A reimbursement account is one in which employees are repaid for any business-related expenses they may incur. A reimbursement account is typically linked to an employee's salary account and does not require a minimum amount. Axis Bank also helps in linking your employee reimbursement account with your salary account which will help you access reimbursed funds anytime you want and from anywhere.
Features and benefits of an employee reimbursement account
The various features and benefits of an employee reimbursement account are mentioned below:
- Employee reimbursement accounts are essentially current accounts that do not have any maintenance charges.
- It has a zero-balance feature.
- The account is eligible to earn an interest of 3% to 4% on maintaining the daily average balance.
- Account holders can choose between accounts when withdrawing cash from ATMs.
- The reimbursement account comes with free services such as mobile banking and internet banking.
- This account is inked with the employee’s salary account and does not require the issuance of a new debit card.
- Employee reimbursement accounts help employees separate the personal expenses made from their salary account from the expenses they incur for their company.
- Unlike salary and savings accounts, most employee reimbursement accounts do not earn interest on the deposits made to the account.
- An employee reimbursement account helps an employee track their company expenses.
- Axis Bank has been regarded by many corporations as one that has superior services when it comes to salary account. Its services are convenient and organised. Furthermore, the bank has a few variants of the salary account, each suited to fit the needs of the prospective customer. The salary accounts offered by Axis Bank include, the Republic Salary Account, the Easy Access Salary Account, Prime Salary Account, Priority Salary Account, Defense Salary Account, and the Employee Reimbursement Account.
In addition to salary accounts, Axis Bank offers employee reimbursement accounts to businesses. Employees can use the account to keep track of reimbursements for company expenses that have been credited to their account. The Employee Reimbursement account bridges the gap between a salary account and a reimbursement account, making it easier for both the employer and the employees to keep track of the company's spending.
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