Published On : Tue, Sep 6th, 2022
Featured | By Nagpur Today Nagpur News

How to Select the Best Bank for Salary Account in India?

 

As a business owner, taking care of your employees’ salaries is your responsibility. The last thing you would want is for their salaries to get delayed due to some bank-related fault. Hence, it is important to know a bank in-and-out before picking one for your company’s salary accounts. Many banks in India offer salary accounts for businesses. However, not all of them may be suitable for your business. To help you decide, we have enlisted various factors to consider before selecting the best bank for a corporate salary account.Take a look.

 

The Number of Employees

Any bank will suffice if you have a small business with only a few employees. However, if you have a large corporation with hundreds or even thousands of employees, it would be best to look for a bank that can handle such high-volume transactions. In such a case, reputed banks with the experience and the infrastructure to handle transactions of that scale could be an ideal option.

 

The Total Value of Salaries

If your business pays large sums of money as salaries every month, you must ensure that the bank can handle those high-value transactions without any issues. You wouldn’t want your employees’ salaries to get stuck in the middle because the bank couldn’t handle it. In such cases, reputed financial institutions can be a safer bet.

 

The Frequency of Salary Disbursements

Suppose you have a business where salaries are paid weekly or even daily. In that case, you must ensure that the bank can handle such high-frequency transactions. In this case, opting for a bank that can handle frequent transactions could be a good idea.

 

Service Charges

When choosing a bank for your corporate salary account, ask about the service charges they levy. This is important as you don’t want to be surprised by hidden fees and charges later. Most banks will charge a nominal fee for maintaining a salary account. However, some banks may also charge additional fees for services such as EFT, NEFT, cheque books, etc. So make sure to enquire about all the possible charges before deciding.

 

The Bank’s Overall Reputation

When it comes to something as important as your employees’ salaries, you can’t afford to take any chances. Therefore, you must choose a bank with a good market reputation. Review customer reviews and ratings to get an idea about the quality of service the bank offers. You can also talk to other businesses in your industry and find out which banks they use for their corporate salary accounts. Open corporate salary account online after carefully doing your research.

 

Final Word

There are many factors to consider before choosing a bank for your corporate salary account. However, keep the factors mentioned above in mind. You can be sure to find the best possible option for your business. IndusInd Bank provides some attractive benefits for corporate salary accounts. If you are interested to know more, head to their website.