Most working professionals in India have a Salary Account for their monthly salary credits. Employers open these accounts with their partner bank on behalf of their employees to ensure seamless salary transfers.
Unlike regular bank accounts, opening a Salary Account is easy and hassle-free because the employer coordinates and completes it.
In this guide, we will understand the process of opening a Salary Account for salaried professionals.
Table of Contents
Step-by-step process to open a Salary Account online
Step 1: Visit the bank website or application
Visit the bank’s official website or mobile application.
Step 2: Fill out the account opening form
Go to the “Salary Account” option and fill out the application form. Ensure all the details entered in the form are correct.
Step 3: Complete KYC verification
After filling out the application form, you need to complete a video KYC process with the bank representative.
Step 4: Submit employment and other documents
Once the KYC is complete, you need to submit proof of employment and other documents on the portal.
Step 5: Review terms and conditions
Before submitting the account opening application form, review the terms and conditions.
Step 6: Account activation
Submit the application form and let the bank verify your documents to activate the account.
Documents required for opening a Salary Account
Here is the list of documents you need to submit to open a Salary Account with any bank of your choice.
- Duly filled account application form
- Proof of identity such as Aadhaar card, passport, etc
- Proof of address such as a utility bill, driving licence, etc
- Permanent Account Number or Form 60 (if applicable)
- Recent passport-size photographs (if required)
- Employee ID card or employment proof
- Salary slips or salary certificate (if required by the bank)
- Employer’s authorisation letter or employee code (whichever is available)
Things to keep in mind while opening a Salary Account
Minimum balance requirements
One of the key things to check when opening a Salary Account is the minimum balance requirements. Most banks offer zero-balance convenience, where you do not need to maintain a minimum balance in your account.
Network of ATMs
When opening a Salary Account, you also need to verify the ATM network available in your area. Choosing a bank with an extensive ATM network helps you withdraw cash conveniently and avoid charges for out-of-network ATM transactions.
Transaction limit
Do not forget to review the transaction limits applicable to your Salary Account, including daily cash withdrawal limits, fund transfer limits and debit card spending limits. Ensure these limits align with your banking and spending requirements.
Account conversion rules
Check the account conversion rules if you want to convert your Salary Account to a Savings Account. This can include the minimum balance requirements and applicable charges to avoid unexpected fees.
Final thoughts
Opening a Salary Account is a simple and hassle-free process. In most cases, employers guide new employees through the account opening process during onboarding, especially if the organisation has a partnership with a bank.
Many banks also allow eligible customers to open a Salary Account online via their official websites or mobile banking apps.