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Difference Between Savings Account vs Salary Account

by Sudhir kumar

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Many Indians open their account in the bank to deposit their money and earn interest on it. But there is confusion among the accounts because the bank offers different types of accounts like salary or savings accounts. But do you really know the differences between these two accounts? So, the salary account is basically opened by the employer in the bank in which the salary gets credited whereas a savings account can be opened by any individual in India having valid documents. You can spot some more differences between the Savings Account vs Salary Account in this article to understand the difference better. The purpose and the minimum balance required for both accounts differ from each other.

Comparison of Savings Account and Salary Account

You can go through the difference between the Savings Account and the Salary Account in the table given below:-

Take Away

The salary account is a type of savings account but it is not actually a savings account. There is no need for maintaining a minimum balance in the salary account. So, after exploring the differences between the Savings Account vs Salary Account, you can choose a better account but remember you can’t open a salary account unless and until you are employed somewhere. The employer has the right to open the salary account whereas anyone can open the savings account with the supporting documents and asked a sum of money.

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