Is salary account a savings account?
By definition, a Salary Account is a type of Savings Account, in which the employer of the account holder deposits a fixed amount of money as ‘salary’ every month.
Who can open a Salary Account.
A business (employer) has to tie-up with a bank to open Salary Accounts for its employees..
Which bank is better for salary account?
The following is the list of best 5 salary accounts available in India: Kotak Platina Salary Account. SBI Corporate Salary Package. HDFC Bank Classic Salary Account.
Can we transfer money to salary account?
Though banks allow depositing cash in Salary Accounts, there might be instances when you might need to declare the source of the money – whether earned from another source or gifted by someone.
Can we have 2 SBI accounts?
Yes, you can have multiple SBI accounts in different or same branches and can even link both the accounts with that username. There is nothing illegal for a person to have two Bank accounts with SBI with same identity proof. Not only that, he can link his both accounts also.
Is SBI good for salary account?
Benefits of SBI salary account The main benefits of the salary account are – Zero balance account and free unlimited transactions across ATMs of any bank, free ATM-cum-debit card, an additional ATM card for the joint account holder, free Internet banking, free multicity cheques etc.
Can I convert my SBI saving account to salary account?
Can it be converted to Salary account? Yes. Existing saving account with SBI can also be converted to CSP account.