.
• Additionally, scrutinise the mileage, as a higher mileage could indicate more wear and tear on the car.

3. Paperwork Related to the Car

Before finalising your decision, review all the paperwork meticulously.

• Verify the registration certificate (RC), as it serves as proof of the car’s ownership and has the registration details. It will have the owner’s name and details like the engine number and the chassis number.
• Verify the car’s insurance status and ensure that it is up-to-date.
• Other documents like the pollution certificate, original purchase invoice, road tax receipt, and servicing records, need to be reviewed as well.

4. Transfer of Ownership

• The last critical step before sealing the deal is to ensure that all vehicle-related documents, from the RC to the pollution certificate and car insurance, are legally transferred to your name. This is crucial to prevent potential issues if the car is sold again in the future.
• To facilitate the smooth transfer of ownership, you may need to visit the local Regional Transport Office (RTO).

Opting For a Second-hand Car Loan Online

Many financial institutions offer pre-approved car loans for used cars. Let us examine the advantages of applying for a second-hand car loan:

• Streamlined process: Top banks offer quick approval and end-to-end services – starting from research on the preowned car to title transfer and deal closure, eliminating the hassle of extensive paperwork, and reducing the time taken to avail financing.
• Competitive interest rates: Banks offer attractive interest rates for pre-approved car loans, making it a cost-effective financing option.

Buying a second-hand car can be a rewarding experience provided you carry out what is required with due diligence. Furthermore, opting for a pre-approved car loan with a leading bank like IndusInd Bank can make your dream car purchase convenient and hassle-free. Higher loan amount, best-in-class interest rates, wide-ranging repayment tenures, quick approval, minimal paperwork, and assistance in research set apart IndusInd Bank as an excellent option.

Bring home your pride & joy. Apply for a second hand car loan online today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. 

From selecting the account tailored to your financial needs to providing the necessary documentation, we take you through the steps required to open a salary account. IndusInd Bank ensures a swift and hassle-free salary account opening process.

Opening a salary account is a must when you start working with a company or switch jobs. It gives you a designated place to receive and manage your monthly pay cheque and ensures a systematic approach to handling your funds. A salary account facilitates budgeting and expense tracking. Moreover, these accounts offer a range of benefits, such as zero balance requirements, low or no account maintenance fees, online banking services, and access to a network of ATMs across the country, which makes them a convenient option.

IndusInd Bank, one of India’s top private banks, provides a selection of salary accounts to facilitate easy access to your earnings. Each account offers unique features and benefits so that you get to choose the ideal salary account based on your financial needs. IndusInd stands out as the best bank for salary accounts due to its simple application process, which can be conveniently completed from the comfort of your home. Keep reading to learn more about the IndusInd Bank salary account opening process, its features and benefits, as well as the necessary documentation.

How to open A Salary Account with IndusInd Bank in Three Easy Steps?

Opening a salary account with IndusInd Bank is a seamless process designed for the utmost convenience. Follow these three simple steps to open a salary account with IndusInd Bank:

1. Select a salary account based on your financial needs and objectives.
2. Select the ‘Apply Now’ option and fill out the form with your Name, Contact Number, Email ID, and place of residence.
3. After submitting the required information, you will receive an interaction ID. A bank representative will reach out to help you with the account opening process.

What is the Eligibility Criteria for Opening an IndusInd Bank Salary Account?

To open a salary account with IndusInd Bank, the applicant should:

• Be an Indian citizen
• Be at least 18 years old
• Be employed by a company that has been on-boarded by IndusInd Bank

Required Documents for Opening an IndusInd Bank Salary Account

To initiate the process of opening an IndusInd Bank salary account, the following documents need to be submitted:

1. PAN Card photocopy
2. Address Proof (Any of the following):
   • Aadhaar Card
   • Voter ID card
   • Passport
   • Driving Licence
   • Job card issued by NREGA

IndusInd Bank Salary Accounts Features & Benefits

Here are some of the common features and benefits offered across all IndusInd Bank salary accounts:

Unlock financial empowerment with an IndusInd Bank salary account – where convenience meets banking excellence. Apply online now!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.