Fixed Deposit

Salary Account

Salary account is a facility offered to a corporate with a large number of employees. The corporate salary account is, in reality, a savings account opened in conjunction with the concerned corporate for its employees. IDFC extends many benefits to corporate salary account holders which is slightly different from the benefits extended to ordinary savings accounts. The corporate salary account is beneficial to IDFC because there are regular inflows of salaries credited during a fixed period every month.

Savings Account

A savings account is a facility offered to any person from the public whether salaried or not. Typically, people who are not salaried open savings accounts to manage their finances on a day-to-day basis. A savings account is also beneficial to IDFC because the account holder needs to maintain a minimum balance.


There are many similarities and difference between a salary account and savings account. The salary account benefits are several and they are slightly different from the benefits accruing to the savings account holders. Some of the differences are as per details are given below.

Maintaining minimum balance

The main difference between salary account and savings account is the payment of interest on the bank balances in the respective accounts. The salary account is a zero balance account carrying no interest.


The savings account carries interest at 4% per annum on daily end of day balances, paid quarterly while the salary account earns no interest. However, a salary account can have a reimbursement account which can earn interest.

Charges for maintaining an account

There are no charges for maintaining a salary account as it is a zero balance account. The savings account demands a minimum balance. If the minimum balance is not maintained then the bank charges a fee on specified transactions which otherwise would have been free.

Choice of Debit Card

The salary account gives the option of availing Visa Signature and Visa Platinum debit cards while the savings account qualifies for the issue of Vis Signature debit card.

Minimum amount for opening an account

There is no minimum amount required for opening a salary account while you need to deposit Rs 25,000 for opening a savings account.

Opening of account

While an employee can open a salary account, a self-employed professional or businessperson cannot open a salary account. Any Indian resident individual including a salary account holder can open a savings account.

Common features of Salary Account and Savings Account

As mentioned earlier, the salary account is also a savings account with some different features as outlined above. Besides the difference, both the accounts carry common features which include

  • Quick and easy account opening formalities
  • Passbook Issue and printing
  • Alerts for account transactions
  • No charges for ATM usage either on IDFC or any other ATM
  • Setting up, executing and amending standing instructions
  • Electronic funds transfer - NEFT/RTGS/IMPS
  • Branch services – cash deposit, withdrawal
  • Cheque – collection, stop payment
  • Phone banking
  • Net banking
  • Interest/TDS Certificate
  • Balance confirmation certificate
  • DD – cancellation, revalidation and duplicate issue
  • Balance enquiry
  • Fees and charges – cheque issued return Rs250 and cheque deposited return Rs50
  • 24/7 banking services

Thus, IDFC Bank offers a choice of savings accounts to suit requirements of different types of customers. While the salary account is suitable for those employed by organizations, the savings account is suitable for the general public.