Best Salary Account for High Salary

[keerthirahul]

Friends,

Any best salary account for higher salaried individuals??

 

[Sourav_Singha]

what do you work?

 

[keerthirahul]

Developer

 

[Sourav_Singha]

Can you please provide your Salary range?
Do you want to go with private or public sector banks?

 

[keerthirahul]

Approx 3L and just looking for any good benefits and features which primarily separates from regular savings account.

 

[Bharatiya Nagrik]

Every Bank has a high benefit account for high salaried individuals.
If you want reliable track record then ICICI (Silver, Gold and Platinum), HDFC (Regular Salary Account, Premium Salary Account and Family Salary Account) and Axis (Liberty, Easy Access, Priority, Prestige or Prime Salary Account) are you best options.
If you are into fintech banks then Jupiter has good salary account option.
The other options which provide more than 6 percent interest are RBL and IDFC first bank salary accounts.

 

[keerthirahul]

Got it.. will research over the weekend and pick up. Appreciate your help.

 

[Karunakara]

You may open a salary account in HDFC and get it upgraded to Classic and Preferred Banking. You will get privileged banking experience and you need not maintain any AMB since your salary credit is more than 2L

 

[bhumi9377]

open Saving + Account along with your Saving Amount. its more beneficial for u. Because this service bank provides 4 to 6 % interest rate.

 

[Pranshu.sh]

wait a min. but salary account can only be opened if the company has business with the bank as the code is required by them to initiate the process.
like we cannot go and open salary accounts on our own. pls correct me if i am wrong.

 

[bhumi9377]

Understanding Flexi Fixed Deposits: A Smart Way to Save and Earn​

In the realm of banking and investments, Flexi Fixed Deposits (Flexi FDs) stand out as a versatile and beneficial option for savers looking to maximize their returns while retaining some liquidity. Here's everything you need to know about Flexi FDs and how they can fit into your financial strategy.

What are Flexi Fixed Deposits?​

Flexi Fixed Deposits combine the features of a fixed deposit and a savings account. They offer the high interest rates of a fixed deposit while providing the flexibility to withdraw funds when needed without breaking the entire FD. This hybrid approach makes them an attractive option for individuals who want to earn more on their idle funds without locking them away completely.

Key Features of Flexi Fixed Deposits​

1. Higher Interest Rates: Like traditional fixed deposits, Flexi FDs typically offer higher interest rates compared to regular savings accounts. The rates can vary depending on the bank and the tenure of the deposit.
2. Liquidity: One of the standout features of Flexi FDs is their liquidity. Depositors can withdraw a portion of their funds when needed, and the remaining amount continues to earn interest at the FD rate. This partial withdrawal does not incur any penalties, making it a convenient option for managing unforeseen expenses.
3. Automatic Sweep-In Facility: Many banks offer an automatic sweep-in facility with Flexi FDs. This means that any excess amount in your savings account is automatically transferred to a Flexi FD, earning higher interest. Conversely, if your savings account falls short of the required balance, funds are automatically swept back from the FD to cover the shortfall.
4. Tenure Options: Flexi FDs offer various tenure options, allowing depositors to choose a period that aligns with their financial goals. The tenure can range from a few months to several years.
5. Tax Benefits: In some cases, Flexi FDs may offer tax benefits under Section 80C of the Income Tax Act, 1961, in India. However, the interest earned is subject to tax as per the depositor’s income tax slab.

Advantages of Flexi Fixed Deposits​

• Convenience: The ability to withdraw funds without breaking the entire deposit adds a level of convenience not available with traditional fixed deposits.
• Higher Returns: By automatically transferring excess funds into a higher interest-bearing account, Flexi FDs ensure better returns compared to letting money sit idle in a savings account.
• Financial Discipline: The sweep-in and sweep-out facilities help inculcate financial discipline by ensuring funds are optimally used and not left idle.
• Flexibility: Flexi FDs provide a safety net for emergencies while still earning higher interest, striking a balance between savings and liquidity.

Disadvantages of Flexi Fixed Deposits​

• Lower Interest Rates on Withdrawn Amounts: The withdrawn amount may earn interest at a lower rate, often at the savings account rate, which can reduce overall returns.
• Complexity: Managing a Flexi FD might be more complex than a traditional FD due to the automatic sweep-in and sweep-out features. It requires careful monitoring to optimize returns.

Who Should Consider Flexi Fixed Deposits?​

Flexi FDs are ideal for individuals who:

• Have fluctuating financial needs and require occasional access to their funds.
• Want to earn higher interest on their savings without compromising liquidity.
• Prefer a more hands-off approach to managing their savings, relying on automatic sweep features.

Conclusion​

Flexi Fixed Deposits offer a smart, flexible way to save and earn higher interest rates while retaining the ability to access funds when necessary. By understanding their features and benefits, you can decide if Flexi FDs are the right fit for your financial portfolio. Always compare different banks' offerings and terms to ensure you get the best possible deal tailored to your financial needs.

It s my suggestion because I am using this service last two year no issue with out tension